Hitachi ABB Power Grids posts 54.9% higher profits in Q4

Hitachi ABB Power Grids in India, which is isted on the Indian stock exchanges as ABB Power Products and Systems India Limited, posted 54.9 per cent higher profits at ₹55 crore for fourth quarter (Q4) of calendar 2020, bolstered by old receivables. The company had posted ₹35.5-crore profit in the same period last year

The revenues are lower by 7.5 per cent at ₹1,043.7 crore (₹1,129.2 crore). The company’s exceptional items include ₹32.41 crore realisation of old receivables previously provided for.

Dividend payment

Based on the company’s performance in its inaugural year and considering that fundamental growth drivers remain intact despite the unparalleled circumstances triggered by the pandemic, the Board of Directors has recommended a dividend of ₹2 per share (100 per cent), subject to the approval of shareholders at the forthcoming Annual General Meeting.

Change in accounting year

The financial year of the company is changed from January-December to April-March. The current financial year is changed from existing January1, 2021 - December 31, 2021 to January 1, 2021 - March 31, 2022 ( 15 months) and, thereafter, the financial year of the company shall be from April1 to March 31, every year.

Order book

The company’s order book stood at ₹826 crore in Q4 and is driven by utilities, industries, and transport. Utilities embracing digitalisation and automation resulted in key wins in wide-area monitoring systems and the first order for transformer maintenance using our submersible robot.

Commenting on the company’s performance, N Venu, Managing Director - India, Hitachi ABB Power Grids, said “Despite, turbulent market conditions, we registered a strong fourth quarter performance. Our continued customer engagement and conversion of opportunities resulted in a solid order intake, significantly higher than the same quarter of the previous year.”