Hitachi ABB Power Grids India (listed as ABB Power Products and Systems India) has posted 82.03 per cent decline in profit at ₹10.90 crore for the second quarter (Q2) of calendar year 2020 against ₹60.66 crore profit recorded in the same period last year.

The company’s revenue from operations fell 41.70 per cent to ₹633.24 croreagainst ₹1,086.32 crore in the same period last year. EPS for the quarter stood at ₹2.57 compared with ₹16.39 in the same period last year.

“In these unprecedented times, we have maintained business continuity while keeping our employees safe. It says much that despite the Covid-19 pandemic, and the lockdown triggered in its aftermath, we won major orders and strengthened customer relations, thanks to our dedicated employees,” said N Venu, Managing Director, Hitachi ABB Power Grids India. “Once market normalises, we are hopeful of opportunities that allow us to build back better and lend greater speed to India’s economic growth and energy transition,” he added.

Orders

Despite the Covid-19 outbreak and tight economic conditions, orders during April-June 2020 stood at ₹567 crore, or 60 per cent of Q1, with transport and infrastructure accounting for most, followed by utilities. Among our major wins was a transformers order from Chittaranjan Locomotive Works toward the Indian Railways.

The company said its efforts in exports continued to bear fruit. Amidst tough market conditions, replete with trade uncertainties, we booked orders from the sub-continent, South East Asia and Africa, especially for our high-voltage equipment and transformers. The service portfolio continued to deliver with multiple cyber security assessment and life-cycle service orders for grid automation and high-voltage breakers and several digital upgrade, retrofitting and remote servicing contracts from traditional and new customers.

In addition, the company has signed a memorandum of understanding (MoU) with the National Institute of Technology, Warangal, for co-operation to drive smart electric grid technology education, skills development and research activities. It also made further headway into the e-mobility segment with the global launch of company’s Grid-eMotion fleet charging solution. This offering holds potential to fast-track India’s mission to decarbonise its transport sector.

As of June 30, our order backlog was ₹5,133.9 crore, indicating future revenue inflow when normalcy returns.

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