ABB Power Products and Systems India reported a 54.9% jump in net profit to Rs 54.96 crore on 6.90% decline in total revenue from operations to Rs 1,043.7 crore in Q4 December 2020 over Q4 December 2019.
ABB Power Products follows a calendar year for accounting. The company's profit before tax jumped 79.8% to Rs 75.58 crore in Q4 December 2020 over Q4 December 2019. Total tax expense were steeply higher at Rs 20.62 crore in Q4 December 2020 as compared to Rs 6.5 crore in Q4 December 2019.The company's operating EBITA slumped 28.9% year on year to Rs 65.9 crore in Q4 December 2020 from Rs 92.8 crore in Q4 December 2019. EBITA margin declined to 6.3% in Q4 December 2020 from 8.3% in Q4 December 2019. Meanwhile, the company has declared a dividend of Rs 2 per share.
N Venu, managing director, 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. Opportunities in renewable integration, digitalization of power networks and sustainable transport solutions like rail and metro have helped us deliver a robust performance in an unprecedented year impacted by the COVID-19 pandemic. Fundamental growth drivers remain intact and we hope to grow faster than the market once the economic revival gathers pace."
ABB Power said its order book of Rs 826 crore in Q4 was driven by utilities, industries, and transport. Utilities embracing digitalization and automation resulted in key wins in wide-area monitoring systems and the first order for transformer maintenance using our submersible robot.
As of 31 December 2020, the company's order backlog stood at Rs 4,954.8 crore, providing good visibility on future revenue.
Shares of ABB Power Products and Systems were down 8.4% at Rs 1483.75 on BSE. The company is a global leader and pioneer in power technologies. It serves utility, industry and infrastructure customers across the value chain, and emerging areas such as sustainable mobility, smart cities, energy storage and data centers.
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