ABB India net up 13.5% at Rs 147 cr; to pay 200% dividend

ABB India today posted a 13.5 per cent jump in its standalone net profit at Rs 146.79 crore in the quarter ended December 31, 2016.

The company had posted a net profit of Rs 129.4 crore for the corresponding quarter a year ago, ABB India said in a BSE filing today.

According to the statement, total income increased from Rs 2,435.89 crore for the quarter under review to Rs 2,501.07 crore a year ago.

According to the audited standalone results for the year ended December 31, 2016, the company has posted a net profit of Rs 376.25 crore for the year ended December 31, 2016 as compared to Rs 299.88 crore for the previous year.
 

Total income (in the year 2016) has increased from Rs 8,153.31 crore for the year ended December 31, 2015 to Rs 8713.64 crore for the year ended December 31, 2016.

The company said that new orders in UHVDC (ultra high voltage direct current) transmission technology projects would be key to realising the government's renewable energy vision and 24x7 reliable power for all.

Transportation investments led by railways, metro projects and renewables by wind provided the levers for a milestone growth. A sectoral focus in emerging areas like food and beverage and datacentres continue to show good progress, it said.

The full year order book surged to Rs 12,466 crore while orders received for the quarter ending December 2016 was at a high of Rs 5,628 crore, it said, adding that an order backlog of Rs 11,821 crore, as on December 31, 2016, provides solid visibility for future revenue.

The company's board at its meeting held today recommended a dividend of Rs 4 per share (200 per cent), subject to the approval of shareholders at the forthcoming Annual General Meeting.

In a seperate filing, ABB India informed BSE that the Board of Directors of the Company at its meeting held on today have recommended a dividend of Rs 4 per equity share of face value of Rs 2 each for the year ended on December 31, 2016.

The company has also informed the BSE that its Register of Members & Share Transfer Books will remain closed from May 3 to 9, 2017 for Payment of Dividend and 67th Annual General Meeting (AGM) on May 9, 2017.