ABB Power Products and Systems net profit up 55 pc at Rs 55 cr in December quarter

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February 26, 2021 5:49 PM

The board has recommended a dividend of Rs 2 per share on 4,23,81,675 equity shares of face value of Rs two each fully paid up for the year ended December 31, 2020.

The company's order book was Rs 826 crore in December quarter.

ABB Power Products and Systems India on Friday reported a nearly 55 per cent rise in its net profit at Rs 55 crore in the December quarter due to higher revenues and realisation of old receivables. Hitachi ABB Power Grids in India is listed as ABB Power Products and Systems India Ltd on Indian bourses. It had a net profit of Rs 35.5 crore in the quarter ended on December 31, 2019, a BSE filing stated. Total revenue of the firm rose to Rs 1,043.7 crore in the quarter from Rs 1,129.2 in the same period a year ago, it stated. “Relentless pursuit resulted in the realisation of Rs 32.4 crore of old receivables, previously provided for. This bolstered profit after tax (PAT) significantly to Rs 55 crore for the quarter,” the company explained. The board has recommended a dividend of Rs 2 per share on 4,23,81,675 equity shares of face value of Rs two each fully paid up for the year ended December 31, 2020. It has been decided by the board to convene the 20nd Annual General Meeting of the company on Thursday, May 27, 2021 in Bengaluru.

The Register of Members and Share Transfer Books of the Company will remain closed from May 21, 2021 to May 27, 2021 (both days inclusive) for the purpose of Annual General Meeting and payment of dividend, if any, that may be declared at the 2nd Annual General Meeting of the Company. The dividend, if declared at the 2nd Annual General Meeting, will be paid on and from May 31, 2021, to those members who hold shares in physical form and whose name appears on the company/s Register of Members as holders of Equity Shares on May 20, 2021 and in respect of shares held in electronic form, to the Beneficial Owners of the shares as at the close of business hours on May 20, 2020 as per details to be furnished by National Securities Depository Limited and Central Depository Services (India) Ltd. The financial year of the company is changed from existing January-December to April-March, the company said. The current financial year is changed from existing January 01, 2021 – December 31 , 2021 to January 1, 2021 – March 31 , 2022 (15 months) and, thereafter, the financial year of the Company shall be from April 01 to March 31, every year, it added. The order backlog of the company stood at 4,954.8 crore at year-end (on December 31, 2020).

The company’s order book was Rs 826 crore in December quarter. “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,” said N Venu, Managing Director – India, Hitachi ABB Power Grids. “Opportunities in renewable integration, digitalisation 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,” he added.

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