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Business Economy


Hitachi ABB Power Grids in India: Strong performance shows recovery underway

Bangalore, Feb 26 (UNI) Hitachi ABB Power Grids in India (listed on the Indian stock exchanges as “ABB Power Products and Systems India Limited”) on Friday announced its fourth-quarter and full-year results for 2020 with 34 percent YOY order growth.
A statement issued here on Friday said the company evaluates profitability based on Operational EBITA. Operational EBITA represents income from operations excluding: (i) amortization expense on intangibles, (ii) restructuring and restructuring-related expenses, (iii) non-operational pension costs, (iv) gains and losses from the sale of businesses, acquisition-related expenses and certain non-operational items, as well as (v) foreign exchange/commodity timing differences in income from operations consisting of: (a) unrealized gains and losses on derivatives (foreign exchange, commodities, embedded derivatives), (b) unrealized foreign exchange movements on receivables/payables (and related assets/liabilities).
“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, 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,” he added.

Our order book of INR 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. Additionally, we had orders for power quality and traditional product offerings. Our entire portfolio, from transformers to automation in various parts of the country, benefitted from the integration of renewables projects by public utilities and private power generators.

Reinforcing our strong presence in the railway segment, we received orders in the fourth quarter to power the country’s dedicated freight corridor. We also won contracts for traction and track-side transformers to be deployed in upcoming metro projects, while established operations such as the Delhi Metro focused on power quality to ensure the expanding network runs flawlessly.

In an increasingly digital world, we made the most of our local knowledge to deliver consulting services around the world. We also booked a breakthrough substation order in Bangladesh. On the whole we saw an 8.3% year-on-year growth in exports this quarter. As of December 31, 2020, our order backlog stood at INR 4,954.8 crore, providing good visibility on future revenue.
In Q4, revenue inched closer to pre-pandemic levels, ending 7.5 percent lower YoY while it rose 10.3 percent QoQ to INR 1,043.7 crore, bolstered by solid cash collection. Persistent focus on strategic cash management – including cash-over-revenue, and accelerated use of remote management and digital solutions – helped maintain liquidity. Customers relied heavily on our ability to remotely commission, audit and when necessary troubleshoot their projects. In particular, software enabling the uninterrupted performance of the North-East Agra high voltage direct current (HVDC) link was commissioned remotely, in close collaboration with the customer.
Operational EBITA after exceptional items reached INR 65.9 crore in the fourth quarter, resulting in an operational EBITA margin of 6.3 percent. Profit before tax, before exceptional items, was INR 46.1 crore. Relentless pursuit resulted in the realization of INR 32.4 crores of old receivables, previously provided for. This bolstered profit after tax (PAT) significantly, to INR 55 crore for the quarter.
2020 will be remembered as an unprecedented year that altered the fabric of society. It was also the first year of the Company’s standalone operations. The pandemic impacted manufacturing output, disrupted supply chains and changed the way both we and our customers operate. Financial performance initially reflected the disruption but quickly corrected in the consequent quarters, culminating in total orders of INR 3,217.7 crore, revenue of INR 3,438.9 crore and PAT of INR 99.8 crore for the year.
Despite pandemic, the Board of Directors has recommended a dividend of INR 2 per share (100 percent), subject to the approval of shareholders at the forthcoming Annual General Meeting.
UNI BSP MSP1854
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