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ABB net up 5% at Rs 171 cr in Dec qtr; declares 220% dividend

ABB net up 5% at Rs 171 cr in Dec qtr; declares 220% dividend

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New Delhi, Feb 8 (PTI) ABB India today reported 5.34 per cent jump in its net profit to Rs 171.52 crore for the quarter ended December 31.

The companys net profit in December quarter of 2017 was Rs 162.81 crore, ABB India said in BSE filing.

According to the statement, the companys net profit in in the year 2017 was recorded at Rs 419.95 crore compared to Rs 374.47 crore in the year 2016.

The Board of Directors in its meeting held today, has recommended a dividend of Rs 4.4 per share (220 per cent), subject to the approval of shareholders at the forthcoming annual general meeting.

The company said that Jean Christophe Deslarzes, Head of Human Resource and member of Executive Committee, ABB Group has been appointed as the non-executive non-independent director and the chairman of the board of directors for ABB India.

He succeeds Frank Duggan, who has resigned from the position of chairman and he has taken over a new role as the President of the Europe region, ABB Group.

"We have delivered balanced performance in 2017, and built a solid foundation for future growth and profitability as our nations and global markets improve. The year was marked by our success in landmark nation-building projects across the country from Kashmir to Kerala," said Sanjeev Sharma, Managing Director, ABB India.

The ABB Indias revenue for 2017 was Rs 9,087 crore. The company closed the year with a solid cash performance across all four divisions, reinforcing the mantra of cash over revenue for a balanced growth, the statement added.

The company said that total orders grew in the fourth quarter by 44 per cent and in 2017 by 19 per cent, excluding the exceptionally large UHVDC order and the large traction transformer orders booked in 2016.

Orders in the second half of the year benefited from reviving industrial activity, however, base orders developed well throughout 2017, and short cycle activity was strong. Export orders reached an all-time high in the year, significantly more than doubled in 2017, it added.

Major orders were secured from both domestic and international customers, comprising propulsion equipment for railways in India, and sub-stations for electric transport from south-east Asian countries.

The efforts in getting customers digital-ready yielded results in 2017 with smart factory pilots, including remote monitoring solutions, established across several sectors including cement, paint, pharma, oil and gas and two-wheeler manufacturers.

Orders received for the fourth quarter were of Rs 2,911 crore. The order backlog of Rs 11,534 crore, as of December 31, 2017, notwithstanding the absence of the exceptionally large UHVDC order, provides solid visibility for future revenue, it added. PTI KKS BAL MKJ