Wed, 14 Apr 2021

Bengaluru (Karnataka) [India], February 26 (ANI): Hitachi ABB Power Grids in India said on Friday its Q4 revenue inched closer to pre-pandemic levels, ending 7.5 per cent lower year-on-year but rising 10.3 per cent quarter-on-quarter to Rs 1,044 crore.

This was bolstered by solid cash collection while persistent focus on strategic cash management including cash-over-revenue and accelerated use of remote management and digital solutions helped maintain liquidity.

Operational earnings before interest, taxes and amortiation (EBITA) after exceptional items reached Rs 66 crore in the fourth quarter, resulting in an operational EBITA margin of 6.3 per cent.

Profit before tax before exceptional items totalled Rs 46 crore. Relentless pursuit resulted in the realisation of Rs 32.4 crore of old receivables. This bolstered profit after tax to Rs 55 crore for the Q4 FY21.

The board of directors has recommended a dividend of Rs 2 per share (100 per cent),Managing Director N Venu said opportunities in renewable integration, digitalisation of power networks and sustainable transport solutions like rail and metro helped the company deliver a robust performance in an unprecedented year impacted by Covid-19 pandemic.

"Fundamental growth drivers remain intact and we hope to grow faster than the market once the economic revival gathers pace," he said.

Switzerland-based Hitachi ABB Power Grids is a global technology leader with a combined heritage of almost 250 years, employing around 36,000 people in 90 countries.

The business serves utility, industry and infrastructure customers across the value chain and emerging areas like sustainable mobility, smart cities, energy storage and data centres. (ANI)

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