Hitachi ABB Power Grids reports 55% YoY rise in Q4 PAT
Hitachi ABB Power Grids in India announced its fourth-quarter and full-year results for 2020 and reported 54.9% year-over-year (YOY) rise in profit after tax (PAT) during fourth quarter on realization of old receivables previously provided for.
The company also announced that in Q4, revenue inched closer to pre-pandemic levels, ending 7.5% lower YoY while it rose 10.3% Quarter on Quarter (QOQ) to Rs 1,043.7 crore, bolstered by solid cash collection.
“Financial performance initially reflected the disruption but quickly corrected in the consequent quarters, culminating in total orders of Rs 3,217.7 crore, revenue of Rs 3,438.9 crore and PAT of Rs 99.8 crore for the year,” it said. As of December 31, 2020, the company’s order backlog stood at Rs 4,954.8 crore, providing good visibility on future revenue.
“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.
He adds, “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.”