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ABB India delivers balanced performance in 4th quarter & full year ’17
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Wednesday, 21 February, 2018, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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ABB India Limited reported results for the fourth quarter and full year ended December 31, 2017. “We have delivered balanced performance in 2017, and built a solid foundation for future growth and profitability as our nation's 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.
“In addition, our collaboration with customers for charting their digitalisation and higher productivity roadmaps resulted in significant engagement and business traction. ABB India will continue to deliver next level solutions and enabling technologies for nation-building through our partners and customers for the energy and the fourth Industrial Revolution.”
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KEY
FIGURES
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Figures
in INR crore*
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Q4
2017
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Q4
2016
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2017
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2016
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Orders
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2,911
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2,025***
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9,490
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8,000***
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Revenue
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2,779
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2,508
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9,087
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8,643
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Profit
before tax
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251
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246
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622
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573
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Profit
before tax
%
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9
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9.8
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6.8
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6.6
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Profit
after tax
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172
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163
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420
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374
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Profit
after tax %
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6.2
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6.5
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4.6
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4.4
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Operational
EBITA**
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286
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250
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592
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607
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Operational
EBITA %
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10.3
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10
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6.5
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7
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* All numbers including comparative periods are as per IndAS accounting standards.
**The company evaluates the profitability of its segments based on operational earnings before interest, taxes and amortisation (EBITA). Operational EBITA represents income from operations excluding: (i) amortisation expense on intangibles, (ii) restructuring and restructuring-related expenses, (iii) non-operational pension cost, (iv) gains and losses from sale of businesses, acquisition-related expenses and certain non-operational items and (v) foreign exchange/commodity timing differences in income from operations consisting of (a) unrealised gains and losses on derivatives (foreign exchange, commodities and embedded derivatives) and (b) unrealised foreign exchange movements on receivables/payables (and related assets/liabilities).
*** Like for like basis, excluding one-time mega HVDC order (received in Q4 of 2016) and large traction transformer order (received in Q3 of 2016) totalling Rs 4,467 crore
Orders
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 doubling in 2017.
Major orders were secured from both domestic and international customers, comprising propulsion equipment for the 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, pharmaceuticals, oil and gas and two-wheeler manufacturers.
Orders received for the fourth quarter were 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.
Revenue and operations
ABB India’s revenue for 2017 was Rs 9,087 crore.
All divisions contributed, aided by stabilisation and selective improvement in end-customer markets, including ports, process industries, mining, refining and emerging markets, such as food and beverages, smart cities and metros.
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.
Profit
Profit before tax (PBT) increased by eight per cent to Rs 622 crore, and profit after tax (PAT) by 12 per cent to Rs 420 crore, compared to the prior year period.
Dividend
The board of directors 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.
Chairman of the board of ABB India
Jean Christophe Deslarzes, head, human resource and member, executive committee, ABB Group, was appointed as non-executive non-independent director and chairman of the board of directors, ABB India Limited. He succeeded Frank Duggan, who resigned from the position of chairman and has taken over a new role as president, Europe region, ABB Group.
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