Bengaluru, Feb 10 (IANS): Leading power and automation major ABB India Ltd posted Rs.84 crore net profit for fourth quarter of calendar year 2014, registering 44 percent year-on-year (YoY) growth over 2013.
"Net profit for the calendar year under review (2014) rose 27 percent YoY to Rs.229 crore," the Indian subsidiary of the Swiss multinational said in a statement here Tuesday.
Revenue for the quarter under review was, however, marginally up 1.5 percent YoY to Rs.2,238 crore from Rs.2,204 crore and flat for the year at Rs.7,733 crore from Rs.7,722 crore.
"A year marked by strong execution and resilient portfolio helped deliver an improved performance in a demanding macro and industrial environment," ABB India managing director Bazm Husain said in the statement.
The company's order book remained healthy, with 50 percent YoY increase in Q4 to a combined value of Rs.2,487 crore and 18 percent more for the year to Rs.7,908 crore.
"Order growth was supported by a healthy mix of base and large orders from domestic and export markets. Exports included engineering packages for upgrading and developing national grids across the subcontinent," Husain said.
The company also has a backlog of Rs.7,926 crore at year-end (Dec 31), providing visibility for its future revenues.
"Business led collaboration through our power and automation segments provided competitive edge to penetrate the market. We remain at the forefront to meet customers' changing needs for technology solutions," Husain said.
The company expanded its product portfolio to include dry type transformers and rolled out 420kV gas insulated switchgears (GIS), besides a range of low-voltage products.
"As in the past, we persevered in our initiatives for operational excellence and disciplined execution guided by the principle of profit over volumes and cash over revenues," Husain added.
The board also recommended a dividend of Rs.3.70 per share for 2014 which is an increase of 185 percent YoY.
"Our investment in optimisation initiatives, facility expansion and technology leadership positions us well for a market revival," Husain added.