ABB India Q3 profits up 37.3% to Rs 81 crore on strong business

ABB India, the local unit of Swiss automation equipment maker, said third quarter profits rose 37.28 per cent to Rs 81 crore as it saw strong turnaround in larger orders in renewables and transportation sectors.

ABB, which follows the January to December financial year, saw revenue grow 4.36 per cent to Rs 2,055 crore in the September quarter as it saw a higher backlog of orders.

The Indian unit, based in Bengaluru, saw profits of Rs 59 crore on revenue of Rs 1,969 crore in the quarter to September last year.

"ABB's next level strategy focusing on superior customer value and its market leading technologies has driven margins and consistent growth," said Sanjeev Sharma, CEO and managing director, ABB India, in a statement. "The government's push for infrastructure and transportation has had positive incremental opportunities for companies. Automation and digitisation will be the key in the new era of the energy and fourth industrial revolution," added Sharma.

The firm said it had a backlog of Rs 8,676 crore as of September, including new orders of Rs 2,967 crore in the quarter.

As consolidation continues in the industry sector, utilities remained cautious and mostly continued with upgradation of technology through dry-type transformers, gas-insulated switchgears and substation packages, it said.

ABB India stock was down 0.47 per cent, or Rs 5, at Rs 1,054 soon after the results were announced on the BSE.