ABB India net profit rises 38% in Q2

ABB India Ltd on Thursday reported a 38 percent rise in standalone net profit at Rs 81.06 crore for the quarter ended September 30, 2016 as compared to Rs 58.74 crore in the year-ago period.

Total income from operations in the quarter under review increased to Rs 2,055.02 crore from Rs 1,968.97 crore in the corresponding period last year, said the company, adding that it received orders worth Rs 2,967 crore in the quarter.

Focus on renewables and the transportation sector continues to pave the way for growth. While base orders remained solid, the company witnessed a strong turnaround in large orders, it said.

The technology leader in the power sector said that 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.

"ABB's Next Level strategy focusing on superior customer value and its market leading technologies has driven margins and consistent growth," said company's Managing Director and CEO Sanjeev Sharma.

"The government's push for infrastructure and transportation has had positive incremental opportunities for companies. Automation and digitalisation will be the key in the new era of the energy and fourth industrial revolution. The new digitalisation initiative coupled with path-breaking technology partnerships will be instrumental in providing an eco-system of connected devices, and intelligent systems to deliver the next level of customer experience and productivity," he added.

--IANS

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