ABB India Jun qtr profit grows 59 pc to Rs 70 cr

Power and automation technology firm ABB India on Friday said its net profit rose by over 59 per cent to Rs 70 crore during the June quarter ended June 30, helped by higher income.

The company had clocked Rs 44 crore net profit during the same period a year ago, ABB India said in a BSE filing.

The company, however, said that these numbers do not include their power grid business, which was demerged earlier.

Total income during the quarter under review also increased to Rs 1,726 crore from Rs 1,666 crore in the year-ago period.

"As the market gets back into action post the electoral mandate, ABB India has closed the second quarter of CY 2019 with consistent growth in orders and profitability and a solid cash position," Sanjeev Sharma, Managing Director, ABB India, said.

It said that base orders were up by 16 per cent year-on-year for June quarter, led by growth across all large businesses.

Total orders for the quarter increased to Rs 1,989 crore. The quarter was marked by a growth in industrial automation (IA) orders with increased order inflow from specialised applications like e-house, digital solutions for mining, instrumentation and blending and control applications in energy and process industries, it added.

ABB is a pioneering technology leader in electrification products, robotics and motion, industrial automation and power grids, serving customers in utilities, industry and transport and infrastructure globally.