ABB India Q2 net profit rises 79% to Rs 362 cr, income up at Rs 2,846 cr

Electrification and automation major ABB India on Thursday posted a 79 per cent rise in its net profit to Rs 362 crore in the September quarter compared to the year-ago period mainly on the back of higher revenues.

It net profit stood at Rs 203 crore in the quarter ended on September 30, 2022, a BSE filing showed.

Total income rose to Rs 2,846.01 crore in the quarter from Rs 2,166.62 crore in the same quarter a year ago.

The company follows the January-December financial year.

Sanjeev Sharma, Managing Director, ABB India said in a statement, "We are pleased to announce another strong quarter marked by double-digit revenue growth and continuity in order backlog buildup.

"We are seeing momentum in large orders intake that shows customers' preference for our energy-efficient and high-quality solutions in diverse market segments, he added.

The company's cash position continues to remain robust at Rs 4,356 crore at the end of Q3 2023 (July-September 2023).

The Company reported an EPS (earning per share) of Rs 17.08 for the quarter reflecting the growth in profitability of the operations..

Total orders for the quarter were at Rs 3,004 crore, a 14 per cent growth Y-o-Y (year on year).

ABB India continues to have a strong order backlog as of September 30, 2023, at Rs 8,008 crore, an increase of 23 per cent Y-o-Y, which provides good revenue visibility and is well aligned to support growth plans in the coming quarters, it stated.

Electrification had a higher base order growth and strong conversion of opportunities from the renewable segment with higher penetration in the retail market, it stated.

Motion's robust growth was led by good order intake in the railway segment, it informed.

Process Automation witnessed some delay in the realization of a few large orders likely to fructify in the coming quarters, the company stated.

Robotics and Discrete Automation posted a significant growth Y-o-Y led by paints and electronics segments.

From the market side, the quarter witnessed orders from a diverse range of segments including metals, energy companies (downstream), railways, electronics, data centers, EVs, paints, etc, it stated.