ABB India net profit up 83.7% on back of improved operational performance

ABB India for the quarter ended September (Q2FY24) reported an 83.7 per cent jump in net profit on the back of improved operational performance.

In Q2FY24, ABB India reported a net profit of Rs 363 crore, against Rs 198 crore reported a year ago. Net sales for the quarter under review were up 31 per cent to Rs 2,751 crore. Sequentially, ABB India’s net profit was up 22.7 per cent.

ABB India in its statement said the significant improvement in profitability was achieved due to the enhancement of operating efficiencies, utilisation of capacity leverage, and implementation of effective pricing strategies.

“We are seeing momentum in large orders intake that shows customers' preference for our energy-efficient and high-quality solutions in diverse market segments,” said Sanjeev Sharma, Managing Director, ABB India.

New order wins in the quarter ended September 2023 was at Rs 3,004 crore, up 14 per cent from a year ago, with an outstanding order book of Rs 8,008 crore.

“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 year-on-year (Y-o-Y), which provides good revenue visibility and is well aligned to support growth plans in the coming quarters,” the company said in its statement.