 "Sanjeev Sharma")
Power automation firm ABB India said that its profits grew by 13.41 per cent to Rs 146.79 crore in the fourth quarter on improved efficiency and rationalising costs, while revenue grew 2.7 per cent to Rs 2491.54 crore
"Our performance is built on deeper customer engagement, more value added offerings and the organisation agility to adapt to changing global and local market demand cycles. Our focus on operational excellence with consistent work on cost and cash has ended the year with solid results," said Sanjeev Sharma, CEO and Managing Director, ABB India.
ABB had reported Rs 129.40 crore profits on sales of Rs 2425.11 crore in the corresponding quarter last year.
"Value added offerings, continued focus on cash and cost, with a portfolio best positioned to leverage the green-shoots of energy and the fourth industrial revolution, has resulted in a consistent profit uptrend quarter-on-quarter and yearly basis for the last five years. Continuous improvement in profitability, coupled with execution excellence initiatives and efforts to improve networking capital have resulted in a significant gain in cash at the close of the year," the company said in a statement.
The company's order book size increased to Rs 12,466 crore- the highest in recent years. The quarter saw the company win the project for UHVDC (ultrahigh-voltage direct current) transmission technology projects that reduces losses to transmit clean energy over long distances. This development would be key to realising the government's renewable energy vision and 24x7 reliable power for all.
"Our cutting edge technology portfolio of products and services align well with investments and trends in the market. We feel very excited that ABB Ability Digitization solutions will be a frontrunner in shaping future of utilities, industries, transportation and infrastructure sectors in the country, " Sharma added.
ABB India's stock price grew by Rs 11.65, up by 0.96 per cent, at Rs 1,220 on the Bombay Stock Exchange at 3.24 pm.
