 "ABB India appoints Sanjeev Sharma as MD")
ABB India Ltd reported a 31.5 per cent jump in first quarter profits to Rs 71 crore and 10.3 per cent increase in revenue to Rs 2000 crore as it won orders from customers who wanted to upgrade existing equipment in energy and urbanisation projects.
The firm bagged a large order to set up a 312 Kv substation and supply analysers for a large petrochemical client.
ABB India, the local unit of Swedish power equipment giant had reported profit of Rs 54 crore on revenues of Rs 1,815 crore between January and March last year. ABB follows the January to December calendar year to report its financial results.
"Large orders, especially those based on industry capex, remained scarce as customers continued to delay investment decisions on low demand and under-utilized capacity," the Bengaluru-based company said in a statement.
ABB won new orders worth Rs 1830 crore during the quarter to take its order book position to Rs 7,804 crore.
Our best-in-class solutions and services portfolio has high market relevance for our existing and emerging customers across utilities, industry and infrastructure and transport segments. We are determined to deliver positive experiences to our diverse customer base, which is core to our strategy for profitable growth even in subdued markets,” said Sanjeev Sharma, CEO and Managing Director, ABB India Limited in the statement.
ABB India stock closed Rs 11.05 or 0.83 per cent up at Rs 1346.20 on the Bombay Stock Exchange on Monday.
