ABB India profit up 30% to Rs 70.98 cr in Jan-Mar

Engineering firm ABB India today posted 30 per cent jump in net profit at Rs 70.98 crore for the January-March quarter compared to same period a year ago.

The company had a net profit of Rs 54.29 crore in the quarter ended March 31, 2015, the company said in a release.

Total income increased to Rs 2,015.08 crore for the quarter ended March 31, 2016, from Rs 1,815.29 crore in the quarter ended March 31, 2015, the release said.

The company received orders worth Rs 1,830 crore in the first quarter of 2016 (January-March).

Investments in emerging segments, energy efficiency, urbanisation and projects to upgrade the grid compensated for the lack of traction in the process industries, it said.
 

"Breakthrough order for 132kV GIS substation and one of the largest orders for analysers in the petrochemical sector marked the period under review. Large orders, especially those based on industry capex, remained scarce as customers continued to delay investment decisions on low demand and under-utilised capacity," it added.

"Focus on our external markets, led to a double digit growth in export orders with a healthy product and systems mix. There is a steady order backlog of Rs 7,804 crore as of March 31, 2016," the release said.

At Rs 2,000 crore, 2016 reported the highest first quarter (January-March) revenue in the last five years.

Demand for technologically driven products, coupled with the focus on 'Make in India' across growth areas in industry and infrastructure supported divisional revenue expansion. Disciplined execution and a steadfast commitment to cash over revenue also contributed to the Company closing the quarter with a positive cash position, it said.