ABB India profit rises 87% to Rs 460 crore in March quarter

ABB India earnings: ABB India reported 87 per cent increase in its net profit, hitting Rs 460 crore in the quarter ending March 2024, propelled by heightened revenues. In the corresponding period of the previous fiscal year, the company had recorded a profit after tax of Rs 245 crore, according to a statement released by the company.

Operating on a financial year from January to December, ABB India witnessed consolidated revenues climbing to Rs 3,080 crore during the reviewed quarter, up from Rs 2,411 crore in the same period last year.

"We announce a strong start to 2024, building on our robust performance from Q4 of 2023. The increased demand for technologically superior solutions, coupled with the government's capital expenditure focus on new-age themes such as energy efficiency, decarbonization, and digitalization, has significantly driven our order momentum," commented ABB India.

During the quarter, the company reported an order backlog of Rs 8,932 crore, reflecting an increase from Rs 7,170 crore in the preceding January-March quarter.

The quarterly growth was primarily steered by the company's electrification and process automation business areas, which effectively countered the temporary sluggishness in customer decisions in the motion and robotics and discrete automation business areas.

(With PTI inputs)