ABB India net profit more than doubles to Rs 147 cr in Jun qtr

ABB India on Tuesday said its net profit more than doubled to Rs 147 crore in the June quarter, mainly on the back of higher revenues. After a successful start to the first half, we expect to continue leveraging our local and global strengths for growth in the second half of 2022, Sharma said.

ABB India on Tuesday said its net profit more than doubled to Rs 147 crore in the June quarter, mainly on the back of higher revenues. The company had reported a profit of Rs 68 crore in the quarter ended June 30, 2021, according to a company statement. Its total revenues rose to Rs 2,053 crore in the quarter from Rs 1,425 crore a year ago.

The company follows January to December financial year. ''Consistent focus on execution, value-added volume mix, and consistent, assured deliveries to our customers have led to our overall growth. Our proactive engagement across high growth market segments has reaped benefits even as uncertainties of inflation and a tight supply chain persist,'' ABB India MD Sanjeev Sharma said.

In an ongoing high-demand environment, while the commodity cycles look at some easing, ABB India's well-balanced portfolio for diverse customers across market segments will continue to act as a catalyst for growth, he noted.

''We are well positioned to work with customers and partners for the digitalization and decarbonization of Indian industries while operating our campuses with best-in-class sustainable practices. After a successful start to the first half, we expect to continue leveraging our local and global strengths for growth in the second half of 2022,'' Sharma said. Total orders for the (June) quarter were at Rs 2,767 crore compared to Rs 1,689 crore in the year-ago period.