ABB India Ltd Sees 50% Surge in Profit to Rs 443 Crore for June Quarter

ABB India Ltd reported a 50% increase in consolidated profit after tax (PAT) to Rs 443 crore for the June quarter, driven by higher revenues. The company also highlighted strong orders and consistent revenue growth across its divisions. An interim dividend of Rs 10.66 per share was approved.

ABB India Ltd on Thursday reported a significant 50 per cent rise in consolidated profit after tax (PAT) to Rs 443 crore for the June quarter, citing higher revenues as the key driver.

In the same period of the previous financial year, the company had recorded a profit of Rs 296 crore. ABB India adheres to a fiscal year from January to December.

The first half (H1) of CY2024 saw PAT soaring to Rs 902 crore from Rs 541 crore in the same timeframe the previous year. Revenues also saw an upswing, increasing to Rs 2,831 crore for the quarter from Rs 2,509 crore year-on-year. H1 revenues hit Rs 5,911 crore, up from Rs 4,920 crore.

''We announce yet another quarter and half-year of solid profitable growth. Our track record of consistent double-digit revenue and margin growth, and a strong order backlog is testimony to the robust performance of all our division teams, the trust of our customers, and the steadfast support of our channel partners,'' stated Sanjeev Sharma, Managing Director, ABB India.

The company's total orders for the quarter amounted to Rs 3,435 crore, and Rs 7,042 crore for H1 CY2024, fueled by long cycle orders from sectors like data centers, renewables, electronics, and metro & railways. ABB India's order backlog was Rs 9,517 crore at the end of this quarter.

Also notable was the firm's robust cash position, standing at Rs 4,872 crore at the end of Q2 and H1 CY2024, despite a slight dip due to the final dividend payout for CY2023. The board approved an interim dividend of Rs 10.66 per share.

(With inputs from agencies.)