ABB India’s Profit Jumps Over Two-Fold To Rs 370 Crore In March Quarter
ABB India on Wednesday reported a more than two-fold increase in its net profit to Rs 370 crore in the March quarter compared to the year-ago period mainly on the back of higher revenues.
The company’s net profit stood at Rs 151 crore for the quarter ended March 31, 2021, a company statement said.
The company follows a January to December financial year.
Total revenue rose to Rs 1,968 crore in the quarter from Rs 1,629 crore in the same period a year ago.
Sanjeev Sharma, Country Head and Managing Director, ABB India said that ABB India has not only built on the momentum of growth in the face of many external uncertainties, but has also accelerated it.
Sharma said, “All parameters have registered solid growth in Q1 of CY2022. The growth in orders and one of the strongest order backlogs in recent times, reflects the high priority and deep customer engagement for ABB products. “
He also said that ABB India’s ESG commitments are on track, and it published its first Business Responsibility and Sustainability Report (BRSR) as best practice in the industry.
“We have made good progress in working with our green building certification and resource efficiency for our clients.” Total orders increased to Rs 2,291 crore, the highest in the first quarter in the last five years.
The year started with a decent growth in export orders across multiple businesses. It demonstrates consistency in taking advantage of the growth momentum and connects with customers across all sectors in the domestic markets and globally.
Electrification was marked by higher orders, particularly in divisions in the Smart Power and Distribution business.
The motion business segment saw an uptick in systems drive and HV and LV motors continued to hold short cycle opportunities.
Process automation derived from transformation in the steel industry and refinery segment with a greater focus on resource efficiency and clean energy transition. Another area was the energy management system for order flow.
The service consisting of system upgrades formed a significant part of the order basket for robotics and discrete automation.
Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors has approved the appointment of Monika Vidhani as Additional Director in the category of Non-Executive and Independent Director with effect from May 6, 2022.
Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors has approved the appointment of Adrian Gugisberg as Additional Director in the category of Non-Executive and Non-Independent Directors with effect from May 6, 2022.