ABB India Q1 profit up 87% on strong orders
Electrification and automation major ABB India reported over 87 per cent rise in its net profit at ₹460 crore in the March 2024, or the first quarter, compared to ₹245 crore in the corresponding previous period. The company follows the JanuaryDecember financial year.
During the quarter under review, the revenue from operations stood at ₹3,080 crore, up 28 per cent from ₹2,411 crore in the year-ago period. The company’s order book stood at ₹8,932 crore, up from ₹7,170 crore in Q1 of 2023.
A company statement said, “We are pleased to 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 eciency, decarbonisation, and digitalisation, has significantly driven our order momentum. “Our team’s relentless dedication to execution continues to be a pivotal factor in maintaining strong customer confidence and preference for ABB India’s innovative and reliable solutions.
“We are also proud to highlight our ongoing commitment to sustainability; this quarter, half of ABB India’s campuses achieved water positivity and we have achieved an 88 per cent reduction in greenhouse gas emissions (scope 1 and 2) compared to the baseline year of 2019.”
ABB India’s Q1 orders surged to ₹3,607 crore, the highest for the first quarter in the last five years. The quarterly growth was led by the ‘Electrification & Process Automation’, which more than oset the sluggishness in ‘Motion and Robotics & Discrete Automation’ business.