ABB India, an electrification and automation major has recorded a rise in its standalone profit after tax (PAT) by 50 per cent to ₹443 crore in April- June quarter from ₹296 crore in the year-ago period.
The company follows a calendar year thus marking this as the Q2 in the current year. The revenue went up by 13 per cent to ₹2,831 crore in the quarter in comparison with ₹2,509 crore during the same period last year.
“The consistent double-digit revenue and margin growth, and a strong order backlog is testimony to the robust performance, and we continue to diversify our offerings across the market segments and make strategic investments to capitalize on market opportunities,” said Sanjeev Sharma, Managing Director, ABB India.
The total orders for the quarter stood at ₹3,435 crore. For the first half of the year, the total orders amounted to ₹7,042 crore. The order backlogs for ABB stood at ₹9,517 crore distributed across segments.
During the quarter, the company saw growth driven by long-cycle orders from emerging sectors such as data centers, renewables, electronics, and metro and railways, and core industry segments. Most business areas saw strong double-digit growth in orders, claims the company.
The process automation saw service order growth, which partially balanced the effect of a large one-time metal segment order from Q2 CY2023.
From the market side, along with power distribution solutions for a large data center, transportation, mobility, and automotive segments were key contributors.
The stock of the company closed at ₹7,936.20, up by 0.81 per cent on BSE on Thursday.