The power and automation technologies' major, ABB Ltd has posted a 93 per cent increase in net profit during quarter three on the back of big orders from core sectors like steel, pulp and paper and the power industry.
ABB Ltd received orders worth Rs 2,492 crore during the quarter and its total order book swelled to Rs 9,151 crore. But the company in a statement warned that it was concerned over rising interest rates as well as slowing industry growth.
The statement said net profit grew 93 per cent to Rs 22.2 crore year on year while revenues rose 29 per cent to Rs 1,726.3 crore.
“What is important beyond these numbers is the degree of indigenisation we're bringing into India,” Mr Bazmi Husain, Country Manager and managing Director, ABB Ltd said. He said the Safelink Ring Main Unit that serves the urban and semi-urban power distribution market in India and other global markets was one such example with the product being designed and manufactured at the company's Nashik plant.