ABB India Q1 net profit up 34.76% at Rs77.42 crore
- India trumps rest of Asia for this distressed debt trader
- BlackBerry to provide software for Jaguar Land Rover electronic vehicles
- Standard Chartered is said to start sale process for private equity unit
- Indian Technomac director arrested in Rs6,000 crore fraud case
- White House issues threat over leaked Donald Trump briefing papers
New Delhi: Power and automation technology company ABB India on Thursday reported 34.76% jump in its stand-alone net profit at Rs.77.42 crore in the quarter ended on 30 June 2016.
“The company has posted a net profit of Rs.77.42 crore for the quarter ended 30 June 2016 as compared to Rs.57.45 crore for the quarter ended 30 June 2015,” ABB India said in a BSE filing on Thursday.
Total income increased from Rs.1932.64 crore to Rs.2105.92 crore in this period. The company further said it received orders worth Rs.2,040 crore in the April-June quarter of 2016. Efficiency and technology driven upgrades by utilities such as the adoption of gas insulated switch-gears was a major contributor to the order book, it added.
The company said that the renewables continue to have a significant share of the order inflow. It also said that the recovering demand in the automotive industry drove automation orders but traditional industries remained sluggish and services bounced back from last quarter, reporting a year on year growth of 32%.
There was a steady order backlog of Rs.7,752 crore as of 30 June 2016. It also said that the revenue at Rs.2,102 crore in the quarter under review was the highest reported revenue in the (April-June quarter) during last five years.
“We have registered a consistent performance of profitable growth. Our deeper engagement with the customer coupled with broad ABB technology portfolio is a key enabler in converting market challenges into opportunities,” ABB India CEO and Managing Director Sanjeev Sharma said in a statement.