ABB India Q1 profit rises 3.2% at Rs88.17 crore
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Mumbai: Power and automation technology company ABB India Ltd on Monday reported a 3.2% rise in net profit for the first quarter ended 31 March, helped by higher order inflows.
ABB said its standalone net profit rose to Rs88.17 crore in the quarter from Rs85.45 crore a year earlier. Net sales rose about 9.4% to Rs2,296.03 crore from Rs2,099.61 crore a year earlier, helped by a revenue increase in each of its businesses and demand revival in certain sectors, ABB said in a statement.
Both profit and sales beat average analyst estimates. Twelve analysts polled by Bloomberg had expected ABB to report standalone net profit of Rs95.08 crore on net sales of Rs2,214.10 crore for the first quarter.
The power equipment and robotics company follows a January-December fiscal year.
Orders during the quarter rose about 28% to Rs2,342 crore, driven by government initiatives and investments, and traction in the transportation sector led by railways, ABB said.
“Notwithstanding an uncertain global market, sustained engagement in export markets have resulted in major order uptrend. Intensive focus on installed base with value offerings also contributed to robust growth in service orders in the first quarter,” ABB said in the statement.
The company said it had an order backlog of Rs12,023 crore as of 31 March, providing visibility for future revenue.
ABB’s shares closed 0.75% down at Rs1,401.75 on the BSE on Monday. The results were announced after market hours.