Mumbai: Power and automation technology company ABB India Ltd on Thursday reported a higher-than-expected 13.4% rise in net profit for the fourth quarter ended 31 December, helped by better operational performance.
ABB India reported a standalone net profit of Rs146.79 crore for the fourth quarter compared with Rs129.40 crore in the year-ago quarter. Net sales rose about 3.3% to Rs2,440.95 crore from Rs2,364 crore a year earlier, missing average analysts’ estimate. The company follows January-December fiscal year.
Ten analysts polled by Bloomberg had expected ABB to report standalone net profit of Rs137.40 crore on net sales of Rs2,599.50 crore for the fourth quarter.
For the full-year ended 31 December, ABB’s standalone net profit rose 25.5% to Rs37,625 crore and net sales were up 6.2% to Rs8,515.56 crore.
The company said its full-year order book rose to Rs12,466 crore while orders received in the December quarter stood at Rs5,628 crore. It has an order backlog of Rs11,821 crore as on 31 December.
The company has posted its biggest growth in orders in recent years, ABB India said in a statement. “The investments in power transmission based on cutting edge technology, renewables, increased spend in infrastructure and transportation provided ABB India ample opportunities,” it said.
ABB shares closed 1.38% up at Rs1,225.00 on the BSE on Friday while the benchmark Sensex index was up 0.14% to 28,329.70.