Mumbai: Power transmission equipment maker ABB India Ltd on Friday reported a 36% rise in net profit for the quarter to March on order book conversions and strong order intake.
During the quarter, the company got fresh orders worth Rs 26.95 billion taking its order backlog at the end of the quarter to Rs61.75 billion, it said in a statement.
“Significant project orders were received from power utilities and core industry sectors and standard products once again saw robust growth,” it said.
The company has expanded its facility to manufacture 765 kilo volt power transformers locally, while it has also commissioned a small transformer facility in Vadodara to make transformers up to 170 KV, it said.
“The power sector is gaining momentum in terms of new capacity and augmentation across generation, transmission and distribution as well as improvements in grid reliability and efficiency,” Managing Director Biplab Majumder said.
For the quarter to March, the company reported net profit of 1.18 billion rupees on revenues of Rs15.54 billion, which rose 17% on year.
Shares in ABB were trading down nearly 25 at Rs1,155 after reaching a high of Rs 1,207 on intra-day deals.