ABB India Jan-March net zooms

ABB India Jan-March net zooms

Mumbai: Net profit of ABB Ltd (India), a unit of Swiss engineering group ABB, in Jan-March quarter surged about nine fold from a year ago, owing to revival in base orders, firm revenue growth and higher sales of short-cycle products and services, it said on Wednesday.

The power equipment maker and automation solutions provider’s revenue increased 22% to Rs1,781 crore, while it posted a net profit of Rs59.55 crore.

A Reuters poll of 18 brokerages had predicted its Jan-March net profit at Rs71.11 crore, on revenue of Rs1,655 crore.

As of end March, the firm had an order backlog of Rs8,330 crore ($1.86 billion), 5% lower than the year-ago figure, it said.

“The strong order backlog situation continues to provide significant potential for coming quarters," it said.

The company is optimistic about stronger investments in industrial activities and the power sector.

Shares in the firm closed 3.11% higher at Rs891.75, while the BSE benchmark Sensex closed 0.39% up.