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New Delhi: The momentum in infrastructure development across the country has helped global engineering and infra services firm ABB India report a 44% growth in revenue in the quarter ended June.The robust growth in the topline lifted the company’s net profit by 115% to 147 crore during this period.

The company, which follows the calendar year for reporting financials, saw its revenue jump to 2053 crore in the April-June quarter as against revenue of 1,425 crore in the same period last year.

The company received fresh orders worth 2,767 crore in the April -June quarter, a growth of 64% over the same period of previous year. The cumulative order book of ABB India stands at 5,995 crore as on June 30, 2022.

“Consistent focus on execution, value added volume mix, and consistent, assured deliveries to our customers have led to our overall growth. Our proactive engagement across high growth market segments have reaped benefits even as uncertainties of inflation and a tight supply chain persist," Sanjeev Sharma, Managing Director, ABB India said.

“In an ongoing high demand environment, while the commodity cycles look at some easing, ABB India’s well-balanced portfolio for diverse customers across market segments will continue to act as a catalyst of growth. We are well positioned to work with customers and partners for the digitalization and decarbonization of Indian industries while operating our campuses with best-in-class sustainable practices. After a successful start to the first half, we expect to continue leveraging our local and global strengths for growth in the second half of 2022," he added.

Electrification, motion, process automation and robotics and discrete automation registered a healthy growth in orders for the quarter. This was led by process automation with significant orders from the paint industry and cold rolling mills. The motion business also posted growth from sectors such as railways, renewable energy, F&B, and mining as well as, process industries such as steel and chemicals.

The board of directors of the company, at its meeting held on 9 August, had approved the sale of investment in equity shares of wholly owned subsidiary Turbocharging Industries and Services India Private Limited to Turbo Systems Switzerland Limited for a consideration of 355 crores. This transaction is expected to be completed by 30 September upon execution of necessary agreements, a company statement said.

The company said that a combination of strong order backlog supported by an ongoing strong demand environment and presence in diversified segments is expected to continue to bolster its performance.

“We are well positioned to work with customers and partners for the digitalisation and decarbonisation of Indian industries while operating our campuses with best-in-class sustainable practices. After a successful start to the first half, we expect to continue leveraging our local and global strengths for growth in the second half of 2022," Sharma said.

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