ABB India net profit up 13 pc, revenue jumps to Rs 1,828 crore

ABB India net profit up 13 pc, revenue jumps to Rs 1,828 crore

May 08, 2019

Bengaluru (Karnataka) [India], May 8 (ANI): Engineering major ABB India has reported an increase in net profit by 13.3 per cent at Rs 116 crore during the first quarter ended March 31, as compared to Rs 102.5 crore in the first quarter of 2018.
The company follows a January to December fiscal year. Revenue from operation was up by 17.8 per cent year-on-year at Rs 1,828.3 crore in Q1 CY19 as compared to Rs 1,551.08 crore in Q1 CY18.
Base orders increased by 17 per cent from sectors including transportation, retail, automotive, metals, cement, and oil and gas. Additionally, it bagged orders for smarter power distribution technology from electrification and for automation solutions for metro transportation, steel plants, and city infrastructure.
"ABB India continues to have a strong order backlog as of March 31 at Rs 4,726 crore, which provides revenue visibility and is well aligned for growth in the coming quarters," it said in a statement.
The total orders for power grid business for the quarter were at Rs 670 crore and revenues were at Rs 895 crore. The business reported a profit before tax of Rs 42 crore and profit after tax of Rs 27 crore.
"ABB's leadership position in evolving industrial and digital market opportunities, and engagement with our large installed base gives us a good basis for resilient and sustainable growth momentum," said ABB India's Managing Director Sanjeev Sharma.
"Our continued customer engagements in the last several quarters have resulted in significant base order traction for our core portfolio and ABB ability solutions in multiple market segments enabling higher productivity and energy efficiency," he added.