ABB India, a prominent player in electrification and automation solutions, has announced a significant surge in its standalone net profit, registering a remarkable 87.55% increase to Rs 460 crore for the March 2024 quarter. This surge in profitability was attributed to higher revenues generated during the period, reflecting the company’s strong performance and strategic initiatives.
According to a statement released by ABB India, the company witnessed a substantial improvement in its financial metrics compared to the corresponding period of the previous fiscal year. In the same quarter of the previous year, ABB India had reported a profit after tax of Rs 245 crore.
The company’s consolidated revenues also witnessed a notable uptick during the quarter under review, reaching Rs 3,080 crore compared to Rs 2,411 crore in the year-ago period. ABB India attributed this growth to increased demand for technologically advanced solutions, coupled with the government’s emphasis on capital expenditure in areas such as energy efficiency, decarbonization, and digitalization.
Commenting on the financial performance, ABB India stated, “We announce a strong start to 2024, building on our robust performance from Q4 of 2023. The increased demand for technologically superior solutions, coupled with the government’s capital expenditure focus on new-age themes such as energy efficiency, decarbonization, and digitalization, has significantly driven our order momentum.”
During the quarter, ABB India reported an order backlog of Rs 8,932 crore, indicating a substantial increase from Rs 7,170 crore in the January-March quarter of the previous year. The company highlighted that the growth was primarily driven by its electrification and process automation business areas, which more than offset the temporary sluggishness in customer decisions in motion and robotics and discrete automation business areas.
The impressive financial performance underscores ABB India’s resilience and adaptability in navigating dynamic market conditions. With a focus on delivering innovative solutions and capitalizing on emerging opportunities, ABB India remains well-positioned to drive sustainable growth and create value for its stakeholders in the evolving landscape of electrification and automation.
