Insurance

ABB India’s Profit Jumps Over Two-Fold To Rs 370 Crore In March Quarter

ABB India’s Profit Jumps Over Two-Fold To Rs 370 Crore In March Quarter
Written by Arindam
ABB India’s Profit Jumps Over Two-Fold To Rs 370 Crore In March Quarter

ABB India's Profit Jumps Over Two-Fold To Rs 370 Crore In March Quarter

New Delhi:

ABB India on Wednesday posted over two-fold jump in its net profit to Rs 370 crore in the March quarter compared to the year-ago period mainly on the back of higher revenues.

The net profit of the company was Rs 151 crore in the quarter ended on March 31, 2021, a company statement said.

The company follows January to December financial year.

Total revenue rose to Rs 1,968 crore in the quarter from Rs 1,629 crore in the same period a year ago.

ABB India has not only built but accelerated the growth momentum in the face of multiple external uncertainties, Sanjeev Sharma, Country Head and Managing Director, ABB India, said.

“All parameters have posted solid growth in the first quarter of CY2022. The surge in orders and one of the strongest order backlog in recent times, demonstrate the high preference for ABB products and the deep customer connect,” Sharma said.

He also stated that the ABB India’s ESG commitments are on-track, and it published its first Business Responsibility and Sustainability Report (BRSR) as a best practice in the industry.

“We made good progress in our green building certification and working with resource efficiency for our customers.” Total orders surged to Rs 2,291 crore, the highest for the first quarter in the last five years, it stated.

The year also started with a healthy increase in export orders across multiple businesses. This demonstrates consistency in leveraging the growth momentum and customer connect across segments, in domestic markets and globally.

Electrification was marked by higher orders across divisions especially in smart power and distribution business.

Motion Business Area witnessed uptick in systems drives and HV and LV motors continuing the short cycle opportunities.

Process Automation gained from conversions in steel industry and refinery segment with higher focus on resource efficiency and clean energy transitions. Energy management systems was another area for order inflows.

Service comprising of system upgrades made up a significant portion of the order basket for Robotics and Discrete Automation.

The Board of Directors based on the recommendation of the Nomination and Remuneration Committee, has approved the appointment of Monica Widhani as an Additional Director in the category of Non-executive & Independent Director effective May 6, 2022.

The Board of Directors based on the recommendation of the Nomination and Remuneration Committee, has approved the appointment of Adrian Guggisberg as an Additional Director in the category of Non-executive & Non-independent Director effective May 6, 2022.

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