Oct 27, 2016 05:58 PM IST IST | Source: Moneycontrol.com

ABB India Q3 profit rises 38% to Rs 81cr, order inflow jumps 29%

Industrial technology provider ABB India's third quarter profit grew by 38 percent year-on-year to Rs 81 crore, supported by a favourable revenue mix and cost management strategies. It was also partly driven by other income.

Moneycontrol Bureau

Industrial technology provider ABB India's third quarter profit grew by 38 percent year-on-year to Rs 81 crore, supported by a favourable revenue mix and cost management strategies. It was also partly driven by other income.

Revenue during the quarter increased 4.4 percent to Rs 2,055 crore from Rs 1,969 crore in year-ago period, supported by discrete automation & motion and process automation segments.

Overall earnings missed analysts' expectations but order inflow beat estimates. According to analysts polled by CNBC-TV18, profit was estimated at Rs 84 crore on revenue of Rs 2,132 crore and operating profit was expected at Rs 185 crore with margin at 9 percent for the quarter, according to analysts polled by CNBC-TV18.

ABB India said it has received orders worth Rs 2,967 crore in Q3, which was far ahead of estimated range of Rs 2,000-2,400 crore, up 29.5 percent over a year-ago period.

Order backlog stood at Rs 8,676 crore as of September 2016. "While base orders remained solid, the company witnessed a strong turnaround in large orders," it said.

The company follows January-December as its financial year.

EBITDA (earnings before interest, tax, depreciation and amortisation) declined 6.5 percent to Rs 145.6 crore and margin contracted by 80 basis points to 7.1 percent on yearly basis.

Other income during the quarter jumped sharply to Rs 36.5 crore from Rs 0.5 crore while finance cost declined to Rs 17.8 crore from Rs 25 crore YoY.

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