ABB Q1 net up nine-fold to Rs 59.55 crore
ABB's first quarter (January-March) net profit jumped 800% year-on-year to Rs 59.55 crore on strong sales.
Nachiket Kelkar
Moneycontrol.com
ABB's first quarter (January-March) net profit jumped 800% year-on-year to Rs 59.55 crore on strong sales.Its earnings were also boosted by a gain of Rs 2.91 crore on valuation of foreign exchange forward contracts during the quarter, compared with a forex loss of Rs 82.3 crore in the year-ago quarter.The power equipment maker's net sales for the three-month period were up 22.4% from a year ago to Rs 1,781.31 crore.ABB got orders worth Rs 1,695.1 crore in the first quarter, while it had an order backlog of Rs 8,329.1 crore. The Indian unit of Swiss engineering major ABB said investment in industrial activities and power infrastructure continues to be strong and shows increased market opportunity."Strong growth in base orders could offset the impact of lesser inflow from large orders which are already under procedural clearances for subsequent quarters," it said.Bazmi Husain, managing director of ABB India said the company going ahead would continue focus on new revenue streams such as renewable energy and energy efficiency, along with increased localization of product offerings to drive earnings growth.It continues to focus on various cost control and productivity maximization measures, ABB said. ABB India shares ended up 3.2% to Rs 892.10 on NSE post the results announcement. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
