Moneycontrol
Last Updated : Oct 30, 2018 02:08 PM IST | Source: Moneycontrol.com

ABB India Q3 profit surges 30% on double digit gross across segments, power grids biz grows 71%

ABB has received orders worth Rs 2,355 crore in the quarter ended September 2018, higher by 22 percent YoY, driven by a base order growth of 16 percent.

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ABB India, the global leader in power and automation technologies, has reported a healthy 30 percent on year growth in profit to Rs 108.34 crore for the quarter ended September 2018, driven by growth across parameters.

The continued focus on cost saving measures and the market success of ABB Ability digital offerings contributed to a strong growth in profits, the company said.

Revenue from operations during the quarter increased 31 percent year-on-year to Rs 2,515.4 crore on strong execution, with power grids business showing a strong 71 percent growth, and robotics & motion 33 percent YoY.

ABB India follows calendar year (January-December) as its financial year.

"Profitable growth was supported by base orders and the successful execution of our quality order backlog. All divisions registered double digit growth benefitting from technology solutions for the local and international markets," Sanjeev Sharma, Managing Director said.

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ABB has received orders worth Rs 2,355 crore in the quarter ended September 2018, higher by 22 percent YoY, driven by a base order growth of 16 percent.

"The base order growth was supported by offerings for smart factory applications and ABB Ability digital solutions in sectors like food and beverage and building automation. Power infrastructure for solar segment also contributed to moderately large orders," the company said.

It further said transportation remained a major growth area with orders from railways for power equipment as well as electric propulsion systems in the quarter.

The order backlog as of September 2018 was Rs 11,368 crore, which is expected to provide revenue visibility for the coming quarters, ABB said.

On the operating front, EBITDA (earnings before interest, tax, depreciation and amortisation) surged 44.6 percent to Rs 194 crore and margin expanded by 74 bps to 7.71 percent compared to year-ago despite 40 percent increase YoY in other expenses to Rs 516.7 crore.

ABB India said as the domestic market readies itself for elections across various states, the multiple government initiatives in renewable energy, transportation, digitalisation and smart cities are likely to provide the levers for sustainable growth in the medium to long term.

The initial impact of industrial recovery is being felt across certain sectors like steel, mining, oil and gas and could retain a similar pace for the medium term, it added.

At 13:55 hours IST, the stock was quoting at Rs 1,216.30, down Rs 16.65, or 1.35 percent on the BSE.
First Published on Oct 30, 2018 02:05 pm
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