ABB net profit rises 40% to Rs 120 crore in September quarter

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ABB India on Tuesday posted over 40 per cent jump in its net profit at Rs 120 crore for the September quarter, mainly on the back of higher revenues.

The net profit was Rs 85 crore in the quarter ended September 30, 2020, a BSE filing said.

Profit after tax reported at Rs 120 crore, a growth of 40 per cent over Q3 2020 (July-September 2020) driven by solid execution, the filing added.

The company follows January to December financial year.

Total income stood at Rs 1,803.20 crore in the quarter against Rs 1,632.27 crore in the same period last fiscal.

ABB India posted a strong recovery in all our key market segments resulting in strong order booking. We believe that we are reasonably positioned to deliver on our ambitious goals with a stable and growing order backlog, robust cash reserves, cost optimisation initiatives and business continuity plans, said Sanjeev Sharma, MD, ABB India.

The strong demand for ABB products, solutions and services portfolio in targeted market segments along with a continuous focus on operational efficiency and cost control ensured improvement in profitability despite the sharp increase in commodity prices during the quarter, he added.

The health and safety of all our stakeholders remain our top priority and we have continued our efforts to support the country's vaccination programme, he said.

Total orders for the quarter stood at Rs 1,909 crore as compared to Rs 1,308 crore in Q3 2020 (July- September), a growth of 46 per cent.

The order growth was the highest in Q3 (July September) in the last five years.

While Electrification and Motion delivered strong growth, the other two segments of Process Automation and Robotics and Discrete Automation, have also gained good momentum, it said.

The electrification business area witnessed good order inflows across all divisions and was up by 44 per cent compared to Q3 2020.

Motion business area secured order growth of 45 per cent, supported by strong contribution from channel business, exports, and packaging.

Robotics and Discrete Automation showed signs of recovery as the auto sector has started picking up. Orders were up by 83 per cent compared to Q3 2020.

Process automation also gained from traction in investments in mining, minerals processing and cement, it stated.