ABB India shares gained five percent in the early trade on February 21 after the engineering services firm recorded a 13 percent rise on-year in net profit for the last quarter of the 2023.
The net profit of Rs 345 crore for the quarter ended December 2023 grew 13 percent over a year-ago period.
At 9.17 am, ABB India shares were trading at Rs 4,741.05, up higher by 4.79 percent on the National Stock Exchange (NSE), compared to the previous session’s closing price.
Revenue grew 14 percent to Rs 2,757 crore for the quarter, with order intake increasing by 35 percent to Rs 3,147 crore during the fourth quarter of CY23. This marked the firm’s highest ever fourth quarter revenue in the last five years.
The order backlog as of December 2023 stood at Rs 8,404 crore, an increase of 30 percent YoY. The board recommended a final dividend of Rs 238 a share.
Follow our market blog to catch all the live updates
Sanjeev Sharma, Managing Director said, “Our broad-based growth has come on the back of the deepening engagement into diverse market segments and portfolio expansion and localization for Indian market. We are grateful for the enduring confidence our customers place in our value adding Electrification and Automation products, solutions, and services. Our focus on superior margins and a strategic mix continues to aid in robust cash generation."
Over the past six months, ABB India’s stock price has risen around 5 percent, underperforming the frontline index Nifty 50 that has risen around 14 percent during the same time period.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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!
