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ABB India beats the Street as net profit zooms 88% in first quarter
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Total orders surged to ₹3,607 crore, the highest for Q1 in the last five years. Shares of ABB India Ltd ended at ₹7,182.15, up by ₹193.05, or 2.76% on the BSE. The company follows the January to December financial year.
Electrification and automation major ABB India Ltd on Friday (May 10) reported an 87.6% year-on-year (YoY) jump in net profit at ₹459.3 crore for the first quarter that ended March 31, 2024, on strong growth momentum in orders with a healthy mix of short and long-term opportunities.
The company follows the January to December financial year.
In the corresponding quarter, ABB India posted a net profit of ₹245 crore, the company said in a regulatory filing. CNBC-TV18 poll had predicted a profit of ₹333 crore for the quarter under review.
The company’s revenue from operations increased 27.8% to ₹3,080.4 crore against ₹2,411 crore in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted revenue of ₹2,880 crore for the quarter under review.
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At the operating level, EBITDA jumped 98.1% to ₹565.2 crore in the first quarter of this fiscal over ₹285 crore in the corresponding period in the previous fiscal. CNBC-TV18 poll had predicted an EBITDA of ₹404 crore for the quarter under review.
The EBITDA margin stood at 18.4% in the reporting quarter compared to 11.8% in the year-ago period. EBITDA is earnings before interest, tax, depreciation, and amortisation. CNBC-TV18 poll had predicted a margin of 14% for the quarter under review.
Total orders surged to ₹3,607 crore, the highest for the first quarter in the last five years. From the market point of view, the strongest growth was witnessed in data centres, smart buildings, expansion in tier-2 and tier-3 cities, energy and logistics.
The company’s cash position continues to remain robust at ₹5,036 crore at the end of Q1 2024 against ₹3,942 crore in Q1 of calendar year 2023.
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“The increased demand for technologically superior solutions, coupled with the government’s capital expenditure focus on new-age themes such as energy efficiency, decarbonisation, and digitalization, has significantly driven our order momentum,” ABB India said.
The results came after the close of the market hours. Shares of ABB India Ltd ended at ₹7,182.15, up by ₹193.05, or 2.76%, on the BSE.
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