ABB India net profit up 14% in March quarter

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Bengaluru, May 8 (IANS) Technology major ABB India on Tuesday reported a 14 per cent rise in its net profit to Rs 102 crore in the quarter ended March 31, 2018, as compared to Rs 90 crore in the year-ago period.

Its revenue, during the quarter under review, increased 17 per cent compared to the prior year period to Rs 2,525 crore. All divisions reported growth in revenues and the increase in revenue is also supported by the large HVDC project of Raigarh-Pugalur (RP) 800, which is starting to mature in its execution cycle, the company said.

“Cost savings, positive volume growth and higher absorption contributed to the robust growth in operational EBITA for the quarter,” it said in a statement.

Total orders during the first quarter of 2018 rose 10 per cent year on year to Rs 2,582 crore. The quarter posted the highest growth in orders for the first quarter period in the last five years,” it said.

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ABB Managing Director Sanjeev Sharma said: “Significant uptrend in revenue, increased orders and profits reflect customers’ preference for our digital and innovative offerings and deep domain knowhow, supported by our expansive manufacturing and service footprint.”

Ongoing growth in service and export orders played a significant role in bolstering the order book.

It also said the order backlog of Rs 11,628 crore, as of March 31, 2018, provides “solid visibility for future revenue”.

“We will continue to collaborate with our customers, deploy solutions from our digital portfolio and support the new era of growth in the country – through smarter, greener grids, electrification of transport and digitaliging industries for greater efficiency and productivity,” he added.

–IANS

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