ABB India’s PAT Rises 58% In December Quarter

ABB India on Friday reported profit before tax (before exceptional items and one-offs) at Rs 400 crore, up 83 percent year-on-year (YoY) and profit after tax (PAT) at Rs 306 crore, up by 58 percent YoY.

The company said that volume growth, strong price realisations, cost optimisation and improved revenue mix were key factors which aided growth throughout the year.

In the December quarter, ABB India’s total revenue jumped to Rs 2,427 crore from Rs 2,101 crore a year ago.

Speaking on the performance, Sanjeev Sharma, Country Head and Managing Director, ABB India said, “The Oct-Dec (Q4 CY 2022) quarter has seen growth across multiple market segments and performance parameters, complemented by good execution for domestic market and export customers with responsive service. A substantial build-up of the order backlog will help us sustain the performance momentum.”

In the Q4 CY2022, the company’s orders were up 4 per cent and backlog was up 32 per cent on YoY basis.

In a statement, ABB India said, “India continues to be a fulcrum of stability with relatively lower inflation rates, stable commodity prices, rising private consumption, and the much-awaited gradual revival of private capex. The various government measures and central bank policies are likely to provide a cushion against global spill-overs of geopolitical dimensions, global trade and forex volatility, and supply chain constraints.”

Based on the business performance and the potential in current markets, the Board of Directors recommended a dividend of Rs 5.50 per share (275 per cent).

ABB India continues to have a strong and consistently growing order backlog as of December 31, 2022, at Rs 6,468 crore.