ABB net up 30% in third quarter
Indian arm of power and automation major ABB on Tuesday reported Rs 108 crore net profit for the third quarter of calendar year 2018, registering 30 per cent annual growth from Rs 83 crore in the same period a year ago.
In a regulatory filing, the city-based multinational said revenue from operations for the quarter (Q3) under review grew 32 per cent annually to Rs 2,490 crore from Rs 1,892 crore in the like period a year ago.
Sequentially, though net profit rose marginally 5.9 per cent from Rs 102 crore a quarter ago, revenue declined 7 per cent from Rs 2,681 crore a quarter ago.
"We have delivered a satisfying quarter of increased orders, improved revenues and step-up in profits. Profitable growth was supported by base orders and execution of quality order backlog," said ABB India Managing Director Sanjeev Sharma in a statement later.
The company posted double-digit growth benefiting from technology solutions for the local and international markets.
Execution is reflected in the productivity enhancement, focus on managing costs and improving net cash position.
"Our digital offerings are driving the next level of growth in markets for process industries, food and beverage, smart cities, mobility solutions and data centres," said Sharma.
Orders for the company increased 22 per cent annually to Rs 2,355 crore, with 16 per cent base growth for the quarter, supported by offerings for smart factory applications. Power infrastructure for solar segment also contributed to the order book.
"Transportation remains a major growth area with orders from railways for power equipment and electric propulsion systems in the quarter," said the statement.
"We have provided power quality management solutions for the country's longest dedicated rail freight corridor project."
On the outlook for the year ahead, Sharma said the government's initiatives in renewable energy, transportation, digitization and smart cities would provide levers for sustainable growth in the medium to long term.
"The initial impact of industrial recovery is being felt across sectors like steel, mining, oil and gas and could retain a similar pace for the medium term," added Sharma.
The company's blue-chip scrip of Rs 2 face value, however, lost Rs 23.70 per share at the end of Tuesday trading on the BSE to close at Rs 1,209.25 as against Monday's closing price of Rs 1,232.95 and opening price of Rs 1,240. The scrip was quoted a high of Rs 1,261 and a low of Rs 1,191 during the intra-day trading.-IANS