ABB India profit doubles to Rs 296 crore in June quarter

ABB India's net profit more than doubled to Rs 296 crore in the June quarter mainly due to higher revenues, the company said on Friday.

The company reported a net profit of Rs 147 crore in the quarter, a statement showed.

Total revenues of the company rose to Rs 2,509 crore in the quarter under review from Rs 2,053 crore in the year-ago period.

The company follows a January to December financial year.

"ABB India's Q2 (April-June) performance is testimony to the strength of its industry-leading portfolio and capabilities. We continued growth momentum during the quarter, built on strong order backlog execution, delivering highest-ever quarterly operational EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation)," ABB India Managing Director Sanjeev Sharma said in the statement.

Our balance sheet and cash position remain robust, putting us in a strong footing to prepare for future opportunities, he added.

Total orders for the quarter were at Rs 3,044 crore, and Rs 6,169 crore for the January-June period of 2023.

While base orders grew 4 per cent, the company also received a large order from the metal sector for Rs 158 crore.

Electrification and process automation achieved a double-digit growth compared to the year-ago period, while order for robotics and discrete automation was tepid due to last year's high levels.

The company's board of directors in its meeting held on Friday declared a special dividend of Rs 5.50 per share for 21,19,08,375 equity shares of face value of Rs 2 each for its financial year.

The special dividend will be paid on or before September 5, 2023, to the equity shareholders, whose names appear on the register of members of the company or in the records of depositories as beneficial owners of shares as on August 25, 2023.

ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future.