Q4 Results 2022: ABB India, Bombay Dyeing announce March quarter results; here are key highlights!

March Quarter Results 2022: ABB India and Bombay Dyeing & Manufacturing Company today announced their March quarter results on Wednesday. While the former reported a two-fold jump in its net profit at Rs 370 crore while the latter reported a net loss at Rs 41.74 crore. Here are key highlights of the results!

ABB India Q1 Results 2022: net profit jumps over 2-fold to Rs 370 cr in March quarter

ABB India on Wednesday posted over two-fold jump in its net profit to Rs 370 crore in the March quarter compared to the year-ago period mainly on the back of higher revenues. The net profit of the company was Rs 151 crore in the quarter ended on March 31, 2021, a company statement said.

The company follows January to December financial year.

Total revenue rose to Rs 1,968 crore in the quarter from Rs 1,629 crore in the same period a year ago.

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ABB India has not only built but accelerated the growth momentum in the face of multiple external uncertainties, Sanjeev Sharma, Country Head and Managing Director, ABB India, said.

"All parameters have posted solid growth in the first quarter of CY2022. The surge in orders and one of the strongest order backlog in recent times, demonstrate the high preference for ABB products and the deep customer connect," Sharma said.

He also stated that the ABB India's ESG commitments are on-track, and it published its first Business Responsibility and Sustainability Report (BRSR) as a best practice in the industry.

"We made good progress in our green building certification and working with resource efficiency for our customers."

Total orders surged to Rs 2,291 crore, the highest for the first quarter in the last five years, it stated.

The year also started with a healthy increase in export orders across multiple businesses. This demonstrates consistency in leveraging the growth momentum and customer connect across segments, in domestic markets and globally.

Electrification was marked by higher orders across divisions especially in smart power and distribution business.

Motion Business Area witnessed uptick in systems drives and HV and LV motors continuing the short cycle opportunities.

Process Automation gained from conversions in steel industry and refinery segment with higher focus on resource efficiency and clean energy transitions. Energy management systems was another area for order inflows.

Service comprising of system upgrades made up a significant portion of the order basket for Robotics and Discrete Automation.

The Board of Directors based on the recommendation of the Nomination and Remuneration Committee, has approved the appointment of Monica Widhani as an Additional Director in the category of Non-executive & Independent Director effective May 6, 2022.

The Board of Directors based on the recommendation of the Nomination and Remuneration Committee, has approved the appointment of Adrian Guggisberg as an Additional Director in the category of Non-executive & Non-independent Director effective May 6, 2022.

ABB India shares ended at Rs 2020.85 on the NSE on Wednesday and were down by 1.5 per cent from the Monday closing price. Equity markets were shut on Tuesday on account of Id-Ul-Fitr

Bombay Dyeing & Manufacturing Co Q4 net loss at Rs 41.74 cr

Bombay Dyeing & Manufacturing Co Ltd on Wednesday said its consolidated net loss has narrowed down to Rs 41.74 crore for the fourth quarter ended March 2022.

The company had posted a net loss of Rs 166.74 crore in the January-March period a year ago, Bombay Dyeing & Manufacturing Co Ltd said in a regulatory filing.

Its revenue from operations was up 19.85 per cent to Rs 598.01 crore, as against Rs 498.95 crore a year ago.

Bombay Dyeing's total expenses were at Rs 645.08 crore, up 5.53 per cent in Q4/FY 2021-22, as against Rs 611.22 crore.

"Since the nature of real estate activities being carried out by the Company is such that profits/losses from transactions of such activities, do not necessarily accrue evenly over the year, results of a quarter may not be representative of profits/losses for the year," the company said.

The company's revenue from the real estate segment was Rs 140.60 crore, down 33.11 per cent, as against Rs 210.20 crore.

While revenue from its Polyester business was up 61.01 per cent to Rs 455.52 crore, as against Rs 282.91 crore of Q4/FY 2020-21.

Revenue from retail/textiles business was Rs 1.89 crore, as against Rs 5.84 crore.

For the fiscal year ended March 2022, Bombay Dyeing's consolidated net loss was at Rs 460.32 crore. It has reported a net loss of Rs 469.13 crore for 2020-21.

Its revenue from operations was at Rs 2,000.92 crore in 2021-22. This was 67.66 per cent higher than Rs 1,193.42 crore in the year-ago period.

Meanwhile, Bombay Dyeing said considering the financial result of the company for FY 2021-22, it was "unable to declare the dividend" for the said year.

Moreover, the board of the company at their meeting held on Wednesday appointed Vinod Jain to the position of Chief Financial Officer (CFO) and Chief Risk Officer (CRO) of the Company with effect from May 9, 2022.

Shares of the Bombay Dyeing and Manufacturing Company Ltd closed at Rs 117.85 on BSE, down 2.28 per cent from the previous close.

Bombay Dyeing shares ended at Rs 122 on the NSE on Wednesday, and were up nearly 1.2 per cent from the last closing price on Monday.