ABB India hits all-time high after tech firm reports above-Street estimate Q3 numbers
ABB Indias EBITDA in the third quarter rose by 14.7 per cent to Rs 417.70 crore compared to Rs 364.3 crore against Zee Businss research estimates of Rs 440 crore. The margin jumped slightly to 15.1 per cent in Q3 compared to 15.01 per cent in the same quarter last fiscal against research estimates of 13 per cent.
ABB India Share Price: ABB India hit an all-time high of Rs 5019.00 on BSE on Wednesday (February 21, 2024) after the tech company reported above-estimate December quarter results.
The stock of the company closed the trading session on Wednesday up by 10.33 per cent, or Rs 467.20, at Rs 4989.30.
The stock that closed the trading session on Tuesday at Rs 4522.10 opened at Rs 4622.30 on Wednesday to touch the day's high of Rs 5019.00, an upside of 10.99 per cent from the previous close.
ABB India Q3 Results
The tech company's standalone profit after tax jumped by 11 per cent to Rs 338.7 crore in the December quarter compared to Rs 305.3 crore Year-on-Year (YoY).
It was above Zee Business research estimates of Rs 330 crore.
Revenue from operations jumped 13.6 per cent to Rs 2757.5 crore in the quarter under review from Rs 2426.9 crore YoY compared to analyst estimates of Rs 3025 crore.
The company's EBITDA in the third quarter rose by 14.7 per cent to Rs 417.70 crore compared to Rs 364.3 crore against estimates of Rs 440 crore.
The margin jumped slightly to 15.1 per cent in Q3 compared to 15.01 per cent in the same quarter last fiscal against estimates of 13 per cent.
It is ABB India's highest-ever Q4 revenue in the last 5 years compared to its all previous Q4 revenue numbers.
The company has also announced a final dividend of Rs 23.80 per equity share.
CY2023 full-year highlights
The company recorded orders of Rs 12319 crore and revenue of Rs 10,447 crore in CY2023 full year.
It had customer outreach to 7000+ customers across 31 Tier 2 and 3 markets.
Q4 CY23 Growth Reason
Reasons for the company's growth were the execution of a strong backlog, revenue mix, service focus, and capacity.
Utilisation led to increased revenue across almost all businesses and divisions.
An increase in profitability during the quarter was due to better costs.
Absorption was driven by higher capacity utilisation, revenue mix and price realisation, supported by softening of commodity prices.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.