ABB India on Friday reported an over 87 per cent jump in its net profit to Rs 460 crore in the March 2024 quarter, driven by higher sales. The company earned a profit after tax of Rs 245 crore in the corresponding period of the previous financial year, a company statement said.
The focus on electrification and automation covers the financial year from January to December.
Consolidated revenue also rose to Rs 3,080 crore in the quarter under review compared to Rs 2,411 crore in the year-ago period, the company added.
“We announce a strong start to 2024, building on our robust performance from the fourth quarter of 2023. Increased demand for technologically superior solutions coupled with the government's investment focus on new-age themes such as energy efficiency, decarbonization and digitalization has helped “This has significantly driven our order momentum,” ABB India said.
During the quarter, the company had an order book of Rs 8,932 crore, as against Rs 7,170 in the January-March quarter earlier.
Quarterly growth was led by the company's electrification and process automation businesses, which more than offset temporary sluggishness in customer decisions in its motion and robotics and discrete automation businesses.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
first published: May 10, 2024 6:26 PM IST
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