ABB India Q4 profits up 53% to Rs 129 cr

Stock jumps 14% to close at Rs 1,148

Power systems firm ABB India Ltd said fourth quarter profits rose 53.75% to Rs 129.4 crore and revenue grew 8.11% to Rs 2435.9 crore as the firm focused on localisation of products with strong focus on cost savings and project execution.

ABB India stock jumped 14.21% or Rs 142.85 to close at Rs 1148.10 on the Bombay Stock Exchange on Thursday.

ABB India had reported profits of Rs 84.16 crore on revenue of Rs 2435.8 crore in the October to December quarter last year.

Demand in ABB's major areas of businesses was muted, reflecting ongoing macro uncertainties and challenges. Customers remained cautious but continued to make selective investments in infrastructure and critical power transmission projects, the firm said in a statement..

ABB India won orders of Rs 2,058 crore to take the annual order book to Rs 8,100 crore, a 10% growth over last year.

"ABB has continued creating value for its stakeholders in a challenging year. Our technology driven solutions portfolio aligns very well with our nation's priorities to develop sustainable power and productive industrial infrastructure," said Sanjeev Sharma, CEO and Managing Director, ABB India Limited. "ABB technologies and our team's local capabilities will be a key enabler to decouple growth from environmental impact in a growing economy."