ABB India's June quarter profit up 35% at Rs 77 cr

Power and automation technology solutions provider ABB India Limited on Thursday reported a 35% jump in net profit for its second quarter ended June 30, at Rs 77 crore.

The company, which follows January-December as its financial year, had reported a profit of Rs 57 crore in the corresponding quarter of financial year 2014-15.

Total revenue for the April-June quarter stood at Rs 2,102 crore against Rs 1,932 crore last year, registering a growth of 8.79%.

"We have registered a consistent performance of profitable growth. Our deeper engagement with the customer coupled with broad technology portfolio is a key enabler in converting market challenges into opportunities," ABB India chief executive officer and managing director Sanjeev Sharma said.

He said the higher revenue and a better cash position was the result of higher volume of technology driven short cycle orders, the relentless pursuit of cash, the continued focus on time delivery of opportunities and streamlined operations.

"With our experience and future leading technologies, from micro-grids to Internet of Things, services and people, ABB is well positioned to partner the journey of sustainable growth in India," Sharma added.

During the quarter, the company bagged orders worth Rs 2,040 crore.

"The momentum was maintained by growth in base orders supported by service. Efficiency and technology driven upgrades by utilities such as the adoption of gas insulated switchgears was a major contributor to the order book, even as renewables continue to have a significant share of the order inflow," he said.

Sharma further said recovering demand in auto industry drove automation orders but traditional industries remained sluggish. Also, services bounced back from last quarter, reporting a year-on-year growth of 32%.

The company's order backlog as on June 30, stands at Rs 7,752 crore.