 "ABB India Sept quarter results: Net profit increases 21% to Rs 440 crore")
ABB India on Monday reported over 21 per cent rise in profit after tax at Rs 440 crore for the third quarter ended September 30, pushed by higher income.
It had posted Rs 362 core profit after tax (PAT) in July-September period a year ago, the company said in an exchange filing The company follows January to December as financial year.
Total income increased to Rs 3,005.05 crore from Rs 2,846.01 crore in the year-ago period.
"We have delivered another quarter of consistent performance, creating balanced and profitable growth for our stakeholders and deepening engagement with our customers. The quarter was marked by record levels of backlog complemented by a strong book to bill and cash," the company's Managing Director, Sanjeev Sharma said in a statement.
The large orders emerged from diverse sectors like transportation, metals, and even new ones like data centers. This provides each division the flexibility to leverage opportunities as per their business cycles and bandwidth and entails revenue conversion from a vibrant and varied basket of orders and timeframes, he said.
Total orders for the third quarter were Rs 3,342 crore, up 11 per cent as compared to Q3 2023. Order backlog was at Rs 9,995 crore, 25 per cent higher year-on-year, the company said.
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"The Indian market remains optimistic, buoyed by expectations of strong capex in infrastructure development and industrial expansion, despite some economic slackening in the previous quarter," it said.
ABB is a global technology leader in electrification and automation.