 "ABB India appoints Sanjeev Sharma as MD")
Global Industrial company ABB has said that it anticipates a low double-digit comparable revenue growth for the second quarter of the 2023-24 financial year (Q2FY24) and a comparable revenue growth of at least 10 per cent for the full year, despite current market uncertainty.
ABB also reported a sluggish growth in order intake for Q1FY24, at $ 8,667 million, up 2 per cent in comparable terms.
“In the third quarter of 2023, we anticipate a low double-digit comparable revenue growth and the Operational Ebita (earnings before interest, tax and amortisation) margin to be slightly up from the 16.6 per cent reported in the third quarter last year,” the company stated in its press statement.
In Thursday’s trade, share prices for capital goods companies in India, such as Siemens and ABB India, took a hit over ABB’s sluggish outlook and performance. Siemens ended the day at Rs 3,633, losing 2 per cent on the BSE while ABB India was down 6.5 per cent after finishing the day at Rs 4,205 per share.
However, India’s share in ABB’s global order intake witnessed a growth and ABB India’s revenue exposure to export markets was less than 10 per cent in Q4FY23.
For the June quarter, ABB said that order intake for the Asia, Middle East and Africa markets declined by 10 per cent as the positive development in countries like India and Saudi Arabia did not quite offset declines in other countries such as China, with a drop of 15 percent. India market registered a 7 per cent growth in orders for the quarter, the company presentation said.
For the 2023 calendar year, ABB said, "Despite current market uncertainty, we anticipate comparable revenue growth to be at least 10 per cent and we expect Operational Ebita margin to be above 16 per cent."
