ABB India Q3 PAT up 30% yoy at Rs. 58.7 crore

The company’s total income has increased by 6.7 per cent to Rs.1,969.5 crore for the quarter under review from Rs. 1,846 crore for the corresponding quarter of the previous year.

ABB India Ltd has announced the following results for the quarter ended September 30, 2015.

The company reported 30 per cent rise in its net profit at Rs.58.7 crore for the quarter ended September 30, 2015 as compared to Rs.54 crore for the same quarter in the previous year. The company’s total income has increased by 6.7 per cent to Rs.1,969.5 crore for the quarter under review from Rs. 1,846 crore for the corresponding quarter of the previous year.

Its net sales has surged by 6.5% to Rs. 1,940 crore for the second quarter ended September 30, 2015 as against Rs.1,821 crore in the same period a year ago.

Orders
The company received orders worth Rs 2,292 crore in the third quarter of 2015, compensating for the award postponement experienced in the last two quarters. Continued focus on base orders resulted in healthy growth. In addition, large orders also grew significantly during the quarter. Notable projects in transmission, renewables and transportation offset the slowdown in traditional sectors. Order growth was marked by a few firsts like the marine generator and controlled start solutions for mining. Introducing and using such smart solutions to decouple growth from environmental impact in emerging markets is a core element in our Next Level strategy. The order backlog stood at Rs 8,275 crore as on September 30, 2015, providing visibility for future revenue.

Revenue

For the quarter ended September 2015, the company posted an increased revenue of Rs 1,969 crore. Better value offering, enhanced localization coupled with extensive customer outreach in new markets, remained the key drivers for improved revenue during the quarter. Disciplined execution and focused conversion of order backlog buffered headwinds of tight liquidity and excess capacity within industry. Profit

The company posted a profit before tax of Rs 95 crore and profit after tax of Rs 59 crore. A combination of factors including higher volumes, favorable exchange rates and sustained efforts on operational excellence initiatives helped improve profitability.

“Continued confidence in the value addition of our portfolio of advanced and integrated solutions resulted in a good build-up of orders for the quarter,” said Bazmi Husain, Managing Director, ABB India. “We will carefully optimize cost and cash in a market which continues to remain uncertain in its outlook, awaiting a broad-based recovery.”