ABB India net doubles to Rs 296 crore in June quarter

New Delhi: ABB India's net profit more than doubled to Rs 296 crore in the June quarter of the current fiscal mainly due to higher revenues.

The company reported a net profit of Rs 147 crore in the same quarter of the previous fisca, ABB India said in a statement.

Total revenues of the company rose to Rs 2,509 crore in the quarter from Rs 2,053 crore in the same period a year ago.

The company follows January to December fiscal year.

Sanjeev Sharma, Managing Director, ABB India, said in the statement, "ABB India's Q2 (April-June) performance is testimony to the strength of its industry-leading portfolio and capabilities. We continued growth momentum during the quarter, built on strong order backlog execution, delivering highest ever quarterly operational EBITA." Our balance sheet and cash position remain robust, putting us in a strong footing to prepare for future opportunities, he added.

Total orders for the quarter stood at Rs 3,044 crore and Rs 6,169 crore for the first half of 2023. While base orders grew by 4 per cent, the company also received a large order from the metal sector for Rs 158 crore.

Electrification and process automation business achieved a double-digit growth YoY and motion posted an 8 per cent growth over the similar quarter last year. Order intake for robotics and discrete automation was tepid due to last year's high levels evidenced from pre-buys in a period of component shortages.

The board of directors of the company at its meeting held on Friday declared a special dividend of Rs 5.50 per share i.e. (275 per cent) on 21,19,08,375 equity shares of face value of Rs 2 each fully paid up for the financial year 2023.

The special dividend will be paid on or before September 5, 2023 to the equity shareholders of the company, whose names appear on the register of members of the company or in the records of the depositories as beneficial owners of the shares as on Friday, August 25, 2023.

The ABB is one of the leading players in electrification and automation segment. The company's solutions connect engineering know-how and software to optimise how things are manufactured, moved, powered and operated.