ABB India Q2 PAT grows 50% to Rs 443 cr

New Delhi: ABB India Ltd on Thursday posted a 50 per cent rise in consolidated profit after tax (PAT) to Rs 443 crore during the June quarter, on account of higher revenues.

It had reported Rs 296 crore profit after tax (PAT) during the April-June period of preceding 2023-24 financial year, the company said in a statement.

The company follows January to December as the fiscal year.

The PAT in January-June or H1 rose to Rs 902 crore from Rs 541 crore in the first half of last year.

Its revenues rose to Rs 2,831 crore from Rs 2,509 crore in the year-ago period. The revenues in H1 was at Rs 5,911 crore, up over Rs 4,920 crore in the six month period a year ago.

"We announce yet another quarter and half-year of solid profitable growth. Our track record of consistent double-digit revenue and margin growth, and a strong order backlog is testimony to the robust performance of all our division teams, the trust of our customers, and the steadfast support of our channel partners," Sanjeev Sharma, Managing Director, ABB India said.

The company's total orders for the quarter were at Rs 3,435 crore and Rs 7,042 crore for H1 CY2024.

During the quarter, long cycle orders from emerging (e.g. data centers, renewables, electronics, metro & railways) as well as core industry segments contributed to the growth.

At the end of this quarter, ABB India had an order backlog of Rs 9,517 crore distributed across segments.

"The company's cash position continues to remain healthy at Rs 4,872 crore at the end of Q2 and H1 CY2024. The sequential lower cash balance was due to the final dividend payout for CY2023," the company statement said.

The board of the company approved an interim dividend of Rs 10.66 per share.