ABB India reports resilient and profitable growth in Q2 CY19
Mumbai (Maharashtra) [India], July 27 (ANI): Power and automation technology major ABB India's net profit rose to Rs 70 crore during the first quarter ended June 30, up nearly 60 per cent from Rs 44 crore in the same period last fiscal year.
ANI
Jul 27, 2019 11:16 IST
Mumbai (Maharashtra) [India], July 27 (ANI): Power and automation technology major ABB India's net profit rose to Rs 70 crore during the first quarter ended June 30, up nearly 60 per cent from Rs 44 crore in the same period last fiscal year.
Total income also increased to Rs 1,726 crore from Rs 1,666 crore. The orders grew 23 per cent to Rs 1,989 crore, led by double-digit growth across energy, process industries, transportation and infrastructure sectors. The company follows a January to December fiscal year.
"As the market gets back into action post the electoral mandate, ABB India has closed the second quarter of calendar year 2019 with consistent growth in orders and profitability and a solid cash position," said ABB India Managing Director Sanjeev Sharma.
"H1 2019 (January to June) was also wrapped with double-digit growth in all the key performance indicators. Sectors like transportation, process industries, EPC, energy, and infrastructure have been driving growth with digital value adds from sectors like data centres, food and beverage, and OEMs during Q2," he said.
Sharma said the domestic growth has been ably supported by the export growth trajectory despite global volatilities. "We remain focused on delivering higher customer experience and have made very good progress in our organisation productivity initiatives," he added.
The quarter was marked by a growth in industrial automation (IA) orders with increased order inflow from specialised applications like e-house, digital solutions for mining, instrumentation and blending and control applications in energy and process industries.
During H1 CY19, the company's profit after tax totals Rs 159 crore on revenues of Rs 3,576 crore.
"ABB India continues to have a strong order backlog as of June 30 at Rs 4,656 crore which provides revenue visibility and is well aligned for growth in the coming quarters," the company said in a statement.
(ANI)
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