Latest News | ABB India Net Profit Falls to Rs 245 Crore in March Quarter

New Delhi, May 3 (PTI) ABB India on Wednesday said its net profit fell over 33 per cent to Rs 245 crore in the March quarter.

The company had reported a net profit of Rs 370 crore in the year-ago period, according to a BSE filing.

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ABB India follows January to December financial year.

The company explained, "In Q1 2022, (January-March 2022) Rs 293 crore was disclosed as exceptional item in the financial results from the sale of the turbocharger business to its wholly-owned subsidiary."

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Its profit after tax was Rs 245 crore at the end of the first quarter of 2023 (January-March 2023) as compared with Rs 149 crore a year ago, on a like-to-like basis, without any exceptional items, it added.

Revenue of the company rose to Rs 2,411 crore in the quarter from Rs 1,968 crore in the corresponding period of 2022.

Its cash position continues to remain robust at Rs 3,942 crore at the end of Q1 2023 vis-a-vis Rs 2,707 crore in Q1 2022.

The firm continued to focus on value chain improvements to address headwinds of possible commodity price changes and inflation.

Total orders surged to Rs 3,125 crore, the highest for the first quarter (January-March 2023) in the last five years.

"The year (2023) has begun on solid footing, continuing the growth momentum set last year across orders, revenue, and profit. The first quarter (January-March 2023) witnessed our best-ever order intake as compared to Q1 of the last five years ...resulting in consistent margin uptrend and further strengthening of a solid balance sheet," Sanjeev Sharma, Country Managing Director of ABB India, said.

ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)