Latest News | ABB India Net Profit Jumps 87 Pc to Rs 460 Cr in Jan-Mar

New Delhi, May 10 (PTI) ABB India on Friday reported an over 87 per cent rise in its net profit at Rs 460 crore in the March 2024 quarter, pushed by higher revenues.

It had posted a profit after tax of Rs 245 crore in the corresponding period of the previous fiscal year, the company said in a statement.

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The electrification and automation major follows the financial year from January to December.

Its consolidated revenues during the quarter under review also rose to Rs 3,080 crore from Rs 2,411 crore in the year-ago period, it added.

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"We announce a strong start to 2024, building on our robust performance from Q4 of 2023. The increased demand for technologically superior solutions, coupled with the government's capital expenditure focus on new-age themes such as energy efficiency, decarbonization, and digitalization, has significantly driven our order momentum," ABB India said.

During the quarter, the company said it had an order backlog of Rs 8,932 crore, up from Rs 7,170 in January-March quarter earlier.

The quarterly growth was led by company's electrification and process automation business areas, which more than offset the temporary customer decisions sluggishness in motion and robotics and discrete automation business areas.

(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)