ABB India's third-quarter profit jumps on higher order wins

ABB India

09/11/2023 10:27

Nov 9 (Reuters) - ABB India  ABB.NS  posted an 84% rise
in quarterly profit on Thursday, as the technology company was
helped by higher order wins in its key electrification and
automation segments.
    The Indian arm of Swedish-Swiss ABB Ltd  ABBN.S  said its
profit jumped to 3.63 billion rupees ($43.60 million) in the
quarter ended Sept. 30 from 1.98 billion rupees a year earlier.
    The company recorded 14% year-on-year growth in total orders
to 30.04 billion rupees in the quarter.
    "The quarter witnessed orders from a diverse range of
segments including metals, energy companies, railways,
electronics, data centers, EVs, paints, etc.," ABB India said.
    Healthy industrial demand, strong order book and better
execution amid improved supply chain will drive growth in the
September quarter for Indian capital goods companies, analysts
had said.
    Peer Thermax  THMX.NS  earlier this month posted a 45% jump
in quarterly profit on the back of robust demand, while Siemens
 SIEM.NS  is yet to report its results.
    ABB India's revenue from the electrification segment, which
contributes nearly 40% to the company's total revenue, rose 18%,
while that from the process automation segment jumped 93%.
        Its total revenue from operations rose 31% to 27.69
billion rupees.
    ABB India's shares closed 0.9% higher after results. The
stock fell 7.2% in the July-September quarter.
    Parent ABB last month posted a 13% jump in its third-quarter
core profit, helped by price increases but flagged a slowdown in
revenue growth in the fourth quarter.
    
($1 = 83.2620 Indian rupees)

 (Reporting by Aleef Jahan in Bengaluru; Editing by Maju Samuel)
 ((aleefjahan.cs@thomsonreuters.com;))