ABB India delivers another quarter of profitable growth
ABB India Limited first quarter 2018 results
“We have started 2018 on a strong note. Significant uptrend in revenue, increased orders and profits reflect customers’ preference for ABB’s digital & innovative offerings and deep domain knowhow, supported by our expansive manufacturing and service footprint,” said Sanjeev Sharma, Managing Director, ABB India. “We will continue to collaborate with our customers, deploy solutions from our digital portfolio of ABB Ability and support the new era of growth in the country – through smarter, greener grids, electrification of transport and digitalizing industries for greater efficiency and productivity,” he added.
Total orders during the first quarter of 2018 rose 10 percent year on year to INR 2,582 crore. The quarter posted the highest growth in orders for the Q1 period in the last five years.
Ongoing growth in service and export orders played a significant role in bolstering the order book. The order mix was positive, with a number of orders received for power equipment infrastructure upgrades across India and neighboring countries. Green-shoots of revival in certain process industries, traction in robotics and automation, transportation and renewable energy also contributed.
The order backlog of INR 11,628 crore, as of March 31, 2018, provides solid visibility for future revenue.
ABB India’s revenue increased 17 percent compared to the prior year period to INR 2,525 crore. All divisions reported strong growth in revenues. The revenue growth is also supported by the large HVDC project of Raigarh-Pugalur (RP) 800, which is starting to mature in its execution cycle.
Cash position remained robust with strong performance in collection helping offset the one-time inflow of large advance payments in the corresponding quarter last year.
Profit before tax (PBT) increased 17 percent to INR 157 crore and profit after tax (PAT) rose 14 percent to INR 102 crore compared to the prior year period. Cost savings, positive volume growth and higher absorption contributed to the robust growth in operational EBITA for the quarter.
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