ABB India reports 30.5% increase in quarterly net profit

NEW DELHI: ABB India has reported a 30.5% increase in its quarterly net profit, helped by good order flow.

The power and automation technology company’s net profit for the quarter ended September stood at Rs 58.74 crore compared with Rs. 44.98 crore a year ago. Its total income increased by 6.7% to Rs 1,969.49 crore compared with Rs 1,846 crore for the same quarter in 2014, ABB India said on Tuesday.

“Continued confidence in the value addition of our portfolio of advanced and integrated solutions resulted in a good build-up of orders for the quarter,” said Bazmi Husain, its managing director.

ABB India said it received Rs 2,292 crore worth of orders in the third quarter of 2015, compensating for the award postponement experienced in the last two quarters.

The company said focus on base orders resulted in healthy growth while new contracts in power transmission, renewables and transportation offset the slowdown in traditional sectors.

“Order growth was marked by a few firsts like the marine generator and controlled start solutions for mining. Introducing and using such smart solutions to decouple growth from environmental impact in emerging markets is a core element in our next level strategy,” the company said.

ABB India’s order book stood at Rs 8,275 crore as on September 30, 2015.

“We will carefully optimize cost and cash in a market which continues to remain uncertain in its outlook, awaiting a broad-based recovery,” Husain said.