Buy ABB India Ltd., target price Rs 3510: IIFL

IIFL has buy call on ABB India with a target price of Rs 3510.0. The current market price of ABB India Ltd. is Rs 3390.05. IIFL recommended to keep stop loss at Rs 3295.

ABB India, incorporated in the year 1949, is a Large Cap company (having a market cap of Rs 72268.17 Crore) operating in Engineering sector.

ABB India key Products/Revenue Segments include Switch Gear Items, Motors/Alternators/Generators, Others, Electronic Control And Supply Units For Variable Speed Drives, Erection & Other Services, Other Operating Revenue, Scrap, Commission for the year ending 31-Dec-2021.


Financials
For the quarter ended 30-06-2022, the company has reported a Consolidated Total Income of Rs 2123.15 Crore, up 5.50 % from last quarter Total Income of Rs 2012.46 Crore and unchanged .00 % from last year same quarter Total Income of Rs Crore. Company has reported net profit after tax of Rs 145.67 Crore in latest quarter.

The company’s top management includes Mr.Morten Wierod, Mr.Sanjeev Sharma, Mrs.Renu Sud Karnad, Mr.V K Viswanathan, Ms.Gopika Pant, Mr.Maria Rosaria Varsellona. Company has BSR & Co. LLP as its auditors. As on 31-12-2022, the company has a total of 21 Crore shares outstanding.

Investment Rationale
The stock has given a rounding bottom breakout.

Promoter/FII Holdings
Promoters held 75 per cent stake in the company as of 31-Dec-2022, while FIIs owned 7.55 per cent, DIIs 9.6 per cent.