ABB India Limited has reported standalone financial results for the period ended September 30, 2024.

ABB India has reported total income of Rs. 3,005.05 crores during the period ended September 30, 2024 as compared to Rs. 2,917.61 crores during the period ended June 30, 2024. The company reported total income of Rs. 2,846.01 crores during the period ended September 30, 2023.

ABB India has posted net profit of Rs. 440.45 crores for the period ended September 30, 2024 as against net profit of Rs. 443.49 crores for the period ended June 30, 2024. The company posted net profit of Rs. 362.87 crores for the period ended September 30, 2023.

For the 9 months ended CY2024, ABB India has reported total income of Rs. 9,090.16 crores as compared to Rs. 7,913.13 crores during the 9 months period ended September 30, 2023.

The company has posted net profit of Rs. 1,343.23 crores for the 9 months period ended September 30, 2024 as against net profit of Rs. 903.39 crores for the 9 months period ended September 30, 2023.

Commenting on the company’s performance, Sanjeev Sharma, Managing Director, ABB India said, “We have delivered another quarter of consistent performance, creating balanced and profitable growth for our stakeholders and deepening engagement with our customers. The quarter was marked by record levels of backlog complemented by a strong book to bill and cash. We are thankful to our customers and proud of our teams. In line with our goal to achieve sustainable growth taking a longer-term view of the market, our order basket comprised an optimal combination of long and short cycle orders as has been the trend for the current and past few quarters. The large orders, a marker of economic robustness led by government led capex revival, emerged from diverse sectors like transportation, metals, and even new ones like the data centers. This provides each division the flexibility to leverage opportunities as per their business cycles and bandwidth and entails revenue conversion from a vibrant and varied basket of orders and timeframes. Our non-financial parameters continued their positive trajectory as the quarter was marked by multiple certifications and milestone completion in our endeavors on emission control and recognition from relevant external organizations.”

Order

Total orders for the third quarter were Rs. 3,342 crore, up by 11 percent as compared to Q3 CY2023. Electrification led the way with a significant step-up in orders for the quarter headlined by large orders from the data center segment for Smart Power and Distribution Solutions divisions. Demand for power distribution equipment held steady with orders for different circuit breakers, switchgear panels, etc. Motion orders were driven by the Traction division – propulsion equipment, battery chargers and composite converters. Orders from the Process Automation business area also comprised automation and blending solutions for energy majors from the Energy Industries division and thyristor rectifiers for metals companies from Process Industries division. Orders from non-automotive, industry led segment and electronics were predominant for Robotics and Discrete Automation business area, which were lower as there were some large orders in Q3 CY2023.

ABB India continues to have a strong order backlog as of September 30, 2024, at INR 9,995 crore, an increase of 25 percent Y-o-Y, which provides good revenue visibility and is well aligned to support growth plans in the coming quarters.

Operations

During the quarter, Electrification business area launched the innovative wireless home automation solutions ABB-free@home in India. This Smart Home automation system comes with enhanced interoperability. This solution is designed to enhance comfort, security, and energy efficiency for the residential segment. ABB India’s Motion Drive Products division has surpassed a 10-gigawatt (GW) milestone in delivering its automation solution (SCADA automation) for renewable energy plants in India. These programmable logic controller-based automation solutions are helping maximize effective usage of renewable energy plants, including solar, wind and battery energy storage systems (BESS).