Automation leader ABB India reported a profit of Rs 296 crore in the second quarter of calendar year 2023, an increase of approximately 111 per cent, against Rs 140 crore in the same quarter last year, the company said in a regulatory filing.

The company reported Rs. 2,509 crore revenue for the quarter and Rs. 4,920 crore for H1 2023. High focus on execution, greater visibility through a solid backlog, revenue mix and capacity utilization led revenue expansion. Some businesses also were supported by higher service component and specific measures like milestone-based execution for projects to drive order conversion.

Commenting on the company’s performance, Sanjeev Sharma, Managing Director, ABB India said, “ABB India’s Q2 performance is testimony to the strength of its industry-leading portfolio and capabilities. We continued growth momentum during the quarter, built on strong order backlog execution, delivering highest ever quarterly operational EBITA. In today's competitive dynamic environment, our customers continue to show unwavering confidence in ABB India as we remain a preferred partner of choice for our technology and digital solutions. Our balance sheet and cash position remain robust, putting us in a strong footing to prepare for future opportunities. We continue to prioritize our ESG goals in line with ABB Group’s Sustainability strategy.”

According to the company, total orders for the quarter were at Rs. 3,044 crore and Rs. 6,169 crore for H1 CY2023. While base orders grew by 4 percent, the Company also received a large order from the metal sector for INR 158 crore.

ABB India continues to have a strong order backlog as of June 30, 2023, at Rs. 7,727 crore, an increase of 29 percent Y-o-Y, which provides revenue visibility and is well aligned to support growth plans in the coming quarters.

Outlook

ABB India will continue to facilitate enhanced customer activity across multiple market segments, leveraging the capex revival being led by the government. While doing so, the company remains cognizant of possible headwinds including forex fluctuations, geopolitical uncertainties, global trade imbalance and supply chain challenges and their impact on the Indian market ABB India with its deep presence and wide portfolio is expected to create further successes while embedding sustainability in everything it does, across diverse segments like data centers, electronics, warehouse and logistics, railways and metros, pharma, food and beverage, building infrastructure and energy companies.