ABB India Profit Surges 54% to Rs 532 Cr in Q4

New Delhi, Feb 17 (PTI) Electrification and automation major ABB India on Monday posted an over 54 per cent year-on-year rise in its net profit at Rs 532 crore in December quarter, mainly on the back of higher revenues.

The company had a net profit of Rs 345 crore in the quarter ended December 2023, a company statement said.

Revenues increased to Rs 3,365 crore in the reporting quarter from Rs 2,757 crore in the same period a year ago.

Total orders in the quarter dipped to Rs 2,695 crore in the quarter from Rs 3,147 crore a year ago.

The company explained, "Base orders up by 4 per cent; total orders down 14 per cent due to impact of one-time large orders in the same period in CY2023."

The company followed January to December fiscal year.

The company posted a net profit of Rs 1,875 crore in CY24 (Jan to Dec 2024), higher than Rs 1,248 crore in previous year.

The company reported the highest ever orders of Rs 13,079 crore and a revenue of Rs 12,188 crore in CY24.

Sanjeev Sharma, Managing Director, ABB India, said, "2024 has been another year of record high orders, revenue, and margins. This year, ABB India celebrates 75 years of manufacturing and innovation in India, with an exhaustive production footprint, deep customer installed base and solid local supply chain."

He also stated that he is proud of the ABB India team that has consistently delivered between 16 per cent and 20 per cent CAGR of top and bottom-line growth for the last five years through multiple capex cycles and geopolitical shifts.

The company said its board has recommended a dividend of Rs 33.50 per share, which is in addition to the interim dividend of Rs 10.66 per share declared in Q2 CY2024 (April-June 2024).

The board has approved a notice for convening the 75th Annual General Meeting of the company on May 10. The dividend, if declared at the AGM, will be paid to those holding shares as on May 3, 2025.