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Updated February 21st, 2024 at 13:30 IST

ABB India surges 10% on strong Q4 performance

ABB India's profit after tax soared by approximately 13%, reaching Rs 345 crore in the fourth quarter ending December 31.

Reported by: Business Desk
ABB India share price surge
ABB India share price surge | Image:ABB India
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ABB India share price surge: ABB India, the Indian arm of Switzerland-based electrification and automation giant ABB Ltd, witnessed a major boost in its share prices, surging by 9.26 per cent to hit an intraday high of Rs 4,943.7 apiece on the National Stock Exchange (NSE) today. The remarkable uptick comes in the wake of the company's robust performance in the fourth quarter, where it posted strong earnings, showcasing its resilience and growth trajectory.

ABB India's profit after tax soared by approximately 13 per cent, reaching Rs 345 crore in the fourth quarter ending December 31. This notable increase from the preceding fiscal's PAT of Rs 306 crore underscores the company's solid financial performance, driven by higher revenues, as revealed in a statement issued by the company.

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The total revenue for the quarter witnessed a commendable rise, reaching Rs 2,757 crore compared to Rs 2,427 crore in the corresponding quarter of the previous year. The company's total orders surged by a remarkable 35 per cent in the fourth quarter, reaching Rs 3,147 crore. Moreover, in the entirety of 2023, ABB India secured orders worth Rs 12,319 crore, marking a substantial 23 per cent increase over the previous year.

The fiscal year also witnessed a commendable growth trajectory for ABB India, with the PAT reaching Rs 1,248 crore, up from Rs 1,026 crore in the preceding financial year. Revenues also witnessed a significant surge, reaching Rs 10,447 crore compared to Rs 8,568 crore in the previous fiscal.

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Sanjeev Sharma, the Managing Director of ABB India, attributed the company's broad-based growth to deepening engagement across diverse market segments and portfolio expansion tailored for the Indian market. He expressed gratitude for the enduring confidence customers place in the company's electrification and automation products, solutions, and services. Additionally, he emphasised the company's focus on superior margins and strategic mix, which continues to drive robust cash generation.

Key sectors contributing to the company's growth in the fourth quarter include railways, metals, data centers, cement, specialty chemicals, and construction machinery. The company's board recommended a final dividend of Rs 23.8 per share, underlining its commitment to delivering value to its investors amidst its strong performance trajectory.

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Published February 21st, 2024 at 12:26 IST

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