Global technology company ABB India on Friday reported a 62.3 percent year-on-year (YoY) jump in net profit at Rs 305.3 crore for the fourth quarter that ended December 31, 2022.

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In the corresponding quarter last year, the company posted a net profit of Rs 188 crore. CNBC-TV18 Polls had predicted a profit of Rs 197 crore for the quarter under review.

Revenue from operations stood at Rs 2,427 crore during the period under review, up 15.5 percent against Rs 2,101.5 crore in the corresponding period of the preceding fiscal. CNBC-TV18 Polls had predicted revenue of Rs 2,413 crore for the quarter under review.

The company follows January to December financial year.

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At the operating level, EBITDA jumped 96.7 percent to Rs 364.3 crore in the first quarter of this fiscal over Rs 186 crore in the corresponding period in the previous fiscal.

EBITDA margin stood at 15 percent in the reporting quarter as compared to 8.8 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The Board of Directors recommended a dividend of Rs 5.50 per share (275 percent), subject to the approval of shareholders at the forthcoming Annual General Meeting, the company said.

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The company has achieved a significant milestone in order booking by reaching Rs 10,028 crore in 2022 and Rs 2,335 crore in the fourth quarter of 2022. The growth during the fourth quarter of 2022 was led by large value orders in industrial solutions and segments like data centers in electrification.

In motion, better penetration in segments like railways, metals, rubber, and food and beverage and enhanced presence tier 1 and 2 cities spurred growth. Process automation held steady with opportunities from paint industry and energy companies, it said.

ABB India continues to have a strong and consistently growing order backlog as of December 31, 2022, at Rs 6,468 crore, which provides revenue visibility and is well-aligned to support growth plans in the coming quarters.

Sanjeev Sharma, country head and managing director said ABB India has gained back order volumes to Rs 10,000 crore to pre-demerger

level of the portfolio.

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The Oct-Dec 2022 quarter has seen growth across multiple market segments and performance parameters, complemented by good execution for the domestic market and export customers with responsive service, he added.

(Edited by : Pradeep John)

First Published:Feb 10, 2023 7:17 PM IST