ABB India Q2 Results: Net Profit Jumps 50% to Rs 443 Crore, Rs 10.66 A Share Dividend Declared – News18

ABB India Ltd on Thursday posted a 50 per cent rise in its consolidated profit after tax (PAT) to Rs 443 crore for the June 2024 quarter. Its revenues during April-June 2024 increased to Rs 2,831 crore, compared with Rs 2,509 crore in the year-ago period.

ABB India’s PAT had stood at Rs 296 crore in the second quarter of the previous financial year 2023-24.

The board of the company also approved an interim dividend of Rs 10.66 per share.

The company follows January to December as the fiscal year.

During the six months of January-June 2024, its PAT rose to Rs 902 crore from Rs 541 crore in the first half of last year, according to a regulatory filing.

The company’s revenues in H1 stood at Rs 5,911 crore, up over Rs 4,920 crore in the six-month period a year ago.

“We announce yet another quarter and half-year of solid profitable growth. Our track record of consistent double-digit revenue and margin growth, and a strong order backlog is testimony to the robust performance of all our division teams, the trust of our customers, and the steadfast support of our channel partners,” Sanjeev Sharma, Managing Director, ABB India said.

The company’s total orders for the quarter were at Rs 3,435 crore and Rs 7,042 crore for H1 CY2024.

During the quarter, long cycle orders from emerging (e.g. data centers, renewables, electronics, metro & railways) as well as core industry segments contributed to the growth.

At the end of this quarter, ABB India had an order backlog of Rs 9,517 crore distributed across segments.

“The company’s cash position continues to remain healthy at Rs 4,872 crore at the end of Q2 and H1 CY2024. The sequential lower cash balance was due to the final dividend payout for CY2023,” the company statement said.

Shares of ABB India on Thursday rose Rs 63.65 or 0.81 per cent to close at Rs 7,936.20 apiece on the BSE.