ABB India shares spike 5% on strong Q1 earnings, record order flows

The company posted a revenue of Rs 2,411 crore for the first quarter, a growth of 22 percent year-on-year.

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Shares of ABB India rallied on May 4 on the back of strong earnings for the first quarter of the calendar year 2023. The company follows January-December financial year.

ABB India reported a post-tax profit of Rs 245 crore at the end of the Q1 as against Rs 149 crore last year on a like-to-like basis, without any exceptional items.

The company posted a revenue of Rs 2,411 crore for the first quarter, posting a growth of 22 percent year-on-year. Electrification and motion business areas leveraged a sound order book, seamless execution and delivery for the revenue step-up, ABB said. Motion additionally had the support of a resurgent traction converter business.

Process Automation continued its success formula of milestone-based execution of project orders. Service revenue contributed significantly to the Robotics and Discrete Automation business area.

As of 10am, the stock traded up 4.8 percent to Rs 3621.

ABB India, during the quarter, doubled its first gas-insulated switchgear (GIS) capacity by opening a new factory in Nashik. The eco-efficient switchgear replaces the SF6 gas with an environmentally friendly alternative which has a 99.9 percent lower global warming potential, it said.

“The first quarter witnessed our best-ever order intake as compared to Q1 of the last five years, complemented with seamless execution and delivery for our customers, resulting in consistent margin uptrend and further strengthening of a solid balance sheet,” said Sanjeev Sharma, Country Managing Director, ABB India.

“Our teams keep collaborating to serve our customers pan-India and across diverse market segments. We focus our investments in expanding our portfolio, deepening localisation, capacity addition and productivity with global ABB technology and processes aligned with Make in India momentum,” he said.

Macquarie maintained its ‘outperform’ rating with target at Rs 3,750. It said the Q1 PAT came in ahead of expectations and the key standouts this quarter were strong double-digit EBIT margin across segments.

Nomura, meanwhile, stayed ‘neutral’ on the company with the target at Rs 3,274. It said the Q1 results beat the consensus estimates led by higher profitability of the electrification segment. Gross and EBITDA margins and order inflows were higher than estimates, it added.

Total orders surged to Rs 3,125 crore, the highest for the first quarter in the last five years.

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