ABB India slumps even as Q1 net profit doubles

ABB India Limited shares tumbled over 5 percent to Rs 4,293 at 10:36 am on August 14 despite the company registering a 101 percent increase in net profit to Rs 296 crore in the April-June quarter.

More than 2 lakh shares changed hands in today’s session, falling short of the monthly average of 3 lakh shares.

The electrical and automation majors’ revenue from operations stood at Rs 2,508.6 crore during the period under review, up 22.2 percent against Rs 2,052.5 crore in the corresponding period of the preceding fiscal, the company said in a disclosure to the exchanges on August 11.

Follow our market blog for all the live action

At the operating level, EBITDA jumped 75.4 percent to Rs 348.7 crore in the first quarter of this fiscal over Rs 198.8 crore in the corresponding period in the previous fiscal.

The EBITDA margin for the reported quarter was 13.9 percent, a rise from 9.7 percent in the corresponding period of the previous fiscal year. EBITDA represents earnings before considering interest, tax, depreciation, and amortization.

ABB India continues to have a strong order backlog as of June 30, 2023, at Rs 7,727 crore, an increase of 29 percent year-on-year, which provides revenue visibility and is well aligned to support growth plans in the coming quarters.

Regarding orders, the quarter amassed a total of Rs 3,044 crore, contributing to a H1 CY2023 total of Rs 6,169 crore. While core orders experienced a 4 percent growth, the company also secured a significant order worth Rs 158 crore from the metal sector, according to ABB India.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.