ABB India, a technology company, posted strong revenue and net sales for the second quarter of the calendar year 2022. Its revenues for Q2 went up 44 per cent to ₹2,053 crore on a year-on-year basis (YoY) as compared to ₹1,425 crore in the same quarter last year.
Net profits increased by 115 per cent year-on-year basis to₹147 crore from ₹68 crore in the same quarter of 2021. Its cash position remains robust at ₹2,787 crore at the end of Q2.
“Our active engagement across high-growth market segments has reaped benefits even as uncertainties about inflation and a tight supply chain persist. In an ongoing high-demand environment, while the commodity cycles look at some easing, ABB India’s well-balanced portfolio for diverse customers across market segments will continue to act as a catalyst for growth,” said Sanjeev Sharma, Managing Director, ABB India.
Strong order book
The company’s EBITA for the quarter improved to ₹227 crore from ₹88 crore in Q2CY21.
“We are well positioned to work with customers and partners for the digitalization and decarbonization of Indian industries while operating with best-in-class sustainable practices. After a successful start to the first half, we expect to continue leveraging our local and global strengths for growth in the second half of 2022,” Sharma added.
ABB India posted orders worth ₹2,767 crore in Q2, an increase of 64 per cent over ₹1,689 crore.
The company’s statement said a combination of a strong order backlog supported by an ongoing demand environment and presence in diversified segments is expected to continue bolstering the company’s performance.