Companies

ABB India Q1 profit jumps to ₹151 cr

Our Bureau Bengaluru | Updated on April 27, 2021

Sanjeev Sharma, Managing Director, ABB India   -  File photo

Revenues 7% higher at ₹1,629 crore

ABB India, on successful backlog conversion, posted 128.78 per cent profit after tax at ₹151 crore at the end of Q1 of calendar 2021 compared to ₹66 crore in Q1 of 2020.

The company reported 7.03 per cent higher revenues at ₹1,629 crore for Q1 compared with ₹1,522 crore posted in the same period last year.

Commenting on the company's performance, Sanjeev Sharma, Managing Director, ABB India, said “The first-three months of the year continued to be impacted by the effects of the Covid19 pandemic and the subsequent supply and demand disruptions across several market segments. At ABB India, we continue to keep our employees’, contractors’, suppliers’ and customers’ health and safety as our highest priority. With a stable and growing order backlog, robust cash reserves, cost optimization initiatives and business continuity plans, we believe that we are reasonably positioned to deliver on our ambitious goals while managing renewed market uncertainty.”

The Board of Directors appointed Gopika Pant as an additional director in the category of an Independent Director of the company, effective April 27.

Order book

Company’s total orders stood at ₹1,825 crore for the quarter reflecting the company’s continuous journey of improvement on a sequential basis, representing growth of 24 per cent over Q4 2020, while being lower by 7 per cent year on year (Y-o-Y) owing to a large order the previous year.

Published on April 27, 2021

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