Engineering services company ABB India reported a strong 56 per cent year-on-year (YoY) increase in profit after tax (PAT) for Q4 FY24. However, despite an initial positive market reaction that saw shares peak at ₹5,499 following the results announcement on Monday, the stock closed at ₹5,140.75 on the BSE, down 1.92 per cent.
The revenue from operations stood at ₹3,364.9 crore as compared to ₹2,757.5 crore in the year-ago period, increasing by 22 per cent. The orders were at ₹13,079 crore, and large orders up 20 per cent YoY. The uptrend in orders for the quarter was driven by metals and mining, energy and chemicals, buildings and infrastructure, food and beverage, electronics, and renewables.
Commenting on the company’s performance, Sanjeev Sharma, Managing Director, ABB India, said,“ABB India has consistently delivered between 16 per cent and 20 per cent CAGR in top- and bottom-line growth over the last five years, despite multiple capex cycles and geopolitical shifts. We expect to continue navigating opportunities and challenges with agility and foresight, ensuring sustainable growth and value creation.”
Base orders for the quarter grew by 4 per cent while total orders declined due to the impact of a large order in both the Motion and Process Automation business areas in Q4 CY2023. The Process Automation segment recorded an uptick led by metals. While Robotics & Discrete Automation posted a leap in order growth as compared to the same period in CY2023, according to the company.