ABB India spurts after Q1 PAT jumps 76% YoY to Rs 152 cr
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ABB India surged 10.94% to Rs 2234.05 after the company's net profit jumped 76.45% to Rs 152.08 crore on 20.75% increase in net sales to Rs 1,953.93 crore in Q1 March 2022 over Q1 March 2021. During the quarter, the company sold the turbocharger business to its wholly owned subsidiary Turbocharging Industries and Services India. In this regard, profit on sale amounting to Rs 293 crore has been disclosed as exceptional item in the financial results for the first quarter ended 31 March 2022.
The company reported a profit before tax (before exceptional items and one-offs) of Rs 198 crore mainly driven by higher volumes, better product mix, and higher service content. The growth in profit reflects 53% uptrend year on year. The company continued to focus on value chain improvements to address headwinds of commodity price change and inflation. Seamless backlog execution, contribution from exports and growth of service business contributed to the traction despite geo-political uncertainties.
Electrification & Motion registered higher revenue across all its divisions. Growth in service business comprised a significant portion in growth of Process Automation revenues. Robotics business gained from higher service revenues and general industry deliverables being on track.
