Strong growth in Q4 fuels solid CY 2021 performance for ABB India
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Despite supply chain challenges, ABB India has earned revenues of Rs. 6,934 crore for calender year (CY) 2021, an increase of 19 per cent as compared to CY 20.
Announcing the CY 2021 and Q4 results on Friday, the company attributed the growth to capacity expansion and strong backlog execution.
For Q4, the company reported Rs. 2,101 crore revenue, which is higher by 24 per cent as compared to Q4 last year.
ABB India posted one of the biggest growth in orders in recent years. The value of orders received for the year surged to Rs. 7,666 crore while for the quarter it was at a high of Rs. 2,243 crore.
"2021 was a year that demonstrated our resilience. Our performance across all key parameters was excellent across majority of business divisions. Customer support, the team's dedication and ABB's agile business model helped overcome pandemic and global supply chain challenges in the first half.
"Business fundamentals further improved over the second half of the year. ABB Team in India has developed a robust order and cash position aided by strategic product mix aligned with growth market segments helped improve margins and bottom-line significantly," said Sanjeev Sharma, Managing Director of ABB India.
During the quarter, Process Automation business area has witnessed good order inflows across all divisions. Traction in steel and paint industry and downstream units pushed the orders to Rs. 770 crore up by 175 per cent compared to Q4 2020.
Motion and electrification business areas both posted healthy double digit growth YoY supported by strong contribution from smart power, channel business, exports, tier 2 and 3 cities penetration and packaging.
Robotics and Discrete Automation business area continued to record reasonable order inflows, including green shoots of recovery in the automotive market and demand in new market segments, an official release stated.
"Each of our business division has developed a well-defined growth glide-path and same is well supported by the company's strong cash position. The year has also witnessed a strong momentum in our sustainability-in-practice journey in green infrastructure, which we will continue to expand and amplify," Sharma added.
