Buy ABB India Ltd For Target Rs. 8,500 by Motilal Oswal Financial Services Ltd
* ABB’s revenue growth moderated in 3QCY24 due to a change in the composition of the order book. Execution would be the key monitorable in light of the same.
* We expect revenue to grow 14% YoY, driven by the Robotics & Motion and Electrification segments. Strong demand traction continues, which should result in order inflow growth.
* We expect margin to expand ~320bp YoY, aided by a better product mix, share of services, and operating leverage.
* We would watch out for incremental inflows from transmission, railways, data center, and private capex to support order inflow growth. Key monitorables include sustainability of inflows and margins, outlook on exports, and localization levels.
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