Power and automation technology company ABB India today reported 34.76 per cent jump in its standalone net profit at Rs 77.42 crore in the quarter ended on June 30, 2016.
“The Company has posted a net profit of Rs 77.42 crore for the quarter ended June 30, 2016 as compared to Rs 57.45 crore for the quarter ended June 30, 2015,” ABB India said in a BSE filing today.Total income increased from Rs 1932.64 crore to Rs 2105.92 crore in this period.
The company further said it received orders worth Rs 2,040 crore in the April-June quarter of 2016.
Efficiency and technology driven upgrades by utilities such as the adoption of gas insulated switchgears was a major contributor to the order book, it added.
The company said that the renewables continue to have a significant share of the order inflow.
It also said that the recovering demand in the automotive industry drove automation orders but traditional industries remained sluggish and services bounced back from last quarter, reporting a year on year growth of 32 percent. There was a steady order backlog of Rs 7,752 crore as of June 30, 2016.
It also said that the revenue at Rs 2,102 crore in the quarter under review was the highest reported revenue in the (Apirl-June quarter) during last five years.
“We have registered a consistent performance of profitable growth. Our deeper engagement with the customer coupled with broad ABB technology portfolio is a key enabler in converting market challenges into opportunities,” ABB India CEO and Managing Director Sanjeev Sharma said in a statement.