ABB India shares surged on Tuesday after the company projected a strong order and revenue growth while announcing its first quarter results. The company follows January-December period as its financial year. The company reported 3.2 per cent jump in net profit at Rs 88.17 crore for the March quarter this year as compared to a net profit of Rs 85.45 crore in the year-ago quarter.
Reacting to the news, shares of the company zoomed over 13 per cent intraday. At 12.22 pm, ABB India shares were trading 11.36 per cent up at 1561.05. The share price opened at Rs 1413 and touched a high and low of Rs 1595 and Rs 1401.75, respectively, in trade so far. Sensex was trading 16.03 points up at 29,942.18 duirng the same time.
The total income of the company stood at Rs 2,337.36 crore in the first quarter this year, up from Rs 2,138.53 in the January-March period of 2016.
In the quarter under review, the company reported a significant year-on-year increase in orders booked on the back of government initiatives and investments. The orders received in the quarter increased by 28 per cent at Rs 2,342 crore as compared to Rs 1,830 crore. The company said that there was an order backlog of Rs 12,023 crore as on March 31, 2017, which provides solid visibility for future revenue.
ABB is involved in electrification products, robotics and motion, industrial automation and power grids.