ABB records multifold rise in Q2 PAT to Rs68cr, revenue increases too

The company's revenue stood at Rs1,425cr in the latest quarter, higher from Rs986cr in the corresponding period of the previous year.

Jul 29, 2021 03:07 IST India Infoline News Service

ABB India posted a net profit of Rs68cr in the quarter ending June 2021 (Q2-2021) period increasing in multi-folds from Rs17cr witnessed in the same quarter a year ago. ABB follows a calendar year to announce its financial performance.

The company's revenue stood at Rs1,425cr in the latest quarter, higher from Rs986cr in the corresponding period of the previous year.

Total orders for the quarter were at Rs1,689cr as compared to Rs1,200cr in Q2 2020, a growth of 41%. The month of June witnessed a gradual bounce back in orders by most businesses despite various state-level lockdowns in the first two months of the quarter. There was a marginal dip in orders sequentially with businesses impacted by the localized impact of the second wave.

Sanjeev Sharma, Managing Director, ABB India said, "I am proud of ABB business model resilience and our business divisions’ teams, as we have posted a strong recovery while leveraging growth market segments with a good bounce back once the pandemic wave started to wane in June. The solid demand for ABB products, solutions and services portfolio in many of our targeted market segments ensured our profitability despite the sharp increase in commodity prices during the quarter aided by operational efficiencies. The health and safety of all our stakeholders continue to be our top priority and is an integral part of our business continuity strategy to serve customers. We have rolled out a voluntary pan-India vaccination drive for all our employees, families, and partners across locations with nearly >80% targeted personnel coverage by end of June. Effective work-related safety protocols and vaccination has been and will continue to be a key enabler for our stakeholder health assurance and business continuity in coming months."

Sharma added, "We are on track with our 10-point ESG plan and continue to invest in this initiative and are seeing the impact in our targeted communities. We are well prepared to leverage our strength and readiness in H2 CY2021."

At around 3.27 pm, ABB was trading at Rs1682.50 per piece down by 0.8% on Sensex. 

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