ABB India logs 50.30% y-o-y growth in Q2 net profit

9 Aug 2024 , 03:28 PM

ABB India Ltd reported a 50.3% year-on-year (YoY) increase in net profit to ₹443.5 Crore for the second quarter, ending June 30, 2024.

The company’s financial year runs from January to December. In the same quarter, ABB India reported a net profit of ₹295.6 Crore, according to a regulatory filing.

The company’s revenue from operations climbed by 12.8% to ₹2,830.9 Crore, up from ₹2,508.6 Crore the previous fiscal year. EBITDA increased by 55.6% to ₹542.5 Crore in the second quarter of this fiscal year, up from ₹348.7 Crore the previous year.

The EBITDA margin in the reporting quarter was 19.2%, up from 13.9% in the previous fiscal year’s second quarter.

The company declared a profit before tax (excluding exceptional items and one-time events) of ₹594 Crore (up 51%) for the quarter and ₹1,211 Crore (up 68%) for H1 2024 year-on-year. The tax charges for the quarter were ₹151.13 Crore, with an effective tax rate (ETR) of 25.4%, and for the half-year, they were ₹308.62 Crore, with an ETR of 25.5%.

Company’s Orders totalled ₹3,435 Crore for the quarter and ₹7,042 Crore for the first half of FY2024. As of the end of this quarter, ABB India has a healthy order backlog of ₹9,517 Crore split across segments, offering good revenue visibility and aligning with development goals in the coming quarters.

The board declared an interim dividend of ₹10.66 per share (533%) for 21,19,08,375 equity shares with a face value of ₹2 each, fully paid up for the fiscal year 2024. The interim dividend will be paid on or before September 5, 2024, to the company’s equity owners.

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