ABB India surges to new 52-week high on reporting highest-ever Q4 topline

21 Feb 2024 , 01:52 PM

ABB India shares rose about 11% in afternoon session on February 21, after the engineering services provider reported a 13% year-on-year increase in net profit for the fourth quarter of 2023. 

The net profit for the quarter ending December 2023 was ₹345 Crore, up 13% from the previous corresponding period.

At around 1.45 PM, ABB India was trading 10.89% higher at ₹5,017.25 per piece, against the previous close of ₹4,524.50 on NSE. The counter hit a new 52-week high of ₹5,134 on NSE.

Revenue increased 14% to ₹2,757 Crore for the quarter, while order intake increased 35% to ₹3,147 Crore in the fourth quarter of CY23. This was the firm’s greatest fourth-quarter revenue in the past five years.

As of December 2023, the order backlog was at ₹8,404 Crore, representing a 30% rise year on year. The board proposed a final dividend of ₹238 per share.

Sanjeev Sharma, the Managing Director, stated that the company’s substantial growth can be attributed to increased involvement in various market segments, expanding the product portfolio, and tailoring offerings to the Indian market. He expressed gratitude for the consistent trust customers place in the company’s Electrification and Automation products, solutions, and services. The emphasis on achieving superior margins and maintaining a strategic product mix remains pivotal in generating strong cash flow for the company.

Over the last six months, ABB India’s stock price has climbed by around 5%, behind the main index Nifty 50, which has gained by about 14% during the same period.

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