(Reuters) – ABB India posted an 84% rise in quarterly profit on Thursday, as the technology company was helped by higher order wins in its key electrification and automation segments.
The Indian arm of Swedish-Swiss ABB Ltd said its profit jumped to 3.63 billion rupees ($43.60 million) in the quarter ended Sept. 30 from 1.98 billion rupees a year earlier.
The company recorded 14% year-on-year growth in total orders to 30.04 billion rupees in the quarter.
“The quarter witnessed orders from a diverse range of segments including metals, energy companies, railways, electronics, data centers, EVs, paints, etc.,” ABB India said.
Healthy industrial demand, strong order book and better execution amid improved supply chain will drive growth in the September quarter for Indian capital goods companies, analysts had said.
Peer Thermax earlier this month posted a 45% jump in quarterly profit on the back of robust demand, while Siemens is yet to report its results.
ABB India’s revenue from the electrification segment, which contributes nearly 40% to the company’s total revenue, rose 18%, while that from the process automation segment jumped 93%.
Its total revenue from operations rose 31% to 27.69 billion rupees.
ABB India’s shares closed 0.9% higher after results. The stock fell 7.2% in the July-September quarter.
Parent ABB last month posted a 13% jump in its third-quarter core profit, helped by price increases but flagged a slowdown in revenue growth in the fourth quarter.
($1 = 83.2620 Indian rupees)
(Reporting by Aleef Jahan in Bengaluru; Editing by Maju Samuel)