![ABB India Q2 net profit zooms to Rs 296 crore, declares dividend of Rs 5.50 per share ABB India Q2 net profit zooms to Rs 296 crore, declares dividend of Rs 5.50 per share](https://images.cnbctv18.com/wp-content/uploads/2023/08/ABB-India-August-11-1019x573.png?impolicy=website&width=590&height=264)
Electrical and automation major ABB India Ltd on Friday reported a 101 percent year-on-year (YoY) jump in net profit at Rs 295.6 crore for the second quarter that ended June 30, 2023.
In the corresponding quarter last year, ABB India posted a net profit of Rs 140.3 crore, the company said in a regulatory filing.
The total revenue stood at Rs 2,508.6 crore during the period under review, up 22.2 percent against Rs 2,052.5 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA jumped 75.4 percent to Rs 348.7 crore in the first quarter of this fiscal over Rs 198.8 crore in the corresponding period in the previous fiscal.
EBITDA margin stood at 13.9 percent in the reporting quarter as compared to 9.7 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
ABB India continues to have a strong order backlog as of June 30, 2023, at Rs 7,727 crore, an increase of 29 percent year-on-year, which provides revenue visibility and is well aligned to support growth plans in the coming quarters.
Total orders for the quarter were at Rs 3,044 crore and Rs 6,169 crore for H1 CY2023. While base orders grew by 4 percent, the company also received a large order from the metal sector for Rs 158 crore, ABB India said.
The company reported a profit before tax (before exceptional items and one-offs) of Rs 393 crore for the quarter and Rs 721 crore for H1 2023. This was mainly driven by capacity utilisation, revenue mix, price realisation, and volumes, supported by softening of commodity prices.
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Income tax expenses for the quarter were Rs 97.3 crore with an effective tax rate of 24.8 percent and for the half year, it was Rs 180 crore with an effective tax rate of 25 percent.
The company's cash position continues to remain robust at Rs 4,092 crore at the end of Q2 and H1 2023 and reported an EPS of Rs 13.96 for the quarter.
The board of directors has declared a special dividend of Rs 5.50 per share i.e. (275 percent) on 21,19,08,375 equity shares of face value of Rs 2 each fully paid up for the financial year 2023.
Electrification and process automation achieved a double-digit growth YoY and motion posted 8 percent growth over the similar quarter last year. Order intake for robotics and discrete automation was tepid due to last year’s high levels evidenced by pre-buys in a period of component shortages, it said.
During the quarter, the company expanded its manufacturing footprint. The expansion in Peenya, Bengaluru introduced a new line for variable speed drives from 75kW to 250 kW.
The results came after the close of the market hours. Shares of ABB India Ltd ended at Rs 4,523.05, up by Rs 17.50, or 0.39 percent on the BSE.
First Published: Aug 11, 2023 6:19 PM IST
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