ABB India's Q1 pre-tax profit surges 66% on strong order wins
BENGALURU (Reuters) - ABB India on Wednesday reported a 66% surge in first-quarter pre-tax profit, as order wins at the technology firm surged on strong demand for its mainstay electrification and automation businesses.
ABB India, a unit of ABB Ltd, reported pre-tax profit, before exceptional items, of 3.28 billion rupees ($40.12 million) for the three months ended March 31, up from 1.98 billion rupees a year ago.
Orders surged 36% year-on-year, including wins from a paints company for power handling systems and for robotics to paint EV cars, the company said, without naming the clients.
Profit after tax was lower year-on-year due to an exceptional gain last year from the sale of its turbocharger business.
Revenue from operations rose 22.6% to 23.96 billion rupees.
Global parent ABB last month raised its 2023 revenue guidance, dispelling the recent gloom which has gathered around the industrial sector.
($1 = 81.7450 Indian rupees)
(Reporting by Ashna Teresa Britto in Bengaluru)