Industry

ABB India witnessed orders soar in calendar 2021

ABB India Limited has witnessed a surge in orders in calendar year 2021 to the tune of Rs. 7,666 crore while December ended quarter alone brought in orders worth Rs 2,243 crore, the company said on Friday.

The company reported revenue of Rs6,934 crore for the full year, an increase of 19% as compared to 2020. It posted Rs 2,101 crore revenue for the quarter,24% higher as compared to the corresponding period a year ago. Its full-year net profit grew 131% to Rs 532 crore and Q4 net profit grew 211% to Rs 194 crore.

ABB’s orders grew 53% across products, solution, and services portfolio in the fourth quarter while its full-year orders grew by 29%.

Team in India developed a robust order and cash position (at Rs 2,688 crore) aided by strategic product mix with growth market segments helping to improve margins and bottom-line significantly, said Sanjeev Sharma, Managing Director, ABB India in a statement.

“2021 was a year that demonstrated our resilience. Performance across all key parameters was excellent across business divisions. Our agile business model helped overcome pandemic and global supply chain challenges in the first half. Business fundamentals further improved over the second half of the year,’‘he added.

In Q4, theProcess Automation business witnessed good order inflows across all divisions. Traction in the steel and paint industry and downstream units pushed the orders to Rs 770 crore up by 175% compared to Q4 2020. Motion and Electrification business areas both posted healthy double-digit growth Y-on-Y supported by strong contribution from smart power, channel business, exports, tier 2 and 3 cities penetration and packaging, as per the company.


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Printable version | Jun 12, 2022 3:12:51 am | https://www.thehindu.com/business/Industry/abb-india-witnessed-orders-soar-in-calendar-2021/article38415788.ece