ABB India Q2 results: Net profit jumps 4-fold to Rs 68 crore

New Delhi: ABB India on Wednesday posted a four-fold jump in its net profit to Rs 68 crore in the June quarter compared to the year-ago period mainly due to higher revenues. The net profit of the company from continuing operations was Rs 17 crore in the quarter ended on June 30, 2021, the company said in a statement. ABB India follows January-December fiscal.

Total revenue of the firm rose to Rs 1,425 crore in the quarter from Rs 986 crore a year ago.

Commenting on the results, Sanjeev Sharma, Managing Director, ABB India, said that the company has posted a "strong recovery while leveraging growth market segments with a good bounce back once the pandemic wave started to wane in June".

"Solid demand for ABB products, solutions and services portfolio in many of our targeted market segments ensured our profitability despite the sharp increase in commodity prices during the quarter aided by operational efficiencies," he added.

The health and safety of stakeholders continues to be top priority and is an integral part of the company's business continuity strategy to serve customers, he stated.

"We have rolled out a voluntary pan-India vaccination drive for all our employees, families, and partners across locations with nearly >80 per cent targeted personnel coverage by end of June," he also said.

"We are on track with our 10-point ESG plan and continue to invest in this initiative and are seeing the impact in our targeted communities. We are well prepared to leverage our strength and readiness in H2 CY2021," he said.

Total orders for the quarter were at Rs 1,689 crore as compared to Rs 1,200 crore in Q2 2020 (April-June), a growth of 41 per cent.

The month of June witnessed a gradual bounce back in orders by most businesses despite various state level lockdowns in the first two months of the quarter. There was a marginal dip in orders sequentially with businesses impacted by localized impact of the second wave, the company said.