New Delhi, Feb 8: ABB India on Friday reported an increase of 5.34 per cent in net profit to Rs 171.52 crore for the quarter ended December 31. The company, in a release, said that the company’s net profit in in the year 2017 was recorded at Rs 419.95 crore in comparison to Rs 374.47 crore in the year 2016.Also Read - ABB India's 'Make in India' Push: Swiss Major Set up Digital Lab in Association With NITTTR
“ABB India’s revenue for 2017 was INR 9087 crore. All divisions contributed, aided by stabilization and selective improvement in end-customer markets including ports, process industries, mining, refining and emerging markets such as food and beverage, smart cities and metros,” the statement said. Also Read - EV Motors,DLF,Delta & ABB to invest $200m in charging stations
“The company closed the year with a solid cash performance across all four divisions, reinforcing the mantra of cash over revenue for a balanced growth,” it added. Also Read - ABB India Q3 net profit up 30% to Rs 108.34 crore
“We have delivered balanced performance in 2017, and built a solid foundation for future growth and profitability as our nation’s and global markets improve. The year was marked by our success in landmark nation-building projects across the country from Kashmir to Kerala,” said Sanjeev Sharma, Managing Director, ABB India.
Commenting on the order, it said that total orders grew in the fourth quarter by 44 percent and in 2017 by 19 percent, excluding the exceptionally large UHVDC order and the large traction transformer orders booked in 2016. Orders in the second half of the year benefited from reviving industrial activity; however, base orders developed well throughout 2017, and short cycle activity was strong.
“Export orders reached an all-time high in the year, significantly more than doubling in 2017. Major orders were secured from both domestic and international customers, comprising propulsion equipment for railways in India, and substations for electric transport from south east Asian countries,” added Company.