ABB India’s shares surged five percent in early trade on February 21, following the engineering services firm’s robust performance in the last quarter of 2023. The company reported a 13 percent year-on-year increase in net profit, reaching Rs 345 crore for the quarter ended December 2023.
The firm’s revenue also witnessed significant growth, rising by 14 percent YoY to Rs 2,757 crore. The positive financial results were further bolstered by a final dividend recommendation of Rs 238 per share by the board.
ABB India Share Surge 10 percent following Q4 Results announces dividend of 238 INR
As of 10:30 am, ABB India’s shares were trading at Rs 4,915, up by 8.57 percent on the National Stock Exchange (NSE) compared to the previous session’s closing price. The impressive financial performance was attributed to a 35 percent increase in order intake, reaching Rs 3,147 crore during the fourth quarter of CY23. This marked the company’s highest-ever fourth-quarter revenue in the last five years.
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Furthermore, the order backlog as of December 2023 stood at Rs 8,404 crore, marking a 30 percent increase YoY. Sanjeev Sharma, Managing Director of ABB India, expressed gratitude for the enduring confidence customers have placed in the company’s value-adding Electrification and Automation products, solutions, and services.
Despite the positive news, ABB India’s stock price has risen only around 5 percent over the past six months, underperforming the frontline index Nifty 50, which has risen around 14 percent during the same period.
What does ABB India do?
ABB India Limited specializes in engineering and construction projects and the manufacturing of heavy engineering and industrial equipment. The company’s projects span various sectors, including energy production, power transmission, transportation, process automation, and pollution control. ABB India’s product portfolio encompasses pollution control equipment, switch gears, and high-current rectifiers, catering to diverse industrial needs.
