ABB India shares surged on Wednesday following strong earnings growth in the third quarter, a robust pipeline going forward as well as a large dividend.
What Happened: The tech firm reported a net profit of ₹345 crore for the quarter ended December, marking a significant 13% growth compared with the corresponding period last year.
Revenue also exhibited substantial growth, rising by 14% to ₹2,757 crore for the quarter, while the order intake surged by an massive 35% to ₹3,147 crore during the quarter, marking the firm's highest ever third-quarter revenue in the past five years.
See Also: Juniper Hotels IPO GMP, Latest Subscription Status, Other Details
The order backlog as of December 2023 stood at ₹8,404 crore, showing a robust increase of 30 % year-on-year. Additionally, the board proposed a final dividend of ₹238 per share.
"Our broad-based growth has come on the back of the deepening engagement into diverse market segments and portfolio expansion and localization for the Indian market,” Sanjeev Sharma, managing director, said.
“We are grateful for the enduring confidence our customers place in our value-adding Electrification and Automation products, solutions, and services. Our focus on superior margins and a strategic mix continues to aid in robust cash generation.”
Price Action: ABB India’s share price was up 7.9% at ₹4,881.65 around noon on Wednesday.
Read Next: Blusmart Joins Hands With Tata Power To Source Renewable Energy, Aiming For Zero Emissions
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.