Shares of ABB India rose 4% to hit a new high of Rs 3,606.35 in intraday trade on Thursday after the company recorded its highest-ever order book for the January-March quarter (Q1CY23) over the past 5 years and 5 quarters increase.
So far in the calendar year 2023 (CY23), the stock has soared 34%, outperforming the broader market, while the S&P BSE Sensex gained 0.22%.
ABB’s order inflow stood at Rs 3,125 crore, up 36.4% y-o-y, and order backlog stood at Rs 7,170 crore, up 37.1% year on year.
The strong order backlog provides revenue visibility and is well-positioned to support growth plans for the quarters ahead. The company said it will continue to invest in its facilities to meet growing demand.
The growth in electrification orders spanned key segments and channels from different industries – metals, data centres and IT majors. Among the dynamics, traction orders contributed significantly from channel partner business, rail, metals, cement, catering and oil and gas, geographically from tier-2 and tier-3 cities.
Meanwhile, in Q1FY23, ABB reported a 64.4% year-on-year rise in its adjusted profit after tax to Rs 245.2 crore on strong operating performance.
Revenue also came in at Rs 2,411 crore, up 22.5% year-on-year on strong order execution. EBITDA was Rs 285.3 crore, EBITDA margin was 11.8%, and gross margin was 40.4%, up 350 basis points year-on-year and 170 basis points quarter-on-quarter.