ABB India Witness Net Profit of 71 crores INR

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ABB India Witness

Indian wing of Swedish multinational company, ABB India saw arise in its first quarter of the financial year which settled down to 71 crores INR. The company deals in power and automation technologies investing in emerging sectors such as energy efficiency , urbanization and grid compensated. It saw a rise of 30% in comparison to previous year’s net profit 54.29 crores INR. Also, it generated revenue of almost 2000 crores INR which was much higher than March, 14 settling down to 1,815 crores INR.

According to ABB,“Breakthrough order for 132kv GIS substation and one of the largest orders for analyzers in the petrochemical sector marked the period under review. Large orders, especially those based on industry capex, remained scarce as customers continued to delay investment decision on low demand and under-utilised capacity.At Rs. 2,000 crore, 2016 reported the highest first quarter revenue in the last five years.”

The power and automation technology company received offering of 1,830 crores INR in its first quarter. It tried to keep a keen focus on outside market which helped in doubling the growth in export. Also, it received an order of 7,804 crores INR before hand from the external market.Bombay Stock Exchange showed ABB India’s trade at 1,296.75 INR on Tuesday which was 3.58% low in comparison to previous trade.

ALSO READ: Manufacture Boost India Economy

ABB India’s listing in stock exchange with a neat close at 71 crores INR in its first quarter of financial year 2016-17 is all because of the increasing demand of technology based products as well as irrational focus of ‘Make In India’ campaign which eventually helps in the growth of sectors like industry and infrastructure supported by divisional revenue expansion.

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