ABB India has witnessed record inflow of Rs.3,607 crore during the quarter ending March 31, 2024.
In a release, ABB India said that this order inflow was the highest first-quarter order inflow since the past five years.
Order inflows in Q1 of 2024, at Rs.3,607 crore, were also 15.4 per cent higher than the comparable Rs.3,125 crore in Q1 of 2023. (See table).
As of March 31, 2024, the outstanding order book was Rs.8,932 crore, up 25 per cent from Rs.7,170 crore as of March 31, 2023.
It may be noted that company’s accounting year is from 1 January to 31 December (calendar year or CY). Hence the period 1 January to 31 March represents the first quarter of its accounting year.
“Growth in orders underlines the success of our multi-division portfolio to capture different cycles in the market segments. The quarterly growth was led by our Electrification & Process Automation business areas, which more than offset the temporary customer decisions sluggishness in Motion and Robotics & Discrete Automation business areas. From the market point of view, the strongest growth was witnessed in data centers, smart buildings, expansion in tier 2 & 3 cities, energy and logistics,” the release noted.
Key orders won in Q1 of 2024, included:
On the company’s outlook, ABB India said that India has been able to stay the course on its growth momentum and capex revival despite geopolitical challenges across the globe. With this background, ABB India is likely to balance and deepen its existing presence in traditional segments while leveraging opportunities in emerging sectors to drive quality growth. Higher capex in infrastructure, railways, renewables, power distribution, water, energy, commercial buildings, and metals are likely to provide necessary opportunities for growth, the company said.
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Featured photograph shows inside view of ABB India’s production facility at Maneja, Gujarat.