The automation solutions provider’s revenue increased 22 percent to $397 million, while it posted a net profit of $13.2 million, thanks to a revival in base orders, firm revenue growth and higher sales of short-cycle products and services. Revenue for the quarter from the process automation segment increased by 15 percent to $73.5 million over the previous year quarter, whereas discrete automation production and motion segment revenue increased by five percent to $93.04 million over the year-ago quarter.
ABB said investment in industrial activities and power infrastructure continues to be strong and shows increased market opportunity. Bazmi Hussain, ABB India country manager and managing director, said, “Investment in our people coupled with a strong focus on operational excellence is beginning to yield results. The continued focus on new revenue streams such as renewable [energy] and energy efficiency, along with increased localization of our product offerings, will make us well, positioned against the competition in future quarters.”
In line with ABB Ltd. (India), engineering and automation peers Honeywell Automation, Siemens and Bharat Heavy Electricals Ltd have managed to grow their revenue and profit as well, due to swift execution of projects and revival in the energy and manufacturing sector in India.
Uday Lal Pai, email@example.com, is a freelance journalist based in India.