This Tech Firm Is Gaining On Strong Q3 Results, Massive Dividend

  • Benzinga India
  • Stock Market News
This Tech Firm Is Gaining On Strong Q3 Results, Massive Dividend
Credit: © Reuters.

Benzinga - ABB India (NS: ABB ) 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.

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 (ST: 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 (NS: TTPW ) To Source Renewable Energy, Aiming For Zero Emissions

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