Share price of this large-cap stock hit a new 52-week high on BSE at Rs. 8,025 in the trading session of Monday, after reporting a rise in net profit by 35.6 percent QoQ and 87.5 percent YoY.
With a market capitalisation of Rs. 1.67 lakh crore, the share price of ABB India Limited moved up by 11.73 percent to hit an intraday high at Rs. 8,025 on Monday.
The fluctuations in the share prices were observed after the company announced the financial results for Q4 FY23-24 and FY24, through the recent filings with the stock exchanges on Monday.
ABB India continues to expand its innovative portfolio to capture growth and witnessed a rise in revenue from operations by 28 percent YoY from Rs. 2,411.2 crore in Q4 FY22-23 to Rs. 3,080.4 crore in Q4 FY23-24 and grew by 12 percent QoQ from Rs. 2,757.5 crore in Q3 FY23-24 to Rs. 3,080.4 crore in Q4 FY23-24.
The net profit of the company stood at Rs. 459.3 crore in Q4 FY23-24, increasing by 35.6 percent QoQ from Rs. 338.66 crore in Q3 FY23-24 and by 87.5 percent YoY from Rs 245 crore in Q4 FY22-23.
The company continues to have a consistently growing order backlog as of March 31, 2024, at Rs. 8,935 crore, which provides revenue visibility and is well-aligned to support growth plans in the coming quarters.
Further, the quarterly growth was led by the Electrification & Process Automation business areas, which more than offset the temporary customer decisions sluggishness in the Motion and Robotics & Discrete Automation business areas.
The strongest growth was witnessed in data centres, smart buildings, expansion in tier 2 & 3 cities, energy and logistics.
The stock has delivered about 105.2 percent of multibagger returns in the last one year and nearly 85.4 percent in the last six months. So far in 2024, it has given around 68.9 percent of positive returns.
ABB is a leading global technology company and an integrated power equipment manufacturer supplying a complete range of engineering, products, solutions and services in areas of Automation and Power technology.
Written by Shivani Singh
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