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Reliance Securities Report
ABB India Ltd. witnessed a solid growth across all segments except the robotics and discreet automation segment. Total revenue increased by 19% YoY (3% QoQ) to Rs 21.2 billion, 3.3% higher than our estimate of Rs 20.5 billion in Q3 CY22.
Electrification business witnessed the highest YoY revenue growth of 27% at Rs 8.8 billion.
ABB India delivered a healthy operating performance led by consistent focus on execution, value-added mix, and consistent deliveries to customers.
Ebitda increased by 25% YoY and 6% QoQ to Rs 2.1 billion (our estimate of Rs 2 billion), while Ebitda margin expanded by 45 bps YoY to 10% (our estimate of 9.8%).
Adjusted profit after tax came in at Rs 1.56 billion, up 31% YoY (7% QoQ), versus our estimate of Rs 1.5 billion. Order backlog at the end of Q3 CY22 stood at Rs 65.2 billion (up 37% YoY), and provides healthy revenue visibility, while order inflow during Q3 FY22 grew by 38% YoY to Rs 26.3 billion.
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