Results     21-Feb-24
Analysis
ABB India
Net up 11% on good operating show
Standalone net sales (including other operating income) of ABB India has increased 13.62% to Rs 2,757.49 crore.   Operating profit margin has jumped from 15.01% to 15.13%, leading to 14.53% rise in operating profit to Rs 417.22 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 53.55% to 51.31%.   Purchase of finished goods cost rose from 7.56% to 7.95%.   Employee cost increased from 6.57% to 6.64%.   Other expenses rose from 17.22% to 18.80%.   Contract job process charges rose from 2.61% to 2.81%.   Other income up 10.83% to Rs 77.59 crore.  PBIDT rose 13.94% to Rs 494.81 crore.  Provision for interest up 12.71% to Rs 8.16 crore.  PBDT rose 13.96% to Rs 486.65 crore.  Provision for depreciation rose 22.74% to Rs 32.92 crore.     Profit before tax grew 13.37% to Rs 453.73 crore.  Provision for tax was expense of Rs 108.53 crore, compared to Rs 94.32 crore.  Effective tax rate was 23.92% compared to 23.57%. Profit after tax rose 12.84% to Rs 345.20 crore.  

Sales of Robotic & Discrete Automation segment has gone up 71.47% to Rs 107.70 crore (accounting for 3.87% of total sales).  Sales of Motion segment has gone down 2.21% to Rs 914.59 crore (accounting for 32.83% of total sales).  Sales of Electrification segment rose 18.96% to Rs 1,130.16 crore (accounting for 40.56% of total sales).  Sales of Industrial Automation segment has gone up 23.48% to Rs 630.73 crore (accounting for 22.64% of total sales).  Sales of Others segment has gone up 55.68% to Rs 2.88 crore (accounting for 0.10% of total sales).  Inter-segment sales came down from Rs 33.85 crore to Rs 28.57 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 16.84% to Rs 461.62 crore.  PBIT of Robotic & Discrete Automation segment rose 23.97% to Rs 12.67 crore (accounting for 2.74% of total PBIT).  PBIT of Motion segment rose 7.83% to Rs 161.90 crore (accounting for 35.07% of total PBIT).  PBIT of Electrification segment rose 47.63% to Rs 214.77 crore (accounting for 46.53% of total PBIT).  PBIT of Industrial Automation segment fell 10.00% to Rs 81.02 crore (accounting for 17.55% of total PBIT).  PBIT of Power Grid segment fell 1,020.51% to Rs -8.74 crore (accounting for -1.89% of total PBIT).  

PBIT margin of Robotic & Discrete Automation segment fell from 16.27% to 11.76%.  PBIT margin of Motion segment rose from 16.05% to 17.70%.  PBIT margin of Electrification segment rose from 15.31% to 19.00%.  PBIT margin of Industrial Automation segment fell from 17.62% to 12.85%.  Overall PBIT margin rose from 16.06% to 16.57%.  

Full year results analysis

Net sales (including other operating income) of ABB India has increased 21.93% to Rs 10,446.52 crore.  Sales of Robotic & Discrete Automation segment has gone up 78.35% to Rs 416.05 crore (accounting for 3.92% of total sales).  Sales of Motion segment has gone up 12.41% to Rs 3,785.06 crore (accounting for 35.62% of total sales).  Sales of Electrification segment rose 18.34% to Rs 4,177.22 crore (accounting for 39.31% of total sales).  Sales of Process Automation segment has gone up 42.14% to Rs 2,236.13 crore (accounting for 21.04% of total sales).  Sales of Others segment has gone down 56.97% to Rs 12.48 crore (accounting for 0.12% of total sales).  Inter-segment sales rose Rs 164.70 crore to Rs 180.42 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 51.71% to Rs 1,695.66 crore.  PBIT of Robotic & Discrete Automation segment rose 80.78% to Rs 52.95 crore (accounting for 3.12% of total PBIT).  PBIT of Motion segment rose 45.81% to Rs 601.44 crore (accounting for 35.47% of total PBIT).  PBIT of Electrification segment rose 58.78% to Rs 774.55 crore (accounting for 45.68% of total PBIT).  PBIT of Process Automation segment rose 37.01% to Rs 274.91 crore (accounting for 16.21% of total PBIT).  PBIT of Power Grid segment rose 34.64% to Rs -8.19 crore (accounting for -0.48% of total PBIT).  

PBIT margin of Robotic & Discrete Automation segment rose from 12.56% to 12.73%.  PBIT margin of Motion segment rose from 12.25% to 15.89%.  PBIT margin of Electrification segment rose from 13.82% to 18.54%.  PBIT margin of Process Automation segment fell from 12.75% to 12.29%.  Overall PBIT margin rose from 12.80% to 15.96%.  

Operating profit margin has jumped from 11.23% to 14.26%, leading to 54.88% rise in operating profit to Rs 1,489.78 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 54.26% to 52.63%.   Purchase of finished goods cost fell from 8.06% to 8.05%.   Employee cost decreased from 7.33% to 6.83%.   Other expenses fell from 19.25% to 18.27%.   Contract job process charges fell from 2.79% to 2.62%.   

Other income up 68.10% to Rs 301.69 crore.  PBIDT rose 56.96% to Rs 1791.47 crore.  Provision for interest fell 3.43% to Rs 12.66 crore.   PBDT rose 57.66% to Rs 1778.81 crore.  Provision for depreciation rose 14.54% to Rs 119.92 crore.   Profit before tax grew 62.08% to Rs 1,658.89 crore.  Provision for tax was expense of Rs 410.71 crore, compared to Rs 337.18 crore.  Effective tax rate was 24.76% compared to 24.74%. Profit after tax rose 21.70% to Rs 1,248.18 crore.  

Orders book

Order inflow in quarter/fiscal ended December 2023 was Rs 3147 crore (up 35%)/ Rs 12319 crore (up 23%). The order backlog as end of Dec 2023 stood at Rs 8404 crore, up 30%.

Other developments

Board recommends a final dividend of INR 23.8 per share, this is in addition to special dividend declared in Q2 CY2023

Equity capital stood at Rs 42.38 crore as of 31 December 2023 to Rs 42.38 crore as of 31 December 2022.  Per share face Value remained same at Rs 2.00.  Promoters’ stake was 75.00% as of 31 December 2023 ,compared to 75.00% as of 31 December 2022 .  

Loan funds rose to Rs 48.98 crore as of 31 December 2023 from Rs 33.09 crore as of 31 December 2022.  Inventories rose to Rs 1,560.76 crore as of 31 December 2023 from Rs 1,420.66 crore as of 31 December 2022.  Sundry debtors were higher at Rs 2,544.30 crore as of 31 December 2023 compared to Rs 2,092.99 crore as of 31 December 2022.  Cash and bank balance rose to Rs 4,816.17 crore as of 31 December 2023 from Rs 3,149.08 crore as of 31 December 2022.  Investments declined from Rs 493.15 crore as of 31 December 2022 to Rs 1.56 crore as of 31 December 2023.  Fixed assets increased to Rs 1,035.41 crore as of 31 December 2023 from Rs 950.45 crore as of 31 December 2022.  Intangible assets increased from Rs 17.97 crore to Rs 18.46 crore.

Cash flow from operating activities increased to Rs 1,351.48 crore for year ended December 2023 from Rs 741.94 crore for year ended December 2022.  Cash flow used in acquiring fixed assets during the year ended December 2023 stood at Rs 183.08 crore, compared to Rs 167.96 crore during the year ended December 2022.  



ABB India : Standalone Results
Quarter endedYear ended
Particulars202312202212Var.(%)202312202212Var.(%)
Net Sales (including other operating income)2,757.492,426.9113.6210,446.528,567.5321.93
OPM (%)15.1315.0112 bps14.2611.23303 bps
OP417.22364.2814.531,489.78961.8754.88
Other Inc.77.5970.0110.83301.69179.4768.10
PBIDT494.81434.2913.941,791.471,141.3456.96
Interest8.167.2412.7112.6613.11-3.43
PBDT486.65427.0513.961,778.811,128.2357.66
Depreciation32.9226.8222.74119.92104.714.54
PBT453.73400.2313.371658.891023.5362.08
PBT before EO453.73400.2313.371658.891023.5362.08
EO Income00-0339.26-
PBT after EO453.73400.2313.371658.891362.7921.73
Taxation108.5394.3215.07410.71337.1821.81
PAT345.2305.9112.841248.181025.6121.70
P/(L) from discontinued operations net of tax-6.54-0.59-1,008.47-6.13-9.3834.65
Net profit after discontinued operations338.66305.3210.921242.051016.2322.22
EPS (Rs)*16.2914.4412.8458.9036.3562.04
* EPS is on current equity of Rs 42.38 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


ABB India : Standalone Segment Results
 Quarter endedYear ended
% of (Total)202312202212Var.(%)% of (Total)202312202212Var.(%)
Sales
Robotic & Discrete Automation3.87107.7062.8171.473.92416.05233.2878.35
Motion32.83914.59935.28-2.2135.623,785.063,367.0712.41
Electrification40.561,130.16950.0318.9639.314,177.223,529.7118.34
Industrial Automation22.64630.73510.7923.4821.042,236.131,573.1742.14
Others0.102.881.8555.680.1212.4829.00-56.97
Power Grid0.000.000.00-
Total Reported Sales100.002,786.062,460.7613.22100.0010,626.948,732.2321.70
Less: Inter segment revenues 28.5733.85-15.60 180.42164.709.54
Net Sales100.002,757.492,426.9113.62100.0010,446.528,567.5321.93
PBIT
Robotic & Discrete Automation2.7412.6710.2223.973.1252.9529.2980.78
Motion35.07161.90150.157.8335.47601.44412.4845.81
Electrification46.53214.77145.4847.6345.68774.55487.8058.78
Industrial Automation17.5581.0290.02-10.0016.21274.91200.6537.01
Others0.000.000.00-
Power Grid-1.89-8.74-0.78-1,020.51-0.48-8.19-12.5334.64
Total PBIT100.00461.62395.0916.84100.001,695.661,117.6951.71
Less : Interest8.167.2412.7112.6613.11-3.43
Add: Other un-allcoable-8.4711.60PL-32.30245.68PL
PBIT Margin(%)
Robotic & Discrete Automation 11.7616.27-450.71 12.7312.5617.11
Motion 17.7016.05164.79 15.8912.25363.94
Electrification 19.0015.31369.03 18.5413.82472.24
Industrial Automation 12.8517.62-477.82 12.2912.75-46.05
Others 0.000.000.00
Power Grid 0.000.000.00
PBT100.00444.99399.4511.40100.001,650.701,350.2622.25
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