Shares of ABB India Ltd. were locked in 10% upper circuit on Wednesday after it posted the highest-ever fourth-quarter revenue in the last five years.
Net profit of the electrification and automation major rose 11% year-on-year to Rs 338.7 crore in the quarter ended December, according to an exchange filing on Tuesday.
ABB India Q4 CY2023 Earnings Highlights (YoY)
Revenue up 14% at Rs 2,757.4 crore.
Ebitda up 15% at Rs 417.2 crore.
Margin expands 12 basis points to 15.13% vs 15.01%.
Net profit up 11% at Rs 338.7 crore.
On the NSE, ABB's stock hit a 10.00% upper circuit, and rose to Rs 4,976.95 apiece, the highest since Jan. 11. It continued to trade in upper circuit, compared to a 0.09% advance in the benchmark Nifty 50 at 1:23 p.m.
The share price has risen 55.4% in the past 12 months. The total traded volume so far in the day stood at 26 times its 30-day average. The relative strength index was at 63.7.
Fifteen out of the 29 analysts tracking ABB have a 'buy' rating on the stock, nine recommend a 'hold' and five suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential decline of 0.4%.
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