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Yes Securities Report
ABB India Ltd. reported a robust quarterly performance, led by execution pickup across segments. With easing commodity prices, the company was able to expand its margins led by price hikes and a favourable product mix.
ABB India reported decent quarterly order inflows of Rs 23.3 billion (up 4% YoY) spread across verticals. As on Q4 CY22 order book stands at ~Rs 64.7 billion (0.8 times trailing twelve months revenue), providing revenue visibility for next few quarters.
Going forward the company expects good traction from water management, cement, steel, data centres, railways, etc.
We believe ABB's strong business model, healthy global distribution network, diversified business portfolio and strong cash position (Rs 31.5 billion) would benefit the company as economic activity starts ramping up.
The stock is currently trading at a price-to-earning of 88 times/69 times CY23E/CY24E.
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