Shares of ABB India Ltd. gained on Friday after its profit surged nearly 50% in the second quarter of calendar year 2024.
The company's net profit jumped 49.66% year-on-year to Rs 443 crore for the quarter ended June 2024, according to an exchange filing. During the same period, revenue rose 12.83% to Rs 2831 crore. The company follows January-December financial reporting period.
ABB India Q2 CY24 Highlights (Consolidated, YoY)
Revenue rose 12.8% to Rs 2,830.86 crore.
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Ebitda rose 56% to Rs 542.49 crore.
Ebitda margin expanded to 19.2% versus 13.9%.
Net profit up 50% to Rs 2,830.86 crore.
The board approved an interim dividend of Rs 10.66 per share.
Shares of ABB India rose as much as 4.05% before paring gains to trade 0.47% higher at Rs 7,980 apiece as of 12:14 a.m. This compares to a 0.99% rise in the NSE Nifty 50.
The stock has risen 76.51% in the last 12 months and 71.28% year-to-date. Total traded volume so far in the day stood at 6.4 times its 30-day average. The relative strength index was 52.26.
Out of 28 analysts tracking the company, 10 maintain a 'buy', nine suggest a 'hold' and nine recommend a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 1.3%.
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