BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
ABB India Ltd.'s CY19 Annual Report provides valuable insights into the Industrial Automation trend picking up in India.
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Export growth of 55% in CY19, average free cash flow/profit after tax conversion of 130% over the past five years, steady improvement in return on invested capital to 21% in CY19, and adjusted profit after tax compound annual growth rate of 24-25% over the three /five year period (like-for-like adjusted for demerger) signifies strong business fundamentals.
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The demerger of the Power Grid business in CY19 has led to ABB transforming into a complete product and services business. Projects revenues constituted approximately 35% of the total revenue before the demerger.
Working capital (WC) cycle of the residual business is far superior compared to the earlier entity, which should boost free cash flow generation further.
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