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Dolat Capital Report
ABB Power Products and Systems Ltd. reported strong revenue growth of 25.1%YoY at Rs 10.2 billion (up 4.9% versus our estimates).
Ebitda increased by 12.8% to Rs 0.7 billion (down 5.1% versus our estimates), though margin contracted by 80 basis points to 7.3%.
Adjusted profit after tax stood at Rs 0.4 billion, up by 27.3%YoY (down 11.2% versus our estimates).
We remain positive on the company's story as it offers a superior derivative play on India's changing energy landscape.
In line with our long-term thesis, the growth would be driven by incremental order inflows led by renewable-energy integration, railway electrification, and big push on large infra projects and data centers.
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