Daily Indiane

ABB India reports a record backlog of orders while inflows are stable

<p>According to remarks made by heavy equipment manufacturer ABB India, the investment cycle in the economy seems to be on a healthy track this year, despite the fact that businesses in industries like IT have indicated significant concern for the next year.</p>
<p><img decoding=”async” class=”alignnone wp-image-448707″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-abb-india-reports-a-record-backlog-of-orders-while-inflows-are-stable-newindianexp-750×739.jpg” alt=”theindiaprint.com abb india reports a record backlog of orders while inflows are stable newindianexp” width=”991″ height=”978″ title=”ABB India reports a record backlog of orders while inflows are stable 12″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-abb-india-reports-a-record-backlog-of-orders-while-inflows-are-stable-newindianexp-750×739.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-abb-india-reports-a-record-backlog-of-orders-while-inflows-are-stable-newindianexp-96×96.jpg 96w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-abb-india-reports-a-record-backlog-of-orders-while-inflows-are-stable-newindianexp-150×148.jpg 150w” sizes=”(max-width: 991px) 100vw, 991px” /></p>
<p>The manufacturer of heavy industrial and electrical equipment announced a strong rise in orders received in 2023, with a 35% increase in new orders in the past three months.</p>
<p>Robust order inflows for capital goods firms are seen as a sign of hope for the nation’s industrial sector. These manufacturers of electrical and mechanical equipment report robust order growth, which suggests that large corporations are still growing.</p>
<p>In the last three months of 2023, the business received new orders totaling Rs 3,147 crore, a 35% increase over the same time in 2022.</p>
<p>ABB India’s overall order backlog, or orders pending fulfillment, increased by 30% from the previous year as a result of a significant spike in order inflows towards the end of the year.</p>
<p>“Due to a strong order intake this year, the order backlog of Rs. 8,400 crores is at an all-time high.It provides improved revenue visibility going forward,” said TK Sridhar, head of finance for the business.</p>
<p>According to the firm, industries like automotive, renewable energy, data centers and electronics, railroads and metro, and the processing of metals, minerals, chemicals, and textiles were among those that contributed to the substantial influx of orders.</p>
<p>“Wary but optimistic”</p>
<p>The management of ABB India is still cautiously hopeful about the company’s expansion and more confident about its profitability in 2024.</p>
<p>Regarding expansion, Sridhar said that the business anticipates expansion to “have a positive momentum…at this point in time…we think definitely investment in the private sector along with the public sector will drive growth.”</p>
<p>However, the business also identified a few danger indicators. “Inflation and higher interest rates will be an item to monitor because that impacts the so-called original equipment manufacturers and the small vendors,” he said.</p>
<p>Regarding profitability, Sridhar expressed more confidence, stating that it anticipates maintaining double-digit margins supported by “a better business mix, services expansion, operating rigor and value-based pricing.”</p>
<p>“So, I think our ambition is to make sure that we remain credible over here, given that we are at the double-digit margin at this point,” Sridhar said.</p>

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