Gold
ABB India witnesses rebound in Q1 of 2021
ABB India Limited recently released the results for Q1 calendar year(CY) 2021. The company highlighted that they witnessed a strong rebound in orders in the automation and robotics portfolio.
Total orders at Rs 1,825 crore for the quarter reflect the company’s improvement on a sequential basis, representing growth of 24% over Q4 2020, while being lower by 7% Y-o-Y owing to a large order previous year. Robotics secured significant wins during the quarter, which is seen as a driving force to strengthen the installed base and leverage expanded operational capacity. Investment decisions by the customers belonging to core sectors—metals and mining—which were earlier held back as a result of the market uncertainty and enhancement of channel business in process industries, led to order growth in process automation.
The quarter was also marked by orders in segments like pharmaceutical, e-mobility, renewables, etc.
Key orders include:
-
Distributed control and safety system projects for one of the largest agrochemical companies
- Robotic automation solution for building electric scooters for OLA
- ABB doubly fed induction generator for the wind sector for a renewable energy major
- Distributed control and manufacturing execution system for a pharma major
- Electrification solutions for an engineering company
The company reported Rs 1,629 crore revenue for the quarter based on the successful backlog conversion. Service revenues, which were earlier impacted due to logistic challenges are slowly witnessing an upturn.
The company reported a Profit Before Tax of Rs 204 crore mainly driven by operational improvement initiatives, capacity utilisation and reduced expenses, as mentioned by the company. It also included a one-time gain of Rs 75 crore due to disposal of an asset as a part of footprint rationalisation initiative.
The company reported Profit after tax of Rs 151 crore at the end of Q1 2021 as compared to Rs 66 crore in Q1 2020. Sanjeev Sharma, Managing Director, ABB India, said, “Overall, ABB India has recorded a significant sequential order increase with improvements across all our divisions.”
ABB is a global technology company that connects software to its electrification, robotics, automation and motion portfolio.
The 14th RAHSTA Expo, part of the India Construction Festival, will be held on October 9 and 10, 2024, at the Jio Convention Centre in Mumbai. For more details, visit: https://rahstaexpo.com
India, US to promote sustainable aviation fuel and hydrogen in buses
India and the United States have agreed to promote sustainable aviation fuel (SAF), electrification of medium and heavy-duty vehicles, and the use of hydrogen in buses, tractors, and heavy equipment. This decision came during the Strategic Clean Energy Partnership (SCEP) dialogue between US Energy Secretary Jennifer Granholm and Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri in Washington, DC. Both nations also encouraged increased investments in each other's clean energy markets. The joint statement emphasised the importance of a "just, orderly, and sustainable energy trans..
Tuticorin Airport upgradation set for December completion
Tuticorin Airport in Tamil Nadu is undergoing a significant upgrade, with an expected completion date in December 2024. The project, valued at Rs 3.81billion, is being carried out by the Airports Authority of India (AAI) and involves the extension of the runway to accommodate A-321 type aircraft, construction of a new apron, a new terminal building, a technical block with a control tower, and a new fire station. The new terminal building, covering 17,500 square meters, will significantly enhance the airport's capacity, enabling it to serve 1,440 passengers during peak hours and handle up to 2 ..
Airfare hike not tied to increased airport charges; ACI
The Airports Council International (ACI) stated that rising airfares are not linked to increased airport charges. Airport charges are crucial for infrastructure development within the commercial aviation ecosystem, but they remain a minimal part of the overall airfare. Stefano Baronci, Director General of ACI Asia Pacific & Middle East, emphasized that airports are infrastructure-intensive businesses, with costs dominated by maintaining essential infrastructure such as runways, taxiways, aprons, and terminal buildings. He noted that neglecting the capital expenditure needed to support future g..
