Solid finish to a record year

Solid finish to a record year

ABB India Limited posts October-December quarter (Q4) and full year CY2023 results


  • Total orders up by 35%, strong contribution by large orders
  • Highest ever Q4 revenue in the last 5 years
  • All time high “PBT before exceptional (%) at 13% driven by operational leverage, differentiated offerings and customer preference, PAT up by 13% Y-o-Y

CY2023 full year HIGHLIGHTS

  • Record high orders of INR 12,319 crore and revenue of INR 10,447 crore
  • Strong price execution and increased volumes bolsters margins - PBT before exceptional up by 62% and PAT by 22% Y-o-Y
  • Return on capital employed (ROCE) doubles from 2019 levels to reach 21%
  • Customer outreach to 7000+ customers across 31 tier 2 and 3 markets with ABB Technology Day
  • 50% of the company’s manufacturing campuses certified as water-positive
  • Board recommends a final dividend of INR 23.8 per share, this is in addition to special dividend de-clared in Q2 CY2023

Commenting on the company’s performance, Sanjeev Sharma, Managing Director, ABB India said,

“We are pleased to close another year with a record-high performance, achieving our highest quarter revenues in the last five years. This milestone highlights our business divisions’ exceptional focus on customer connect, execution capabilities and commitment to continued improvement. Our broad-based growth has come on the back of the deepening engagement into diverse market segments and portfolio expansion and localization for Indian market. We are grateful for the enduring confidence our customers place in our value adding Electrification and Automation products, solutions, and services. Our focus on superior margins and a strategic mix continues to aid in robust cash generation. We continue to make strides in sustainability at the core of all our activities, aligning with ABB Group’s Sustainability agenda."

KEY FIGURES INR Crores (for continuing business)

Q4 2023

Q4 2022

Q3 2023

CY 2023

CY 2022







Order backlog












PBT before exceptional / one off and tax






PBT before exceptional / one off and tax %






Exceptional Item


Profit before tax






Profit before tax %






Profit After Tax






Profit after tax %






Operational EBITA*






Operational EBITA%







Total orders for the fourth quarter CY2023 was at INR 3147 crore and for CY 2023 at INR 12,319 crore. The calendar year and the quarter under review continued to witness traction in large orders while base orders held steady. Service business across divisions contributed to the growth led by the maintenance component of a large order. Electrification witnessed growth across division led by projects and systems. Motion benefited from the continued strength in long cycle demand. Growth trajectory of overall market demand and service marked orders in Process Automation while for Robotics and Discrete Automation optimized requirements for specialized manufacturing, data driven automation and energy efficiency. Sectors contributing to the growth during the quarter include railways, metals, data centers, cement, specialty chemicals, and construction machinery, to name a few.

Key orders during Q4 include:

  • Traction technology service/AMC offering for railways
  • Distributed control systems and HMI upgrades for an integrated Indian energy major
  • Power distribution package for datacenter of IT major
  • Robotics solutions for electronics business of a conglomerate
  • Robotics solutions for leading Indian auto major and leading paints company
  • Bulk powder handling systems for an Indian major
  • Electrics, drives and automation for a leading integrated metals and mining company
  • Mining motors for continuous mining and feeder breakers for a leading construction machinery manufacturer
  • Distributed control systems for a specialty chemicals company

ABB India continues to have a strong order backlog as of December 31, 2023, at INR 8,404 crore, an increase of 30 percent Y-o-Y, which provides revenue visibility and is well aligned to support growth plans in the coming periods.

Revenue and operations

The Company reported INR 2,757 crore revenue for the fourth quarter and for the first time INR 10,447 crore for CY2023. Seamless execution of a strong backlog, revenue mix, service focus and capacity utilization led to increased revenue across almost all businesses and divisions. In addition to the above, Electrification leveraged positive price impact, Motion from products, system drives, Process Automation from commissioning projects complementing the infrastructure surge and energy requirement, and Robotics from construction and automotive industry’s recovery.

During the quarter, the Company’s Measurement and Analytics division launched ABB Ability SmartMaster, an asset performance management platform designed for the verification and condition monitoring of instrumentation and field devices across various industries in India. ABB India’s traction division formed a strategic partnership with Titagarh Rail Systems to supply propulsion systems for metro rolling stock projects in India and another one with Tata Steel to jointly explore technologies to help reduce carbon footprint for steel production.

Profit and cash flow from operating activities
The company reported a Profit before tax (before exceptional items and one-offs) of INR 454 crore, up 13 percent for the quarter and INR 1,659crore for CY2023 up by 22 percent. For the year all the business areas posted a solid double digit growth riding on higher margin orders along with operating leverage across diverse market segments. The increase of profitability during the quarter was due to better cost absorption driven by higher capacity utilization, revenue mix and price realization, supported by softening of commodity prices. It is also to be noted that the above results for the quarter include a cost impact of INR 10.5 crore compared to a positive impact of INR 30 crore in the previous year’s same quarter.

Income Tax expenses for the quarter was INR 108.5 crore with an Effective Tax Rate (ETR) of 23.9 percent and for the calendar year it was INR 410.7 crore with an ETR of 24.8 percent.

Profit after tax reported at INR 345 crores for the quarter, and INR 1248 crore for CY2023, Y-o-Y.

The company’s cash position continues to remain robust at INR 4,727 crore at the end of Q4 and CY2023. The Net Working Capital increase is mainly witnessed in inventories which are consciously built to cater to the delivery of the backlog as per the agreed schedule.


The Company reported an EPS of INR 16.29 for the fourth quarter as compared to INR 14.44 and INR 58.90 for CY2023 vis-à-vis INR 48.40 Y-o-Y reflecting the growth in profitability of the operations.


The Board recommends a final dividend of INR 23.8 per share, this is in addition to special dividend of INR 5.5 per share declared in Q2 CY2023.

Sustainability in practice

In CY2023, ABB India has achieved 87.3* percent reduction in own GHG (scope 1 and 2) emissions as compared to 2019 baseline, across all manufacturing locations. Aligned with the resource conservation commitment, 50% of manufacturing facilities have been certified as Water Positive with an improvement of 6% of water recyclability in the year 2023 as compared to last year. The Company is also promoting circularity in its operations & products where, one of the factories has been certified as Zero waste to landfill site with overall waste recyclability of ~95% this year.

* Assumption was taken for 2023 fleet emission based on Q4’22 data (highest fleet).


ABB India is poised for enhanced market penetration, leveraging its diverse portfolio to capitalize on increased economic activities across power transmission, clean energy, railways and metro, public infrastructure, automation, ably supported by government investments. The Company is pioneering advancements in sectors like data centers, electronics, and logistics, aiming for sustained growth despite external headwinds and challenges such as exchange rate volatility, climate change and food inflation, escalation of geopolitical tensions and impact on international trade, global trade imbalances, commodity price fluctuations and possible drying up of global liquidity for industrial countries. ABB India remains steadfast in its commitment to navigate these obstacles with more efficiency and agility. Its differentiated offerings and leadership position driving growth, while embedding sustainability across its operations.

ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. The company’s solutions connect engineering know-how and software to optimize how things are manufactured, moved, powered and operated. Building on over 140 years of excellence, ABB’s more than 105,000 employees are committed to driving innovations that accelerate industrial transformation.



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