(Reuters) -Engineering services firm ABB India reported a 3.3% rise in first-quarter profit on Friday, driven by steady demand for products in its electrification and motion segments.
Profit at the Indian arm of Switzerland’s ABB rose to 4.75 billion rupees ($55.63 million) in the three months ended March 31, from 4.59 billion rupees a year ago.
Capital goods companies benefited from increased orders in the reported quarter from sectors such as power generation, transmission and distribution, and defense, analysts said.
Execution of backlog orders is also expected to drive revenue growth in the quarter, they said.
ABB India received orders worth 37.51 billion rupees during the quarter, up 4% from a year earlier.
Revenue from ABB India’s electrification segment, which makes products such as solar inverters and wiring accessories, rose 4.7%. The segment contributes about 43% to the total revenue.
The company’s motion segment, which makes electrical motors and generators and contributes 34% of total revenue, logged a revenue growth of 8.2%.
The company’s overall quarterly revenue rose 2.6% to 31.6 billion rupees.
Last month, parent ABB reported a better-than-expected first-quarter profit.
Shares of ABB India closed 2.9% higher ahead of the results.
($1 = 85.3810 Indian rupees)
(Reporting by Aleef Jahan; Editing by Sahal Muhammed)
