ABB India Ltd. share price target

Order Book Continues to Remain Robust; Fairly Valued ABB India's revenue grew by 11% YoY to Rs27.3bn, led by better performance by Power Grids and Industrial Automation business. While revenue from Robotics remained flat, electrification revenue declined by ~10% YoY. Its PAT grew by a soft 5% YoY to Rs1.7bn on the back of weaker operating performance and reduced other income despite lower interest cost and tax outgo. Notably, the stock has witnessed a sharp rally since our initiation report with BUY recommendation in Jan'17. Hence, we change our recommendation to HOLD with an...

Growth in Power grids (+15%) and Industrial automation (+9%) segments led to revenue growth of 11% while earnings expanded only by 5% due to drop in gross margins, lower other income and higher tax outgo in Q4CY17. CY17 order inflowwas higher by 19% and order backlog was higher by 44% at Rs. 115 Bn which offers revenue visibility ~ 1.3x till CY18

ABB sees stronger order inflow from railways/sub-station for electric transport. Further, company is digitalization as theme picking up: be it smart factory pilots or remote monitoring solutions, ABB sees stronger action from cement/pharma/oil...

Be it order inflows or be it revenues: GST spoils the show. Q3CY17, thereby, qualifies for an aberration. With a backlog at Rs121bn, 1.3xCY18 book-bill, however, the revenue recognition should be stronger in days to come. Yet half of...

Order Backlog Comforts Revenue Visibility: Order inflows for 9MCY17 de-grew marginally by 3.8% on YoY basis to Rs.66bn and the same was down in Q3CY17 by 34.8% to Rs.19bn; however, adjusting for large railway order in the previous year, Q3CY17 inflows were flat.

during the quarter. PAT of INR0.5b too missed our estimate of INR0.9b. Gross margin improves 220bp YoY to 36.5% at all-time high: Gross margin improved 220bp YoY to 36.5%, driven by initiatives undertaken over the past 3-4 years toward increased localization, improved operational efficiency and...

Earnings posted CAGR of 28% over CY13-16, driven by closure of loss-making rural electrification jobs and exponential growth in renewables. Renewables now constitutes ~17% of sales and has grown 4-fold in the last 4 years.

ABB's Q2CY17 order inflow at Rs 23 bn increased 13% YoY, better than our/street estimates. Order inflow growth was driven by strong growth of 13% in base orders, 15% in exports and 20% growth in services. Order backlog at Rs 121 bn was up 56% YoY.

With all-time high order backlog of Rs.120bn, the revenue recognition should have been stronger. That was not the case. Agreed, half of orders are medium-to-long cycle. Yet even by the most conservative standards, a 6% growth is doubtless sub-par. Minus Electrification products, the remaining segmentsrobotics and motion, industrial automation and power grids were flat. The projects, as it is evident, are yet to drive the show. For instance, the North East Agra HVDC project is about to hit...

Revenue grew by 2.24% to Rs. 2191.49 Cr in Q2CY17 when compared to the previous quarter. Revenue grew by 2.24% to Rs. 2191.49 Cr in Q2CY17 when compared to the previous quarter.