The maker of chargers for electric vehicles, industrial motors and drives said it now expected to increase its revenues by at least 10% this year, up from 5% previously, and increase its profit margin.

The company said its net profit rose 72% to $1.04 billion in the three months to the end of March, beating forecasts for $877 million in a company-gathered consensus of analyst estimates.

The figure was boosted by $200 million tax gain from the sale of its Power Grids business.

Operational earnings before interest, tax and amortisation increased by 28% to $1.28 billion, beating forecasts for $1.15 billion. Revenue came in ahead of forecasts (7.55 billion), rising 13% to $7.86 billion.