Philips India is back in the black with a net profit of Rs 8.7 crore for the third quarter ended September 30, compared with a net loss of Rs 4.05 crore in the same period of the last financial year.
This is despite the turnover being lower by 6.28 per cent at Rs 379.64 crore, against Rs 405.1 crore in the same period last year.
Philips India executives were unavailable for comment, but it seems clear that the turnaround was due to expenditure cuts. The company
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