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| ABB India net down 37% in Q1 |
| BS Reporter / Bangalore Aug 05, 2009, 10:54 IST |
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ABB India, a provider of power and automation technologies that enable utility and industry customers to improve their performance, has reported a drop of 37 per cent in its net profit at Rs 83.6 crore for the second quarter ended June 30, 2009 compared to the corresponding quarter last year. Its profit before tax has also declined by 36 per cent to Rs 128 crore for the quarter as against an year ago period.
The revenues for the second quarter were down by 7 per cent to Rs 1,526 crore as compared to the year ago period. During the quarter the company booked orders worth Rs 2,111.6 crore, a drop of 4 per cent over the corresponding quarter. The total order backlog as on June 30, 2009 stood 13 per cent higher at Rs 7,622.3 crore. The total orders booked during the first half of the year 2009 were 10 per cent lower at Rs 4,415 crore.
Biplab Majumder, vice chairman and managing director, ABB India said, "The market dynamics of the Indian economy are shifting. It is evident that public expenditure is greater than private investment. Improvement in the macroeconomic indicators and the expected growth in GDP are encouraging. The business outlook in most of the key sectors is turning positive again, although certain industrial segments
continue to face challeges in driving demand."
The strong order intake during the first two quarters of this year has helped the company strengthen the order backlog from Rs 6,776.9 crore at the end of first half of 2008 to Rs 7,622.3 crore at the end of June 2009, registering a 13 per cent increase year on year.
"The economy is entering the recovery phase now coupled with a stable government in place. We remain optimistic about the long term business prospect for ABB. However, it still remains to be seen how long before the stable phase of growth would return," he added.
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