ABB India reports 25% rise in Q3 profit at Rs 45 crore

Revenues for the period went up marginally by 3.30% to Rs 1,845 crore

ABB India Limited, a provider of power and automation technologies to utilities, on Tuesday announced a 25 per cent rise in net profit at Rs 45 crore for the third quarter ended September this year, compared to Rs 36 crore in the corresponding quarter of 2013. The operating profit for the quarter was up 20 per cent to Rs 96 crore as against Rs 80 crore in the year-ago quarter. Its revenues for the period went up marginally by 3.3 per cent to Rs 1,845 crore as against Rs 1,786 crore in the year-ago period.

The company maintained a healthy double digit growth in earnings for the quarter demonstrating benefits from improved execution, better productivity and continued savings from operational excellence initiatives. Tight market liquidity conditions and high cost of capital continue to weigh on earnings.

“We hope the positive sentiments will transform into on-ground reality soon. In the meanwhile, we continue to push hard on our growth initiatives, while we drive our relentless execution and further step up the momentum on cost savings,” said Bazmi Husain, managing director, ABB. ABB India stock closed 0.8 per cent down at Rs 1,146 on the BSE on Tuesday

Chairman resigns
Meanwhile, ABB announced changes in its board of directors. Gary Steel resigned as director and chairman of the board with effect from Tuesday. Frank Duggan has been appointed as non-executive director, as a replacement for Gary Steel.