ABB Power India's net profit declines 80% to Rs 10.9 cr in Apr-Jun qtr

ABB Power Products and Systems India Ltd on Wednesday said its net profit declined about 80 per cent to Rs 10.90 crore in the June 2020 quarter.

Its net profit had stood at Rs 60.66 crore in the corresponding period a year ago, according to a BSE filing.

The company during April-June 2020 reported a total income of Rs 634.27 crore, significantly lower than Rs 1,086.55 crore in the year-ago period.

Total expenses also fell to Rs 619.34 crore, compared with Rs 989.97 crore a year ago.

"The spread of Covid-19 severely impacted businesses," the company said.

It added that there has been severe disruption to regular business operations due to lockdowns, which led to disruptions in transportation, supply chain, and travel bans, among others.

ABB Power Products and Systems India had shut plants and offices following the nationwide lockdown announced by the government to contain the spread of Covid-19.

From the last week of April 2020, operations at plants have commenced in a phased manner considering directives from the authorities.