ABB Q1 net up 19% to 57 cr

Revenue up 6% to Rs 1,933 crore; company follows January to December accounting period

ABB India Ltd today announced that its net profit has risen 18.75 per cent to Rs 57.45 crore for the second quarter ending June.

ABB, the Indian unit of Swedish power equipment firm, said revenue grew 6 percent during the quarter to Rs 1,932.64 crore. ABB follows the January to December accounting period.

ABB reported profit of Rs 47.59 crore on revenue of Rs 1,822.59 crore for the second quarter in 2014

The initiatives towards operational excellence have been yielding results, fortifying margins, the firm said in a statement. The company received orders worth Rs 1,895 crore in the second quarter of 2015.

"Emerging segments, exports and a push for technology upgrade and grid stability solutions helped keep the momentum in orders," the company said in a statement.

Bazmi Husain, Managing Director, ABB India, said, "We have delivered a steady performance in a market where investments are still to gather momentum."

The company said that markets witnessed selective capital expenditure by utilities, while de,and for industry continued to remain dispersed. The service portfolio recorded double-digit growth in a market witnessing selective investment in new projects. Base orders, the company said, held steady in the first six months of the year.

The order backlog of the company stood at Rs 7,956 crore as on June 30, 2015.

Shares of ABB India Limited closed 2.68 per cent down to Rs 1,368.40 on the BSE.