ABB India has moved higher by nearly 11% at Rs 698 after reporting 67% year-on-year (yoy) growth in net profit at Rs 36 crore for the third quarter ended September 2013 (Q3), despite fall in operational revenue. The company had profit of Rs 21 crore in a year ago quarter.
“Focused initiatives in streamlining operations, optimizing costs and increasing localization are yielding sustainable improvements. Saving from these initiatives has helped balance the adverse impact of continuing price erosion and weak market condition,” said ABB India in a statement.
EBITDA or operating margin improved nearly 200bps at 6.3% from 4.4% during the recently concluded quarter.
The company’s revenue for the quarter declined 1.34% at Rs 1,762 crore from Rs 1,786 crore in the corresponding quarter of previous year.
The stock opened at Rs 633 and hit a low of Rs 625 so far on BSE. A combined 1.5 million shares have changed hands on the counter till 1220 hours on BSE and NSE.
“Focused initiatives in streamlining operations, optimizing costs and increasing localization are yielding sustainable improvements. Saving from these initiatives has helped balance the adverse impact of continuing price erosion and weak market condition,” said ABB India in a statement.
EBITDA or operating margin improved nearly 200bps at 6.3% from 4.4% during the recently concluded quarter.
The company’s revenue for the quarter declined 1.34% at Rs 1,762 crore from Rs 1,786 crore in the corresponding quarter of previous year.
The stock opened at Rs 633 and hit a low of Rs 625 so far on BSE. A combined 1.5 million shares have changed hands on the counter till 1220 hours on BSE and NSE.
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