ABB slips on disappointing Q1 earnings
Q1 net profit down 11% yoy at Rs 42.56 crore mainly due to higher interest cost.
ABB is trading lower by 2.5% to Rs 523 after reporting 10.7% year-on-year (yoy) drop in net profit at Rs 42.56 crore for the quarter ended March 31, 2013 (Q1), due to higher interest cost. The company had profit of Rs 47.64 crore in year ago quarter.
The company’s interest burden increased by almost four-time to Rs 19.75 crore from Rs 5.40 crore during the recently concluded quarter.
“Total income from operations however, grew 10% yoy to Rs 1,970 crore mainly on account of 32% yoy revenue growth in power system segment,” ABB said in a press release.
Meanwhile the company reported 8.9% yoy decline in order backlog to RS 8,229 crore, it added.
The stock opened at Rs 535 and touched low of Rs 496 on NSE. A combined around 28,493 shares have changed hands on the counter so far on NSE and BSE.
The company’s interest burden increased by almost four-time to Rs 19.75 crore from Rs 5.40 crore during the recently concluded quarter.
“Total income from operations however, grew 10% yoy to Rs 1,970 crore mainly on account of 32% yoy revenue growth in power system segment,” ABB said in a press release.
Meanwhile the company reported 8.9% yoy decline in order backlog to RS 8,229 crore, it added.
The stock opened at Rs 535 and touched low of Rs 496 on NSE. A combined around 28,493 shares have changed hands on the counter so far on NSE and BSE.