ABB India profit drops 26pc in Jan-Mar quarter

ABB India on Wednesday reported a nearly 26 per cent decline in net profit to Rs 66 crore in the January-March quarter of 2020 compared to that of Rs 89 crore in the year-ago quarter. Total income of the company dropped to Rs 1,568.02 crore in the March quarter from Rs 1,869.37 crore in the same quarter of last year, the company said in a statement. The company follows January to December financial year.

"ABB has been responding to the COVID-19 pandemic by looking after the health and well-being of our entire eco-system from employees to customers and suppliers with focus on health awareness and safety measures. "Our contingency planning is evolving each day alongside the government's daily advisory to hedge against supply disruption and production downtimes," said Sanjeev Sharma, Managing Director, ABB India in the statement. With relentless efforts, the company has sustained growth momentum with increase in orders and maintained a solid cash position, he said. "ABB remains committed to drive growth in post COVID-19 period in relevant market segments in domestic and international markets,” he added.

The company said that total orders increased by10 per cent from various sectors including engineering, manufacturing of electrical and transportation equipment and the metals and energy sector. ABB India's order backlog as of March 31, 2020, stood at Rs 4,444 crore, higher than earlier, and this provides some revenue visibility in the coming quarters, it said. PTI KKS MR MR.