ABB India Jul-Sep net profit up over 7 pc to Rs 85 cr

Engineering firm ABB India Ltd on Thursday reported a 7.60 per cent rise in net profit at Rs 85 crore for the quarter ended September 30. ABB India had posted a net profit of Rs 79 crore in the quarter ended September 30, 2019, a BSE filing said. The company follows January to December financial year.

Engineering firm ABB India Ltd on Thursday reported a 7.60 per cent rise in net profit at Rs 85 crore for the quarter ended September 30. ABB India had posted a net profit of Rs 79 crore in the quarter ended September 30, 2019, a BSE filing said.

The company follows January to December financial year. Total revenue from operations declined to Rs 1,612 crore from Rs 1,746 crore in the year-ago quarter.

The company's expenses during the quarter under review fell to Rs 1,518 crore from Rs 1,649 crore in the corresponding quarter a year ago. The quarter was marked by orders from transportation, pharma, energy and water segments. Total orders for the quarter were at Rs 1,308 crore, the company said in a separate statement.

However, overall orders remained impacted given uncertainty in the economic environment and extended decision-making cycles. Export orders continued to experience limited momentum. Service and maintenance orders witnessed a decline with customers postponing decisions to future quarters, keeping in mind the logistical challenges being faced during the pandemic, it added.

ABB India Managing Director Sanjeev Sharma said, "ABB's agile and resilient customer engagement has led to an improved sequential order inflow, supported by good recovery in a few market segments. "We have seen consistent improvements over the past couple of months with improved order execution across some key segments and industries, which are ramping up production post the lockdown," Sharma added.