ABB India posts 25% jump in Q3 net profit

ABB India posts 25% jump in Q3 net profit

Power and automation technology major ABB India on Tuesday reported 25 per cent increase in net profit for the third quarter ended September 30, 2014 at Rs 45 crore compared to Rs 36 crore in the same period last year.

Total income from operations rose 3.3 per cent to Rs 1,845 crore from Rs 1,786 crore a year ago, the company said.The company maintained healthy growth in earnings for the quarter demonstrating benefits from improved execution, better productivity and continued savings from operational excellence initiatives.

Profit before tax (PBT) stood at Rs 69 crore for the quarter, a company statement said.
The company’s order intake during the quarter declined 19.35 per cent to Rs 1,421 crore compared to Rs 1,762 crore for the same period last year.

Total order backlog for the company at the end of the third quarter stood at Rs 7,666 crore compared to Rs 8,252 crore in Q3 of 2015. Operational EBIDTA during the quarter stood at 7.2 per cent compared to 6.2 per cent in the same period last year, the company said.

Management rejig
The company has reconstituted its board after director and chairman Gary Steel resigned with effect from October 28 this year. Frank Duggan has been appointed non-executive director as a replacement for Gary Steel. Steel had joined the board of ABB India on February, 2009. Duggan has also been appointed chairman of the board of ABB India with immediate effect, the company said.

Tarak Mehta has been appointed as non executive director in place of Peter Leupp, who had served on the board of ABB India since July 26, 2007. Mehta is executive vice-president, global head of low voltage products division.

“We hope the positive sentiments will transform into on-ground reality soon,” ABB India Managing Director Bazmi Husain said.