ABB India reports net profit of Rs 85 crore for July-September quarter

Bengaluru (Karnataka) [India], November 5 (ANI): ABB India Limited posted a net profit of Rs 85 crore for the July-September quarter of 2020-21, a company statement said here on Thursday.
The company had posted a net profit of Rs 79 crore in the corresponding quarter in the last year.
The company follows the January to December financial year (FY) system, making July-September the third quarter.
According to the statement, the revenues of the company declined from Rs 1,746 crore in the year-ago quarter to Rs 1,612 crore this year.
“On an overall basis, the impact of shortfall in revenues was partially offset by lower operational costs and proactive cost-saving initiatives,” it stated.
Meanwhile, the operational Earnings before interest, taxes, and amortization (EBITA) in Q3 this year stood at Rs 103 crore, as compared to Rs 119 crore in the last.
Further, the company stated that although overall orders continue to be impacted owing to the “uncertainty in the economic environment”, the quarter was “marked by orders from the transportation, pharma, energy, and water segments. Total orders for the quarter were at Rs 1,308 crore.”
The major orders include traction motor and convertor order for Indian Railways, metro projects, and compact secondary substations and ring main units for a private power distribution company, among others.
“The quarter was also marked by two major launches – the antibacterial range of switches – Tvisha and the unveiling of eMart – ABB India’s e-marketplace with more than 6,500 products and solutions from electrification and motion business areas,” the statement read. (ANI)