Power and automation major ABB Ltd India’s net profit for the third quarter (July-September) nearly doubled year-on-year to Rs 22.2 crore, helped by strong orders from core sectors.
The company’s net profit for the three-month period was, however, lower than analysts expectation of Rs 55 crore. ABB’s third quarter net sales rose 29% year-on-year to Rs 1,726.3 crore, better than analysts expectation of Rs 1,570 crore.
ABB received new orders worth Rs 2,492.6 crore in July-September, up 23% from a year ago.
"The company’s orders grew on account of large orders from core industries like steel, pulp and paper as well as power industry. The company also expects to benefit from significant opportunities in large projects that are awaiting procedural clearances," it said on Tuesday.
ABB, however, said it is concerned over rising interest rates and slowing industrial growth.
It had an order backlog of Rs 9,151.3 crore as of end-September.
In the third quarter, ABB’s total expenses rose 28% year-on-year to Rs 1,703.13 crore. Its current tax expenses also surged 43% to Rs 19 crore in the quarter.
"The company is increasingly leveraging its local R&D presence for design optimisation of its global product portfolio as well as help support technological development at the group level," said Bazmi Husain, country manager and MD.
ABB shares were trading up over 4% at Rs 705.80 on NSE post the earnings announcement.
Source: www.moneycontrol.com
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