 "ABB Jul-Sep net jumps 78%")
The company stated that the profit figure was after giving impact to the scheme of amalgamation related to previous year.
The Bombay High Court has approved ABB's amalgamation with Baldor Electric India Pvt. Ltd, and it is effective from November 1 2013.
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The company had posted a net profit of Rs 21.37 crore in the same period last year.
Focused initiatives in streamlining operations, optimising costs and increasing localisation are yielding sustainable improvements, ABB said in a statement.
Savings from these initiatives have helped balance the adverse impact of continuing price erosion and weak market condition, it added.
However, ABB's total income from operations declined to Rs 1,785.90 crore from Rs 1,808.61 crore in the same period last year.
The company continues to follow a policy of cash over revenue in its businesses to mitigate perceived credit risks in the market, ABB said.
Stating that ABB has received orders worth Rs 1,762 crore during the quarter, registering a five% growth over the order intake of Rs 1,679 crore for the corresponding quarter last year, the statement said "emerging sectors like renewables, exports and rail continued to grow faster than the conventional market segments."
The company's order backlog stood at Rs 8,252 crore at the end of the quarter as compared to Rs 9,062 crore during the same period last year, it added.
Commenting on the results, Bazmi Husain, Managing Director ABB India Limited, said: "The economic environment in India remains muted and Capex investments continue to be deferred. While the renewed momentum in reforms is a welcome measure, the markets are yet to realise its tangible benefits.
"In the meantime, we continue to pursue new growth opportunities, indigenise our portfolio and innovate to stay ahead," he added.