ABB India, the Bangalore-based power and automation technologies provider, saw its net profit drop 9.4 per cent y-o-y to Rs 104.79 crore for its third quarter ended September 30, 2008. The company reported a 10.2 per cent rise in its net sales to Rs 1,519.1 crore during the third quarter compared to the year ago period.
Commenting on the results, Biplab Majumder, MD, ABB India said, “We remain optimistic about the growth of the economy and feel new capacity addition in power and industry will continue. However, we feel a temporary slowdown may be here for a while and industry and government will have to work together to see it through. Our ongoing expansion plan of adding capacities in the existing product lines and introducing new products in the existing range will add to the overall growth in the coming quarters.”
The order intake during the third quarter was Rs 1,889.1 crore, 13 per cent higher than the correponding quarter last fiscal. This took the cumulative order intake for the nine month period ending September 2008 rose to Rs 6,793.1 crore, an increase of 20 per cent over the same period in the previous year as the company continued to strengthen its order book.
The company received several significant orders during the quarter, including successes in new revenue streams.