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Power and automation technology company ABB India Ltd today reported 22% decline in its net profit to Rs 40.34 crore for the second quarter ended June 30, 2013, mainly due to increase in finance costs.
The company had posted a net profit of Rs 51.63 crore in the corresponding quarter of the previous year, ABB said in a regulatory filing to the stock exchange.
The company's total income plummeted over 8% at Rs 1741.64 crore from Rs 1883.79 crore in the same period last fiscal.
The finance cost of the company during the April-June quarter in 2012 stood at Rs 7.86 crore. However, the company registered finance costs to the tune of Rs 26.80 crore during April-June period this year.
Shares of the company closed yesterday at Rs 494.50 apiece, up 4.09% on the BSE.
