ABB India, a provider of power and automation technologies, today reported a 33.3 per cent decline in its net profit at Rs 78.4 crore for its first quarter ended March 31, 2009, as compared to the corresponding quarter last year. The company registered a 9.4 per cent decrease in its revenues for the quarter at Rs 1,407.4 crore compared to the first quarter last year.
Its profit before tax for the quarter also declined by 33.1 per cent to Rs 120.3 crore as compared to the same period a year ago. Its order intake during the quarter showed a 14.5 per cent drop at Rs 2,303.3 crore as against the same period last year. Its total order book position at the end of first quarter stood at Rs 7,031.5 crore, showing a growth of 14.1 per cent compared to the position at the beginning of the year.
Commenting on the performance of the company, Biplab Majumder, vice-chairman and managing director, ABB India, said: “The market sentiment has considerably improved as visible with the 83 per cent growth in orders received compared to the fourth quarter of 2008. However, due to the slowdown, the impact is still being felt and this will take some time to ease out.”
The company remains optimistic about the power sector with utilities investing in new capacity and augmentation across generation, transmission and distribution as well as improvements in grid reliability and efficiency, he said.
“Despite the slowdown, focus on improving operational excellence and improving energy efficiey in industries will continue to drive demand for our automation solutions,” he added.
