)
The rise in profits was due to better execution and continuous cost optimization during the quarter.
The revenues for the quarter, however, declined 8 per cent to Rs 1,810 crore compared to Rs 1,964 crore in the corresponding quarter last year. The revenues were supported by the execution of one large order from renewable energy sector.
ABB received orders worth Rs 1,982 crore during the quarter ended March 31, 2014 compared to an order intake of Rs 1,540 crore for the same period last year, a growth of 28.7 per cent over the previous year. During the quarter the company received large orders for transformers, substations as well as medium voltage drives and traction converters. The company continued its progress towards localisation and value chain optimisation to remain competitive, according to a statement from the company.
The order backlog remains strong at Rs 7,876 crore at the end of the quarter as against Rs 8,257 crore for the corresponding period in 2013.
"We had a satisfactory first quarter despite an indecisive investment climate. A balanced portfolio of customer offerings and relentless execution has helped us deliver profitable growth. Our new upgraded production facilities, coupled with cost efficient technologies will further strengthen our position as the market revives," said Bazmi Husain, Managing Director, ABB India Limited.
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