ABB Ltd, unit of swiss engineering group ABB, posted a 54 per cent fall in quarterly net profit on certain exit costs in some projects and increasing pricing pressure in the market, it said.
ABB Ltd posted a net profit of Rs 38.3 crore compared to Rs 83.6 crore a year ago, on a marginal net sales drop of 4 per cent to Rs 1,446 crore in April-June quarter.
"The market continues to be a challenge, especially on the utility side," Vice Chairman and Managing Director Biplab Majumder said in a statement.
The engineering firm's order intake during the quarter was also sluggish and plunged 42 per cent to Rs 1,235 crore from the year-ago quarter. However, its order backlog was up 12 per cent to Rs 8,532 crore, it said.
"Orders were impacted due to delays in conclusion of a number of large projects...and continued price pressure in the market," it said, adding it will focus on large opportunities in power projects coming up in the later part of the year.
On July 27, its swiss parent announced that it had increased its share holding in the Indian unit to 75 per cent by lapping up about 23 per cent additional shares for up to $965 million.
At 3 pm, shares in the firm were down 4.2 per cent to Rs 810.9 in a Mumbai market that was down 0.7 per cent.
