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ABB India has dipped 6% to Rs 1,085 on BSE after reporting a lower-than-expected net profit of Rs 45 crore for the quarter ended September 2014. The company had registered a profit of Rs 36 crore in a year ago quarter.
“Tight market liquidity conditions and high cost of capital continue to weigh on earnings”, ABB said in a statement.
The company’s order backlog stood at Rs 7,666 crore at the end of the quarter as compared to Rs 8,252 crore for the same period last year.
Order intake during the quarter remained subdued as few large orders were awarded and some are awaiting contract closure, it added.
Revenues grew by 3.3% to Rs 1,845 crore against Rs 1,786 crore in the corresponding quarter of previous year.
Analysts on an average had expected profit of Rs 67 crore on revenues of Rs 1,957 crore.
The stock opened at Rs 1,156 and touched a high of Rs 1,179 on BSE, before the announcements of Q3 results. A combined 277,096 shares changed hands on the counter so far on NSE and BSE.
“Tight market liquidity conditions and high cost of capital continue to weigh on earnings”, ABB said in a statement.
The company’s order backlog stood at Rs 7,666 crore at the end of the quarter as compared to Rs 8,252 crore for the same period last year.
Order intake during the quarter remained subdued as few large orders were awarded and some are awaiting contract closure, it added.
Revenues grew by 3.3% to Rs 1,845 crore against Rs 1,786 crore in the corresponding quarter of previous year.
Analysts on an average had expected profit of Rs 67 crore on revenues of Rs 1,957 crore.
The stock opened at Rs 1,156 and touched a high of Rs 1,179 on BSE, before the announcements of Q3 results. A combined 277,096 shares changed hands on the counter so far on NSE and BSE.
