ABB India lost 0.06% to Rs 1,154.95 at 14:56 IST on BSE after net profit rose 25% to Rs 45 crore on 3.3% growth in revenue to Rs 1845 crore in Q3 September 2014 over Q3 September 2013.
The Q3 result was announced during market hours today, 28 October 2014.
Meanwhile, the S&P BSE Sensex was up 112.05 points or 0.42% at 26,864.95.
On BSE, so far 53,000 shares were traded in the counter as against average daily volume of 14,121 shares in the past one quarter.
The stock was volatile. The stock lost as much as 6.1% at the day's low of Rs 1,085.10 so far during the day. The stock rose as much as 2.02% at the day's high of Rs 1,179 so far during the day. The stock had hit a 52-week high of Rs 1,263.50 on 22 September 2014. The stock had hit a 52-week low of Rs 568.05 on 30 January 2014.
The stock had underperformed the market over the past one month till 27 October 2014, declining 0.26% as compared with Sensex's 0.48% rise. The scrip had, however, outperformed the market in the past one quarter, advancing 11% as compared to the Sensex's 2.4% rise.
The large-cap company has equity capital of Rs 42.38 crore. Face value per share is Rs 2.
The net profit of Rs 2.42 crore of Baldor Electric India (erstwhile wholly owned subsidiary of the company) on amalgamation, from the appointed date i.e. 1 April 2012 to 31 December 2012 of the earlier year has been accounted separately in the previous year ended 31 December 2013. The scheme has become effective on 1 November 2013. The financial results for the corresponding three months ended 30 September 2013 in the previous year and year to date figures for the previous year ended 30 September 2013 has been restated to include results of operations of Baldor in these periods, ABB India said.
ABB India said that revenues grew across all divisions and exports continued to remain in focus.
ABB India said it maintained a healthy double digit growth in earnings for the quarter demonstrating benefits from improved execution, better productivity and continued savings from operational excellence initiatives. Tight market liquidity conditions and high cost of capital continue to weigh on earnings, ABB India said in a statement.
ABB India's orders declined 19.35% to Rs 1421 crore in Q3 September 2014 over Q3 September 2013. Order intake during the quarter remained subdued as few large orders were awarded and some are awaiting contract closure, ABB India said in a statement.
The company's order backlog stood at Rs 7666 crore at the end of 30 September 2014, as compared to Rs 8252 crore as on 30 September 2013.
Bazmi Husain, MD, ABB India said, "We hope the positive sentiments will transform into on-ground reality soon. In the meanwhile we continue to push hard on our growth initiatives while we driver our relentless execution and further step up the momentum on cost savings. ABB in India is well positioned to cater to the next level of growth, continued to create value for our customers and stakeholders".
ABB is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact.
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