ABB India lost 1.08% to Rs 1091.25 at 15:06 IST on BSE after net profit rose 20% to Rs 48 crore on 3.69% growth in revenue to Rs 1794 crore in Q2 June 2014 over Q2 June 2013.
The Q2 result was announced during market hours today, 23 July 2014.
Meanwhile, the S&P BSE Sensex was up 93.09 points or 0.36% at 26,118.89.
On BSE, so far 64,000 shares were traded in the counter as against average daily volume of 25,594 shares in the past one quarter.
The stock was volatile. The stock lost as much as 3.86% at the day's low of Rs 1,060.60 so far during the day. The stock rose as much as 3.97% at the day's high of Rs 1,147 so far during the day. The stock had hit a 52-week high of Rs 1,200 on 2 July 2014. The stock had hit a 52-week low of Rs 448.10 on 30 August 2013.
The stock had outperformed the market over the past one month till 22 July 2014, surging 7.42% as compared to the Sensex's 3.67% rise. The stock had also outperformed the market in the past one quarter, advancing 34.29% as compared to the Sensex's 14.36% rise.
The large-cap company has equity capital of Rs 42.38 crore. Face value per share is Rs 2.
ABB India said that the top line during the quarter remained stable with encouraging growth mainly from short cycle business. The company maintains its policy of cash over revenue, ABB India said in a statement.
ABB India attributed the growth in bottom line during the quarter to higher focus on continuous localization, cost optimization and striking the right balance of risks and returns.
ABB India received orders worth Rs 2019 crore in Q2 June 2014, compared to order intake of Rs 1749 crore in Q2 June 2013. Focus on short cycle orders have been supported by increase in large orders, ABB India said. Exports continued to grow at a faster pace while emerging business streams also supported the growth momentum, the company said in a statement.
The company's order backlog stood at Rs 8083 crore as on 30 June 2014 as against Rs 8260 crore as on 30 June 2013. The order backlog position of the company has been steadily increasing over the last six months providing revenue visibility, ABB India said in a statement.
Bazmi Hussain, MD, ABB India said, "Another quarter led by a healthy contribution from base and large orders in a challenging business environment. At a time when market sentiments are positive, our intensified efforts ensured greater coverage, innovation and expanded scope of offerings to our customers. ABB is well positioned to continue on a growth trajectory in line with the market".
ABB is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact.
Powered by Capital Market - Live News
