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ABB Q1 net down 18.6% to Rs48 crore on forex loss

The company reported marginally lower revenues and a forex loss of Rs33 crore during the quarter

Mumbai: Power and automation technology provider ABB reported 18.6% dip in net profit for the first quarter ended 31st March at Rs48 crore, mainly on the back of volatility in forex, reports PTI.

The company's net profit in the corresponding period last year stood at Rs59 crore. Total revenues for the quarter declined marginally to Rs1,773 crore from Rs1,781 crore in the year-ago period.

"The earnings were adversely impacted by the volatility in forex," ABB Country Manager and Managing Director Bazmi Husain said in a statement. The company reported a forex loss at Rs33 crore during the quarter.

"Some of our initiatives, including operational excellence, have helped to bring significant improvements in the current tough market scenario," he said.

"We continue to maintain a positive outlook as we move forward with our investment plans for new manufacturing lines, enhance existing capacities, introduce new products and solutions through use of best in class engineering and R&D."

During the quarter, the company received orders worth Rs1,632 crore as compared with an order intake of Rs1,695 crore for the same period last year.

"While the businesses relating to power sector continued to grow, those dependant on systems business were impacted due to poor market sentiments, primarily driven by over capacities and high cost of capital," Husain said.

As on 31st March, ABB's order backlog stood at Rs9,028 crore against Rs8,329 crore in the same period in 2011. "With this strong order backlog, revenues of the company for the coming quarters remain secured," Mr Husain added.

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