ABB Ltd’s profits have dropped by 10.66 per cent to Rs 42.56 crore on a standalone basis for the first quarter of this calendar year 2013.
The company’s income from operations is higher 10.17 per cent to Rs 1,953.36 crore compared to the same quarter last year. EPS stood at Rs 2.01 compared with Rs 2.25 recorded last year.
“Improvements achieved through cost optimisation and operational excellence was eroded by low price realisation and tight market conditions,” said Bazmi Husain, Managing Director, ABB Ltd, India.
The company received orders worth Rs 1,531 crore during the first quarter ended March 31, 2013, compared to an order intake of Rs 1,663 crore for the same period last year.
Husain said, “The company’s balanced portfolio and strong presence across sectors contributed to steady performance in a muted market with customers continuing to exercise caution on large investments while base orders continued to grow. The company continues to assess risk-return profile especially of large projects in the current market environment.”
The company’s order backlog continued to remain strong at Rs 8,229 crore by the end of the quarter against Rs 9,028 crore for the corresponding period last year.
Husain further said, “While there appears to be a pause before the economy recovers, we continue to focus on cost and growth, while addressing emerging opportunities such as renewables and energy efficiency by introducing technology and products to meet the changing market needs”.
Name change
The company’s board of directors, which met on May 8, has noted the resignations of Francis Duggan and Arun Kanti Dasgupta, Directors, with effect from May 7 and May 8, respectively. Shareholders at the Annual General Meeting held on May 9 approved the change of name from ‘ABB Ltd’ to ‘ABB India Ltd’.