ABB India has shown signs of revival during the first quarter ended March 2013, with a growth of 10 per cent in revenues despite delay in decision-making by the customers. It has also recorded growth in orders for its short-cycle business, which are fast moving orders for the company. ABB follows January to December financial year.
Bazmi Husain, Managing Director of ABB said that ABB is now looking at fresh growth opportunities in areas such as energy efficiency and solar. It is also upgrading its factories, setting up new plants for gas-insulated switchgear (GIS) and dry-type distribution transformers.
For the quarter ended March 2013, ABB reported 10 per cent growth in revenues at Rs 1,953 crore over the same quarter last year.
Its net profit, however, fell 11 per cent to Rs 43 crore. This was because calendar 2012 proved to be a difficult year for ABB India. Decline in large orders triggered a drop of 15 per cent in order inflows last year. Additional costs required for executing orders due to inordinate delays in projects also hit profitability. The company’s earnings before interest, taxes, depreciation, and amortisation (Ebitda) margin adjusted for forex loss was just four per cent.
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