ABB India reported a net profit of Rs 71 crore on sales of Rs 1,976 crore in the March quarter, meeting estimates. Shares in the power equipment maker however slumped over 8 per cent today as ABB India's order inflow was weaker than estimated in Q1. ABB follows a January-December financial year.
"Large orders, especially those based on industry capex, remained scarce as customers continued to delay investment decisions on low demand and under-utilized capacity," ABB India said in a release to Bombay Stock Exchange.
ABB's net profit was boosted by a significant increase in other income, which came in at Rs 15 crore compared to Rs 7 crore year-on-year.
ABB's EBITDA or operating profit came in at Rs 169 crore against estimates of Rs 173 crore.
As of 10.46 a.m., ABB India shares traded 4.07 per cent lower at Rs 1,290.80 apiece compared to 0.13 per cent fall in the broader Sensex.
Source : profit.ndtv.com