ABB Ltd., provider of power and automation technologies, reported a lower net profit for the first-quarter, adversely impacted by the volatility in forex.
The Bengaluru-based company's first-quarter net profit fell by 20 percent to Rs.47.64 crore or Rs.2.25 per share from the Rs.59.55 crore or Rs.2.81 per share in the first-quarter of 2011.
The forex loss for the quarter under review was Rs.32.76 crore, compared to a gain of Rs.2.91 crore for the same period last year (included in other operating income), it said.
Net income from operations for the quarter was at Rs.1,773.04 crore, flat from last year's Rs.1,781.31 crore. The company continued to focus on operational excellence, supply chain management, project management and engineering to improve its competitiveness.
Other operating income for the quarter amounted to Rs.17.27 crore, compared with Rs.14.66 crore in the previous year quarter.
During the quarter, income from 'Power Systems' segment was flat at Rs.568.86 crore, compared with Rs.572.30 crore in the year-ago quarter., while that from 'Power Products' totaled Rs.458.02 crore, up by four percent from the Rs.439.97 crore last year.
Income for the quarter from 'Process Automation' segment declined by eight percent to Rs.303.86 crore from Rs.329.77 crore in the previous year quarter, whereas 'Discrete Automation Production and Motion' segment income stood at Rs.414.06 crore, flat from last year's from Rs.417.42 crore.
Income for the quarter from 'Low Voltage Products' segment amounted to Rs.144.65 crore, up by 12 percent from the Rs.129.73 crore in Q1FY11, while that from 'Unallocated' was Rs.7.17 crore, compared with Rs.7.72 crore a year-ago.
The order intake during the quarter was Rs.1,632 crore, compared with an order intake of Rs.1,695 crore in Q1 2011.
The order backlog as at the end of March this year stood at Rs.9,028 crore, compared to Rs.8,329 crore for the corresponding period in 2011. With this strong order backlog, the revenues of the company for coming quarters remain secured, the company said.
ABB India Country Manager & Managing Director Bazmi Hussain said, "Some of our initiatives including operational excellence have helped to bring significant improvements in the current tough market scenario. 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."
ABB closed Wednesday's trading at Rs.746.95, down 1.50 percent from the previous close.
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by RTT Staff Writer
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