ABB Ltd., provider of power and automation technologies, reported a lower net profit for the first-quarter, hurt by low price realization and tight market conditions,
The Bengaluru-based company's first-quarter net profit fell by 11 percent to Rs.42.56 crore or Rs.2.01 per share from the Rs.47.64 crore or Rs.2.25 per share for the quarter ended March 31, 2012..
Net income from operations for the quarter was at Rs.1,953.36 crore, up by ten percent from last year's Rs.1,773.04 crore, while other operating income amounted to Rs.16.66 crore, compared with Rs.17.27 crore in the previous year quarter.
During the quarter, income from 'Power Systems' segment was Rs.751.92 crore, compared with Rs.568.86 crore in the year-ago quarter., while that of 'Power Products' totaled Rs.442.13 crore, up by percent from the Rs.458.02 crore last year.
Income for the quarter from 'Process Automation' segment declined by percent to Rs.280.26 crore from Rs.303.86 crore in the previous year quarter, whereas 'Discrete Automation Production and Motion' segment income stood at Rs.442.02 crore, flat from last year's from Rs.414.06 crore.
Income for the quarter from 'Low Voltage Products' segment amounted to Rs.141.35 crore, up by percent from the Rs.144.65 crore last year, while that from 'Unallocated' was Rs.10.52 crore, compared with Rs.7.17 crore a year-ago.
The order intake during the quarter was Rs.1,531 crore, compared with an order intake of Rs.1,663 crore for the same period last year.
The order backlog as at the end of March this year stood at Rs.8,229 crore, compared to Rs.9,028 crore for the corresponding period in 2012.
The board has proposed a change in the name of the company from "ABB Ltd.' to 'ABB India Ltd.", subject to approval of the shareholders at the ensuing AGM and subject to approval of regulatory authorities.
ABB India Country Managing Director Bazmi Hussain 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."
ABB closed Wednesday's trading at Rs.536.25, up 2.19 percent from the previous close.
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