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ABB June qtr net flat, buys Baldor unit

ABB June qtr net flat, buys Baldor unit
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First Published: Tue, Aug 09 2011. 04 59 PM IST
Updated: Tue, Aug 09 2011. 04 59 PM IST
Mumbai: ABB Ltd , a unit of Switzerland’s ABB, expects its current order book position to ensure ‘steady’ revenue generation in the near term, it said, after it posted a mixed set of numbers for April-June quarter.
The power equipment maker and automation provider reported flat net profit for April-June quarter at Rs 38.72 crore, with a 17% growth in its net sales to Rs 1,712 crore.
“The benefits arising out of our cost focus helped reduce the impact on margins due to the prevalent external environment characterized by intense competition, low market prices and higher input costs,” the company said in a statement.
The current order backlog for the firm was flat year on year at Rs 8,415 crore, while it won 45% more orders in the quarter — or worth Rs 1790 crore, it added.
“The company expects to benefit from significant opportunities in large projects that are awaiting procedural clearances.”
Meanwhile, the firm’s board has approved to buy Indian unit of US-based Baldor Holdings Inc for Rs 35.7 crore. ABB Group acquired US-based Baldor Electric Company in January.
Shares in the firm, valued by the market at $3.5 billion, held 1.8% higher so far in 2011, while the benchmark tumbled 17% during the same period. Shares closed 0.46% higher on Tuesday at Rs 810.8 in a weak Mumbai market.
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First Published: Tue, Aug 09 2011. 04 59 PM IST