ABB profit rises 18.1% to Rs83.4 crore
ABB Ltd on Tuesday reported an 18.1% jump in net profit to Rs83.4 crore in the quarter ended September, despite a 6.8% drop in revenue to Rs1,915.4 crore, thanks to a 125 basis point expansion in earnings before interest, taxes, depreciation and amortization margin to 7%.
The company said revenue across each of its four segments – robotics and motion; electrification products; industrial automation; and power grids—recorded negative revenue growth both sequentially and year-on-year.
However, despite the drop in revenue, some of these segments performed extremely well with regard to their contribution to the company’s bottom line. The power grid segment, for instance, despite a 14.3% drop in revenue, recorded a threefold jump in profit before interest and tax (PBIT) to Rs52 crore.
The company’s bottom line has also got a major boost in terms of lower tax outgo as its tax rate has dropped from 35.5% of profit before tax to 29.2%.
- Govt nominates nine more smart cities
- Gold prices break 2-day slide, recover Rs20 on jewellers’ buying
- Mamata asks Centre to declare Vivekananda, Netaji birthdays as national holiday
- World Economic Forum: India to offer yoga classes during Davos summit
- Donald Trump signs bill renewing NSA’s internet surveillance programme