Home >Companies >Company Results >ABB Power Products posts 6.9% fall in Q3 revenue at Rs1,044 crore

ABB Power Products India has reported 6.9% fall in total revenues for the December quarter (Q3 FY21) on a consolidated basis at 1,044 crore.

The company formed two years ago by demerger from ABB India's power grid business.

While the Covid-19 pandemic impacted revenues, it is yet to see its topline revenues fully recover. The company caters to the power segment and demand tends to be cyclical.

The consolidated profit after tax was up by nearly 55% at 55 crore. On a pre-exceptional basis, the profit was actually lower than the December 2019 quarter.

However, there was an exceptional write-down of 39 crore on account of demerger expenses. At the same time, the December 2020 quarter saw a clawback of 32 crore towards previous provisions made for customer receivables, which has now been reversed.

The combination of exceptional loss in December 2019 and exceptional gain in December 2020 resulted in net profit growing.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Edit Profile
My ReadsRedeem a Gift CardLogout