ABB India Limited announces Q3 results
- Orders increase in a subdued environment
- Exports and new sectors maintain growth momentum
- Operational results improve on cost optimization and productivity gains
Bengaluru, November 06, 2013 – ABB India Limited, reported results for the third quarter ended September 30, 2013.
Rupees in crores
| Q3 2013|| Q3 2012||9 months|
ended September 2013
|9 months ended September 2012|
| Profit before tax ||54||32||178||180|
| Profit before tax %||3.0||1.8||3.3||3.3|
| Profit after tax||36||21||118||121|
| Profit after tax %||2.0||1.2||2.2||2.2|
| Operational EBITDA*||111||79||353||276|
| Operational EBITDA%||6.3||4.4||6.5||5.0|
* Operational EBITDA: Earnings before interest and taxes (EBIT) excluding depreciation and amortization, adjusted for i) unrealized gains and losses on derivatives (FX, commodities, embedded derivatives), ii) realized gains and losses on derivatives where the underlying hedged transaction has not yet been realized, iii) unrealized foreign exchange movements on receivables/payables (and related assets/liabilities), iv) restructuring and restructuring-related expenses, and v) acquisition-related expenses and certain non-operational items.
ABB India Limited., received orders worth Rs. 1,762 crores during the quarter ended September 30, 2013, registering a 5 per cent growth over the order intake of Rs. 1, 679 crores for the corresponding quarter in 2012. Emerging sectors like renewables, exports and rail continued to grow faster than the conventional market segments.
The company’s order backlog stood at Rs. 8,252 crores at the end of the quarter as compared to Rs.9,062 crores during the same period last year.
Revenue and operations
The revenue for the third quarter ended September 30, 2013 was Rs.1,762 crores compared to Rs.1,786 crores for the corresponding period in 2012. The company continues to follow a policy of cash over revenue in its businesses to mitigate perceived credit risks in the market.
The company posted a profit before tax (PBT) of Rs. 54 crores and a profit after tax (PAT) of Rs. 36 crores for the quarter. Focussed initiatives in streamlining operations, optimizing costs and increasing localization are yielding sustainable improvements. Savings from these initiatives have helped balance the adverse impact of continuing price erosion and weak market condition.
“The economic environment in India remains muted and capex investments continue to be deferred. While the renewed momentum in reforms is a welcome measure, the markets are yet to realize its tangible benefits. In the meantime, we continue to pursue new growth opportunities, indigenize our portfolio and innovate to stay ahead” said Bazmi Husain, Managing Director, ABB India Limited.
The Hon'ble High Court of Bombay vide its Order dated 27th September, 2013 has sanctioned the Scheme of Amalgamation of Baldor Electric India Private Limited (Baldor) with ABB India Limited (Company). The Scheme has become effective from 1st November, 2013 with appointed date being 1st April, 2012. Baldor was a wholly owned subsidiary of the Company. The financial results of current year incorporates the operating results of Baldor
ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 150,000 people.
For more information please contact:
Corporate Communications, ABB India Limited