ABB India Navigates Profit Dip Amid Forex Fluctuations and Rising Costs
ABB India reported a 20% decrease in net profit to Rs 352 crore for the June quarter due to forex volatility and higher costs. Revenue rose to Rs 3,175 crore, with strong order backlog and healthy cash position. Interim dividend declared, despite challenges.
- Country:
- India
Electrification and automation giant ABB India witnessed a 20% drop in net profit to Rs 352 crore in the June quarter, attributed mainly to fluctuations in forex and increased expenses compared to the same period last year.
The company's earnings, which align with a January-December financial schedule, previously reported a net profit of Rs 443 crore a year prior. Despite profit challenges, revenue climbed to Rs 3,175 crore from Rs 2,831 crore, reflecting resilience in the face of monetary pressures and market hurdles.
ABB India maintains a robust cash reservoir of Rs 5,154 crore. The company declared an interim dividend, highlighting confidence in its financial health. Despite a dip in total orders to Rs 3,036 crore from Rs 3,435 crore last year, the company noted growth in base orders across sectors like electronics and energy.
(With inputs from agencies.)
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