ABB Ltd’s net profit has dropped 21.86 per cent to Rs 40.34 crore on a standalone basis for the second quarter ended June 30, 2013 compared with Rs 51.63 crore in the same period last year.
The company’s total income from operations was also down 7.54 per cent at Rs 1,741.64 crore against Rs 1,883.79 crore in the same quarter last year. The earnings per share stood at Rs 1.90 (Rs 2.44).
“The economic environment is now increasingly depressed. Our multiple productivity and operational excellence initiatives are yielding results. We are confident that our broad portfolio, cost take-out programmes, localisation initiatives and the ability to find new opportunities will give us pole position as the market eventually revives,” said Bazmi Husain, Managing Director, ABB India Ltd.