Moneycontrol Bureau
Shares of ABB India soared 8 percent intraday on Tuesday post its December quarter results. The company’s net profit grew 3.5 times year-on-year to Rs 58.6 crore on strong operational performance despite higher finance cost and tax expenses.
"We remain aligned to charting a course of profitable growth backed by business led collaboration and relentless execution," Bazmi Husain, managing director said.
Total income increased nearly 6 percent to Rs 2,204 crore compared to same quarter last year on account of growth in power business that grew 11.5 percent.
However, tax expenses jumped 3.7 times year-on-year to Rs 35.77 crore and finance cost rose 55.7 percent to Rs 28.8 crore in the quarter ended December 2013.
ABB India received orders worth Rs 1,666 crore during October-December period as against Rs 1,579 crore in corresponding period of previous year. The full year 2013 order book stood at Rs 6,717 crore while the order backlog was Rs 7,709 crore as on December 31. The company has also recommended a dividend of Rs 3 per share for the year ended on December 31, 2013.
At 12:51 hrs, the stock was quoting at Rs 632.10, up Rs 41.10, or 6.95 percent.
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