Power and automation technology company ABB India Ltd on Friday reported a 22 per cent decline in its net profit to Rs 40.34 crore for its second quarter that ended on June 30, 2013, mainly due to increase in finance costs.
The company had posted a net profit of Rs 51.63 crore in the corresponding quarter of the previous year, ABB said in a regulatory filing to the stock exchange.
Total income plummeted over 8 per cent at Rs 1741.64 crore in the quarter from Rs 1883.79 crore in the same period last fiscal year.
The finance cost of the company during the April-June quarter in 2012 stood at Rs 7.86 crore. However, the company registered finance costs to the tune of Rs 26.80 crore during April-June period this year.
Shares of the company, on Thursday, ended at Rs 494.50 apiece on the BSE, up 4.09 per cent from the previous close.
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