ABB Ltd, which is into power and automation technologies, today reported over 73 per cent slump in its net profit at Rs 17 crore for the three months ended December 2012, amid challenging business conditions.
The company had a net profit after tax of Rs 64 crore in the same period a year ago. The firm is part of Swiss major ABB.
According to a statement, ABB Ltd raked in revenues of Rs 2,053 crore in the latest December quarter compared to Rs 2,170 crore in the year-ago period. For the full year ended December 2012, net profit after tax plummeted to Rs 137 crore from Rs 185 crore in the same period a year ago.
"Delays in receipt of payments due to tight liquidity in the market, inflexible terms and conditions in infrastructure projects, forex volatility and low price realisation increased the risk level significantly and impacted project margins during the year," the statement said.
Meanwhile, ABB Ltd board of directors has announced a dividend of Rs 3 per share for shareholders.
In India, ABB has 12 manufacturing facilities with over 10,355 employees, as per its website.
Shares of ABB today tumbled 4.50 per cent to close at Rs 583.40 on the Bombay Stock Exchange (BSE).
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