Mumbai, Oct 30 : Diversified industrial technology major ABB India on Tuesday reported a nearly 30 per cent rise in its net profit for the quarter ended September on a year-on-year basis.
Its net profit for the July-September quarter was Rs 108.34 crore, against Rs 83.39 crore reported during the corresponding period last year, the company showed in a regulatory filing to the BSE.
The company which follows the calendar year for its financial results, reported a total income of Rs 2,543.85 crore during the third quarter of 2018, 29.71 per cent higher than Rs 1,961.15 crore earned in the same period last year.
The total revenue from operations rose 30.77 per cent to Rs 2,515.36 crore during the quarter. During the July-September quarter last year, revenue from operations stood at Rs 1,923.40 crore.
The company said that its board on Tuesday decided to discontinue its EPC (Engineering, Procurement and Construction) substation business in a bid to improve margins and lower high risk businesses.
“The Board of Directors of the company have approved the proposal to discontinue EPC Substation Business hitherto carried out by the company as a strategy to focus more on technology based value added business offerings thereby improving margin and lowering high risk businesses,” the statement said.
The company would however, continue to be in the system integration business which is a core ABB portfolio, it added.