Hitachi ABB Power September qtr profit slumps 93% to Rs 5 cr
Hitachi ABB Power Grids in India on Tuesday reported 93 per cent decline in net profit at Rs 4.76 crore for September quarter 2020 mainly on account of one-time provision due to delay in payments.
Hitachi ABB Power Grids is listed on the Indian stock exchanges as ABB Power Products and Systems India Ltd.
The net profit of the company was Rs 69.25 crore in the same quarter a year ago, a BSE filing said.
Total income in the quarter was Rs 932.02 crore compared to Rs 1,028.86 crore in the same period a year ago.
“In light of payment delays in a few cases and our analysis, a one-time provision aggregating to Rs 60.48 crore was made in the quarter.
