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The company had reported a net profit of Rs 29.18 crore in the quarter ended on March 31, 2020, ABB Power Products and Systems India said in a regulatory filing.
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ABB Power Products and Systems India on Wednesday posted over 35 per cent jump in net profit at Rs 39.44 crore for the quarter ended March 2021, mainly on account of higher revenues.
The company had reported a net profit of Rs 29.18 crore in the quarter ended on March 31, 2020, ABB Power Products and Systems India said in a regulatory filing.
Total income of the company rose to Rs 1,023.77 crore in the quarter under review, from Rs 810.96 crore in the same period a year ago.
The company follows January to December financial year.
During the quarter ended December 31, 2020, the company had realised receivables in respect of certain old, slow-moving contracts and accordingly reversed the provision aggregating to Rs 32.41 crore out of the total provision of Rs 60.48 crore made in the quarter ended September 30, 2020.
This has been disclosed as an exceptional item in the financial results for the quarter and year ended December 31, 2020.
The spread of COVID-19 has severely impacted businesses around the globe. In many countries. including India, there has been severe disruption to regular business operations due to lockdowns, disruptions in transportation. supply chain, travel bans, quarantines, social distancing and other emergency measures, the company said.
The company has evaluated its liquidity position and of recoverability and carrying values of its assets and has concluded that no material adjustments are required at this stage in the financial results, it added.
The board of directors in its meeting held on Wednesday also approved revision of 'Code of Conduct for Prevention of Insider Trading and Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information'.
(PTI)