ABB has reported results for third quarter ended September 30, 2012.

The company has reported 3.52% fall in its net profit at Rs 21.37 crore for the quarter as compared to Rs 22.15 crore for the same quarter in the previous year. However, total income of the company has increased by 3.56% at Rs 1809.56 crore for quarter under review as compared to Rs 1747.30 crore for the quarter ended September 30, 2011.

The company was hitherto accounting for changes in fair value of outstanding embedded derivative contracts. This resulted in a net gain of Rs. 873 lakh, which was accounted for as at June 30, 2012, The company has decided to discontinue the aforesaid policy. effective from January 01, 2012, to better Present the operating performance and to align its counting in line with the policy followed by other peer group companies. Consequent to such change in accounting policy, profit before tax for the current quarter and nine months period ended September 30, 2012 is higher by Rs 1301 lakh and accordingly profits for the other quarters / periods are not comparable.

ABB is a global leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact.

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