The Hindu Business Line : ABB Q1 net doubles to Rs 16.91 cr

ENGINEERING major ABB Ltd's net profit for the first quarter or January-March of its current fiscal almost doubled to Rs 16.91 crore from Rs 8.74 crore a year ago.

Net sales from operations for the first quarter of the current financial year was Rs 441.36 crore, up 55 per cent from Rs 283.67 crore a year ago. The company's board has also recommended a dividend of Rs 6 per equity share of face value of Rs. 10 for the full financial year 2003.

The sales and profits were boosted by demands from power sector and manufacturing units in an expanding economy, top company officials said. ``Power reforms, especially in the distribution sector, are gathering pace... We are also seeing an improvement in the infrastructure sector and the industrial scenario, as the Indian industry increases efficiency and considers capacity expansion,'' the Managing Director, Mr Ravi Uppal, said.

Power technologies contributed Rs 276.81 crore and automation technologies accounted for Rs 170.76 crore in ABB's topline for the first quarter. The company booked orders worth Rs 593.5 crore in the January-March quarter, up 56 per from the corresponding period a year ago. The orders were both from power utilities for distribution system improvements and industrial customers for automation and building solutions. The company also saw improvement in its standard products business.

Order backlog stood at Rs 1,166.3 crore by March end. However, ABB shares ended marginally down on the BSE tracking the sagging Sensex on Tuesday.