The Hindu Business Line : ABB India Q3 net up 47 pc

ABB India reported a 47 per cent increase in its net profit at Rs 52.9 crore for the quarter ended September 30 as compared with the same quarter in 2004. Revenue grew by 25 per cent to Rs 719.93 crore for the period, as compared to the previous year's third quarter.

The net profit after tax for the nine months ended September 2005 was Rs 124.1 crore against Rs 83.5 crore during the same period last year, a jump of 49 per cent. Improvement in profitability has been attributed, primarily to higher revenues, effective cost management and enhanced operational efficiencies.

The company's cumulative revenues for the nine months grew to Rs 2012.5 crore, an increase of 30 per cent over the least year's figure for the same period. In addition to the conversion of a healthy order backlog, the growth also reflected higher revenues from products and services as well as new revenue streams from expansions.

ABB, a leader in power and automation technologies, strengthened its order book with an intake of Rs 916 crore during the third quarter, 40 per cent higher than the third quarter of the previous year. The cumulative order intake for the nine-month period ended grew 44 per cent to Rs 2,747.9 crore over the corresponding period for 2004.

Significant orders were received for power, automation and building system projects. Meanwhile the company continued to grow its standard product business with new business streams also adding to the order bank, said Mr Ravi Uppal, Vice-Chairman and Managing Director, ABB India.

The ABB India share today gained 1.14 per cent at Rs 1,689.95 from the previous close of Rs 1,669.9.

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