Financial Daily from THE HINDU group of publications
Wednesday, Apr 26, 2006
Financial Daily from THE HINDU group of publications Wednesday, Apr 26, 2006 |
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Corporate Results
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Electrical Goods ABB India Q1 net up 87 pc on higher orders Our Bureau,
Bangalore , April 25 ABB India, a power and automation technologies major, recorded an 87 per cent increase - at Rs 51.3 crore - in its net profit for the quarter ended March over the corresponding period for 2005. Maintaining its strong growth, the company's revenue also rose 32 per cent for the first quarter to Rs 820.9 crore compared with the first quarter in 2005. The higher growth was powered by conversion of a strong order backlog as well as higher order intake and increased standard products and service business.
Huge order intake
ABB India booked a record order intake of Rs 1,401.9 crore during the first quarter of 2006, a growth of 57 per cent over 2005 Q1. Orders were received from power utilities, especially for rural electrification and substation projects as well as distribution products and solutions. The company also won several turnkey orders for automation solutions from leading industry customers. Continued growth in standard products also contributed to the strong order intake during the quarter. "Ongoing power sector reforms, emphasis on rural electrification and focus on distribution system improvements continue to drive the growth of our power business. At the same time, our automation solutions are helping industrial customers enhance their global competitiveness, as the Indian industry continues to invest in capacity, productivity, efficiency and quality," said Mr Ravi Uppal, Vice-Chairman and Managing Director, ABB India. The company continued with its capacity and range expansion programme, inaugurating a low voltage motors and control-gear plant in Bangalore and announcing a new low voltage distribution electrical unit, to be set up in Haridwar. The ABB scrip closed at Rs 3,029.45 on BSE 3.5 per cent lower than Monday's price of Rs 3,131.10.
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