The Hindu Business Line : ABB net profit rises 69%

Bangalore April 26 ABB, leader in power and automation technologies, on Thursday reported a 69 per cent increase in its net profit at Rs 86.6 crore (Rs 52.3 crore) for its first quarter ending March 31, 2007.

The growth was powered by its higher revenues, which grew 62 per cent at Rs 1,327.6 crore for the period over the corresponding period in previous fiscal. Tracking the robust growth, the company's scrip saw a 1.37 per cent jump at Rs 4,094 after it opened at Rs 4,039 at the BSE trading on Tuesday.

ABB, which has maintained its sustained growth for the 26th quarter, saw the rapid economic growth translating into large business in the past few quarters. The company registered a record order intake of Rs 2,000.3 crore during the first quarter of its current fiscal. This was a 43 per cent jump over Q1 of 2006.

Topline growth

Orders were received from power utilities and core sector industries like cement, steel, pulp and paper. The standard products business continued to grow, supported by the company's ongoing focus on market penetration and range expansion.

"We have succeeded in maintaining our topline growth momentum and our strong order intake is promising for the future. Meanwhile, we remain focused on ensuring that our growth remains profitable and sustainable," said Mr Ravi Uppal, Vice-Chairman and Managing Director, ABB India, while presenting the company's first quarter results.

"India's power imperative is driving capacity enhancement and also bringing home the advantage of leveraging technology for improving grid efficiency and reliability across the transmission and distribution value chain. The Indian industry also continued to scale up through greenfield and brownfield expansions, at the same time increasing its focus on improving productivity, efficiency and quality for global competitiveness," he added.

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