The Hindu Business Line : ABB India Q2 net rises 51% at Rs 109 cr

Mr Ravi Uppal on Thursday did honours for the last time as the company’s Vice-Chairman and Managing Director, when he announced the ABB India’s second quarter financial results here.

Mr Uppal has been appointed as the Chairman of ABB India following a recent announcement of his role as President (Global Markets) and appointment as a member of ABB’s Group Executive Committee. He will function from ABB’s headquarters in Zurich.

Mr Uppal replaces Mr Dinesh Paliwal, who had left the company early this year. Mr Biplab Majumdar, Executive Director and Chief Operating Officer ABB India, has been named the Managing Director and Country Manager, India Operations.

Results

Later, announcing Q2 results of ABB India, Mr Uppal said the company maintained its growth momentum to record a 51 per cent growth in its net profit at Rs 108.6 crore compared with Rs 71.9 crore for Q2 2006. Its revenue grew 43 per cent to Rs 1,415.6 crore for the quarter April-June from Rs 989.5 crore in Q2 of last fiscal.

Attributing the growth to the increasing demand from the key sectors of power and infrastructure, Mr Uppal said the company order book swell to Rs 3,996.6 crore during the first six month period of its fiscal (January-December), registering a 40 per cent rise over the same period of previous fiscal.

The first half (January-June) saw the company’s net profit soaring to Rs 195.2 crore, 59 per cent higher than the previous year’s performance for the period (Rs 123.2 crore). The revenue recorded a 52 per cent growth to Rs 2,743.2 crore against Rs 1,810.4 crore.

The ABB stock closed Rs 2.95 (0.26 per cent) down at Rs 1,132.30 on the BSE on Thursday.

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