Financial Daily from THE HINDU group of publications
Wednesday, Feb 02, 2005
Financial Daily from THE HINDU group of publications Wednesday, Feb 02, 2005 |
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Corporate Results
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Engineering ABB India net profit rises 24 pc to Rs 154 cr; to pay 70% Our Bureau
(from left) Mr Ravi Uppal, Vice-Chairman and Managing Director, ABB India, Mr Dinesh Paliwal, Chairman, ABB India, and Member, ABB Group Executive, and Mr K. Rajgopal, Chief Financial Officer, ABB India, at a press conference in Bangalore on Tuesday. - G.R.N. Somashekar
Bangalore , Feb. 1 ABB India has declared a dividend of 70 per cent (Rs 7 per share of Rs 10 each) for the year ended December 31, 2004. The company has earned revenue of Rs 2,305.6 crore, an increase of 53 per cent over the previous year. Powered by growth in new products and services, while maintaining its hold over the projects business, ABB India has earned a net profit of Rs 154.3 crore for the full year ended December 2004, an increase of 24 per cent over Rs 124.2 crore in 2003. Briefing mediapersons here after the company's board meeting on Tuesday, Mr Ravi Uppal, Vice-Chairman and Managing Director, ABB India, said the last quarter gave a boost to the company's earnings at Rs 762.2 crore (Rs 529.3 crore), registering a growth of 44 per cent over the previous year's quarter. The net profit for the period was Rs 70.8 crore (Rs 49.40 crore). Mr Uppal said that while the company's business traditionally was dominated by projects, it showed a healthy mix of 30 per cent for products and 10 per cent for services, with the projects accounting for the balance. This only reflected the rapid growth in the products and services segment without disturbing the company's hold over the projects businesses, he said. While new businesses such as wire high-end lighting switches, multiple circuit breakers and packaging gave a boost to the overall business in India, their contribution is expected to double to 10 per cent in 2005, Mr Uppal said. The company would be launching lighting switch products aimed at premium segment of the market in Mumbai, Delhi and other major cities, he added. The product was launched in July last year in Bangalore.
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