ABB witnesses robust growth in Q1

Bangalore, Apr 25 (UNI) Witnessing a robust growth in its order book, power giant ABB today announced a 32 per cent increase in its revenue for the first quarter ending March 31 at Rs 820.9 crore, with the net profit soaring by 87 per cent to touch Rs 51.3 crore.

In a release here, the Company said that for Quarter one of 2005, the company had recorded a revenue of Rs 619.6 crore with net profit earned being Rs 27.5 crore.

The significant increase was facilitated by conversion of a strong order backlog as well as higher order intake and increased standard products and service business.

The company booked a record order intake of 14,019 MINR during the quarter ending March 31 2006, a growth of 57 per cent over 2005 Q1. Significant 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 state-of-the-art automation solutions are helping industrial customers to enhance their global competitiveness, as Indian industry continues to invest in capacity, productivity, efficiency and quality'' the release said, quoting Mr Ravi Uppal, Vice Chairman and Managing Director, ABB India.

''We have succeeded in sustaining our growth momentum on a rising base, helped by a strong order momentum and our focus on operational efficiencies'' he added.

The Company further strengthened its order backlog to Rs 2674.3 crore as compared to Rs 2103.2 crore at the beginning of the year and Rs.1584.6 MINR as at 2005 Q1. This should be reflected in higher revenues during the coming quarters, the release added.

UNI