ABB posts 73 pc growth in PAT; Revenues up 40 pc

Bangalore, July 24 (UNI) ABB India Limited, a leader in power and automation technologies, has posted a Profit After Tax (PAT) of Rs 1, 232 million for the half-year ending June 30, 2006, registering a 73 per cent growth as against Rs 711 million during the same period the previous year.

Informing this to reporters here today after rolling out the company's half-yearly results, Company Vice Chairman and Managing Director Ravi Uppal attributed the increase primarily to higher revenue volumes, check on material and indirect costs, ongoing operational efficiencies and productivity improvements.

He said the company had registered an impressive 40 per cent rise in its revenue of Rs 18104 million for the period as against Rs 12925 the corresponding period the previous year. The growth was powered by capacity expansion and buoyant economy. The acceleration in revenues was catalysed by significant enhancement in production and execution capacity, he added.

Mr Uppal said the company had booked orders worth Rs 28,530 million during the period, an increase of 56 per cent. The company had received significant orders for substations, rural and urban distribution systems and medium voltage equipment, further strengthening its market position within the sector.

He said that country's growth continued to be encouraging, especially in terms of industrial production and the capital goods space. The company was growing with the growth of the Indian economy, contributing significantly in power and its allied sectors.

Predicting a prosperous future, Mr Uppal said the thrust area of the coming 11th five year plan was the power sector and the company was gearing itself to capitalise on it by contributing its might in the areas of transmission, distribution and generation.

He informed that the company had increased its workforce by recruiting over 1000 employees this year.

UNI MV RG GM1925