ABB announces record results, splits stock 5 ways

Bangalore, Feb 16: Recording a higher growth than the Chinese Operations in 2006 in India, power giant ABB India today announced a further investment of Rs 250 crore over the next three years to expand capacities and add new facilities.

The Company announced 44 per cent increase in its revenue at Rs 4347.7 crore in 2006 as against Rs 3014.1 crore in the previous year with the profit after tax up by 56 per cent at Rs 340.3 crore (Rs 218.7 crore in 2005).

Announcing the results ABB India Chairman Dinesh Paliwal said the Board which met today recommended a 100 per cent dividend for the year and also decided to split the Rs 10 face value share into five.

These decisions have to be ratified by the AGM to be held later, he added.

ABB India Vice Chairman Ravi Uppal said the full year order intake was up by 50 per cent at Rs 5623.6 crore as against Rs 3764.5 Crore for the previous year.

He said the ABB India joined the Billion dollar revenue league in the country during the year and its growth was higher than that of the Chinese operations. Mr Paliwal said that the growth rate in China over the last three years ranged between 25 to 30 per cent.

The turnover was over three billion dollars in that country, he added.

Mr Uppal said the company's investment plan of 100 million us dollars announced three years ago would be completed during the first quarter of 2007. Moving forward the company aimed to invest another Rs 250 crore over the next three years to augment capacities to cater to the growing demand and also widening the product base.

UNI