ABB CY07 net jumps 44% to Rs 491 cr

Engineering major ABB India has recorded a 44 per cent growth in net profit to Rs 491.60 crore for the year ended December 2007 compared with Rs 340.3 crore in the previous year.

Revenues for the year were up 38 per cent to Rs 6,001.4 crore compared with Rs 4,347.7 crore in the previous year.

The order intake for the year was Rs 7,668.2 crore, while earnings per share was Rs 23.2. For the quarter ended December 2007, it has recorded a 34 per cent increase in net profit to Rs 180.80 crore compared with Rs 135 crore in the corresponding quarter last year.

Revenues during the quarter were Rs 1,864.80 crore, 32 per cent higher than the Rs 1,443.70 crore recorded in the year-ago period. Its order book swelled by Rs 2,003.30 crore during the quarter. Earnings per share during the quarter was Rs 8.53.

"The market is looking good and a lot of activity is going on. I see no reason why growth will slow down," said Biplab Majumder, managing director, ABB India.

The company makes power transmission and distribution equipment.

The company, in which the Zurich-based ABB group holds a 52.1 per cent stake, has lined up a capital expenditure of $100 million over the next two years. The company has spent a similar amount in the last two years.

During the year, the company also added 1,000 employees to take its strength to over 6,000. It currently has an order backlog of around Rs 5,000 crore.