ABB Q3 net up 41 per cent

ABB India announced on Thursday that it has recorded a 41 per cent increase in net profit to Rs 115.7 crore in the third quarter ended September 30, 2007, against that previous corresponding quarter, helped by strong industrial and infrastructure growth in the country.

This is the 28th consecutive quarter that ABB India has made profits.

The company received strong orders from diverse sectors like steel, oil and gas, cement, automobiles, SEZs, ports and harbours and automobiles. It has also started new revenue streams such as water supply and asset management.

The company attributed the increase in profit to operational efficiency, Improvement in productivity and cost management. The order intake in the third quarter was Rs 1,668.3 crore, 23 per cent higher than in the corresponding quarter last year.

ABB India's revenues also went up 27 per cent to Rs 1,393.3 crore in this period.

Segment revenues increased significantly. While power systems contributed Rs 513.47 crore (an increase of 26 per cent over the previous quarter), power products generated Rs 361.65 crore (an 11.6 per cent Increase).

Revenue from process automation went up by 45 per cent to Rs 250 crore. Similarly, the revenue from automation products increased by 41.5 per cent to Rs 328.34 crore.

"The Indian economy continues to surge ahead with power sector investments and industrial growth gathering pace. Our order book is getting stronger, helped by core business growth as well as new revenue streams," said ABB India Country Manager & MD Biplab Majumder.

"Capacity and range expansion is underway across businesses to enable us to address India's growing power and automation needs."

The company's share closed at Rs 1,432 on the Bombay Stock Exchange on Thursday, down by 1.5 per cent from its previous closing.