ABB reported a 55% jump in net profit for the third quarter ended September 30, 2006 at Rs 82.1 crore as compared to the corresponding quarter of the previous year. Total income increased 52% to Rs 1,093.5 crore for the quarter ended September 30, 2006 from Rs 719.9 crore for the quarter ended September 30, 2005. Ravi Uppal, CMD of ABB India, said: "Power sector investments across the value chain are gathering pace driven by generation capacity additions, transmission network augmentation, grid reliability and efficiency improvements. Industrial growth is also promising, both in terms of capacity additions and productivity enhancement initiatives."He added that in line with ABB's commitment towards profitable and sustainable growth, the company will continue to increase both the depth and breadth of their business. "This will be driven by market penetration and increased volumes from the existing portfolio as well as generation of new revenue streams," Uppal added. ABB India continued to strengthen its order book further taking the cumulative order intake for the nine month period ended September 2006 to Rs 4,211 crore - an increase of 53% over the same period in the previous year. The order intake during the third quarter was 1,358 crore, 48% higher than the third quarter of the previous year. In addition to significant orders for power, automation and building solutions projects, the company continued to build on the growth of its standard product business. The company commissioned its recently announced low voltage distribution electricals unit in Haridwar. The Bangalore-based control gear and LV motors units, which became operational earlier this year, are also gaining momentum. "Our capacity and range expansion investment programme across products and locations continues on course and address the power and automation needs of a growing market," Uppal added.
