ABB India FY04 net up 24%

ABB India today reported a 24% increase in net profit at Rs 154.32 crore the year ended December 31, 2004 when compared with Rs 124.19 crore in FY03.

According to a release issued to the BSE today, total income increased to Rs 2,305.57 crore from Rs 1,503.06 crore in FY03.

The company posted a 44% increase in net profit at Rs 70.82 crore for the fourth quarter ended December 31, 2004 as against Rs 49.33 crore for the quarter ended December 31, 2003. Total income increased to Rs 762.18 crore from Rs 529.27 crore in Q3FY03.

The board has recommended a dividend of 70% i.e Rs 7 per shares for the year ended on December 31, 2004.

Ravi Uppal, vice chairman & managing director of ABB India, said: "We are encouraged by the growth of the company, and our strategic focus on standard products, exports and service are yielding results. Capacity and range expansion is underway as we increase market penetration and continue with portfolio expansion. Our new revenue streams from recently launched businesses are already contributing to the company's growth."