ABB full-year net up 28%

ABB India has reported a 28 per cent increase in its net profit for the year ended December 31, 2003 to Rs 124.2 crore. In Q4, 2003, net profit was Rs 49.3 crore, up 20 per cent on Q4 2002.

The company has posted a 25 per cent revenue growth with cumulative revenues of Rs 1503.1 crore for the year ending December 2003. The company has attributed this improvement in profitability to increased revenue volumes as well as operational efficiencies.

The company continued its focus on working capital management, receivables, inventory reduction and enhanced productivity and efficiency.

ABB India vice chairman and MD said: "We remain committed to leveraging our cutting edge in power and automation technologies to help our customers enhance efficiency and productivity in an increasingly globalised and competitive world. Our strategic initiatives, aimed at a more balanced portfolio have yielded good results as we expand our products and services business and increase our regional and global presence , through exports. At the same time we continue to focus on our cost base and operational efficiencies to ensure profitable and sustainable growth."

"Power sector reforms in the transmission & distribution sector are gathering pace. The industrial sector is also showing signs of recovery, as the country's overall macro economic scenario improves and this augurs well for the future," he added.

The company currently has an order backlog of Rs 1071 crore as compared to Rs 879.4 crore at the beginning of the year, registering a growth of 22 per cent. The company also announced that it has appointed Dinesh Paliwal, who is a director of the board, as chairman of ABB India.

Paliwal presently heads ABB's automation technologies division worldwide from USA and is also member of ABB's group executive committee besides being the President and country manager of ABB in USA.