ABB net up 87% to Rs 51.3 crore

BS 200 SCORECARD

ABB has posted 87 per cent increase in net profit for the first quarter ended March 2006 to Rs 51.3 crore as compared with Rs 27.5 crore in the corresponding quarter of the last year.

Sales for the quarter moved up 32 per cent to Rs 820.9 crore, while the order book has surged by a further 57 per cent to Rs 1401.9 crore.

The company said the spurt in net profit is mainly from increase in revenues, keeping material costs in check and operational efficiencies.

The rise in revenues were facilitated by conversion of a strong order backlog, as well as higher order intake and increased standard products and services business.

The company said the significant orders were received from power utilities, especially for rural electrification and substation projects as well as distribution products and solutions. The company also won several turnkey orders for automation solutions from various industry customers.

Ravi Uppal, vice-chairman & MD, said: "Ongoing power sector reforms, emphasis on rural electrification and focus on distribution system improvements continue to drive the growth of our power business."