By IANS
Bangalore : ABB India Ltd, the Indian subsidiary of the Swiss-based power and automation technologies major, posted a record net profit of Rs.1.95 billion for the first six months of 2007 as against Rs.1.23 billion in the same period last year, registering a year-on-year (YoY) growth of 59 percent.
According to the company's financial highlights for the first-half (H1) of 2007, revenue increased by 52 percent YoY to Rs.27.43 billion from Rs.18.10 billion a year ago, while orders jumped by 40 percent YoY to Rs.39.96 billion from Rs.28.53 billion in 2006.
Other incomes, however, declined to Rs.300 million from Rs.332 million a year ago. Exports accounted for Rs.3 billion in the first half, posting YoY growth of 35 percent. Export orders have also increased to Rs.5.2 billion from Rs.4 billion a year ago.
Similarly, in the second quarter (April-June) of 2007, the company saw a strong order intake of Rs.19.96 billion as against Rs.14.51 billion in the same quarter last year, registering a 38 percent YoY growth.
On the operational front, revenues went up by 43 percent YoY to Rs.14.16 billion from Rs.9.9 billion and net profit increased by 51 percent YoY to Rs.1.09 billion from Rs.719 million.
"During the second quarter (Q2), we received significant orders for rural and urban electrification driven by new power capacity additions and strengthening of transmission and distribution (T&D) systems to improve grid reliability and efficiency," ABB India chairman Ravi Uppal told reporters here Thursday.
The strong order intake during the first half has helped the company to strengthen the order backlog to Rs.46.36 billion by June from Rs.33.72 billion in January this year and Rs.31.38 billion in June 2006.
"India's macro and industrial growth continues to provide a positive business climate. We have seen acceleration in terms of power capacity addition as well as urban and rural T&D. Our new revenue streams, standard product volumes and asset management solutions are supporting the growth of our core businesses," Uppal pointed out.
The company has completed its $100-million investment plan in expanding capacities and entering into new revenue streams during the first half. The plan was spread over three years. It plans to invest an additional Rs.2.5 billion in expanding capacity in power systems and products, high voltage and low voltage products and switch gears.