The Hindu Business Line : ABB India Q2 net up 39 pc

THE engineering major ABB India Ltd said its net profit for April-June or second quarter of 2003 was at Rs 45.264 crore, up 38.96 per cent from Rs 32.572 crore a year ago.

The net earnings were buoyed by gains to the tune of Rs 23.30 crore through the sale of metering business.

Total income for the second quarter was Rs 337.91 crore, up 16.11 per cent from Rs 291.016 crore a year ago.

The company booked orders to the tune of Rs 452.5 crore, an improvement of 44 per cent over last year's corresponding figure.

This includes significant orders from utility and industrial customers for power and automation technologies.

Export orders during the first half of the current calendar was Rs 210.1 crore, against Rs 74.7 crore a year ago.

ABB's strong order booking during the period is reflected in the order backlog which was further strengthened to Rs 1,073.2 crore as compared with Rs 879.4 crore at the beginning of the year and Rs 826.0 crore at the end of the first half of 2002.

This reflects the growth base and provides a strong foundation for higher revenues in subsequent quarters, a company news release said.

"We shall continue on the path of profitable and sustainable growth based on our clearly defined strategic thrusts and operational focus on productivity and efficiency.

"The early signs of improved industrial performance and greater action on power transmission and distribution reforms, are encouraging signs from a market perspective," the Vice-Chairman and Managing Director of ABB, Mr Ravi Uppal, said.

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