Heavy engineering major ABB India Ltd, on Friday, said that its net profit rose 36% for the first quarter ended March 2008 on order-book conversions and strong order intake. During the quarter, the company received fresh orders worth Rs 2,695 crore, taking its order backlog, at the end of the quarter, to Rs 6,175 crore, the company said in a statement.
?We received significant project orders from power utilities and core industry sectors with standard products once again witnessing robust growth,? the statement said. The company has expanded its facility to manufacture 765-KV power transformers locally, while it has also commissioned a small facility in Vadodara to make transformers of up to 170-KV capacity, the company added. ABB shares were marginally down 0.81% on the Bombay Stock Exchange on Friday to close at Rs 1,170.95.
?The power sector is gaining momentum, in terms of new capacity and augmentation, across generation, transmission and distribution as well as improvement in grid reliability and efficiency,? ABB India managing director Biplab Majumder said.
For the quarter to March, the company reported net profit of Rs 118 crore on revenues of Rs 1, 554 crore, which rose 17% year-on-year.
