ABB India Ltd on Tuesday announced a 44.48% jump in its net profit for the year ended December 2007 at Rs 491.67 crore said its core power and automation businesses continue to grow well. The company had a net profit of Rs 340.31 crore in the financial year ended 31 December, 2006. The total income rose to Rs 6,001.36 crore in the FY?07, from Rs 4,347.70 crore in the year-ago period.
The company announced a net profit of Rs180.79 crore for the fourth quarter ended of FY?07, a 33.97% growth over the corresponding period last year.
?In addition to power sector opportunities, we are also optimistic about the robust industrial growth which is a key driver for our automation business,? Biplab Majumder, managing director of ABB India, said in the statement.
Order backlogs rose 49% to Rs 50.3 billion in 2007. Total orders for the year ended December gained 36% to Rs 76.7 billion.
ABB said a fresh investment of $100 million will be made towards expanding its operations in India. This, it said, was in addition to the $100 million already spent by it so far.
ABB is quiet upbeat about the future growth of its business in India, which saw a growth of 35% as against 22% in China. ABB?s Indian operations contributes around 7% to the group?s overall revenue stream while ABB?s operations in China contribute around 10%. The company saw Rs 1800 crore of order intake in Q4 of 2007. The management said they have huge cement and steel industry orders from Jordan and West Asia.