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ABB: record growth in 2006
Full year Order Intake up 50 per cent ; Revenues up 44 per cent ; Net Profit up 56 per cent
Q4 Order Intake up 40 per cent ; Revenues up 44 per cent ; Net Profit up 43 per cent
Raises dividend to 100 per cent (dividend of Rs.10 per share)
Announces stock split (Rs.10 per share split into five shares of Rs. 2 each)
Orders
ABB India’s cumulative order intake of 56236 MINR for the year 2006 recorded a new high, growing 50 per cent over the previous year, and taking it into a new league. The order momentum seen in the first three quarters continued with an order intake of 14126 MINR in 2006Q4, 40 per cent higher than 2005Q4.
“We continue to bring value to our power and automation customers through leading-edge technologies, domain expertise and project execution abilities. At the same time our products focus in the form of range expansion and market penetration is paying handsome dividends. Our technology strengths, offering portfolio and unique ability to package solutions and provide a single window approach to existing and emerging sector verticals continue to be a key differentiator. While we grow our top-line, focus on productivity, operational efficiencies and working capital management continues to ensure that profitability remains a key priority” said Mr. Ravi Uppal, Vice Chairman & Managing Director , ABB India, announcing the results.
“The Indian economy is on the move, assisted by strong industrial growth. The urgent need for quality power, delivered efficiently and economically across urban and rural India is now among the nation’s key priorities. At the same time, Indian industry is increasingly adopting automation technologies as it scales up. We therefore continue to be optimistic in terms of the market and managing growth in a profitable and sustainable way is our top priority”, he added.
During the year the company booked several turnkey project orders from power utilities, industry customers and for integrated building solutions. As part of the standard products thrust the company further extended its market reach to over 700 channel partners. New revenue streams continued to make an increasing contribution to support core business growth. In addition to the expansion of capacities across businesses, several new production units were added during the year to support range expansion.
Order Backlog
The record growth in order intake has helped strengthen the company’s order backlog further to 33723 MINR 60 per cent higher than the opening order backlog of 21032 MINR at the beginning of the year, providing visibility for the coming quarters.
Revenues
ABB India accelerated its revenue growth momentum with cumulative revenues of 43477 MINR , 44 per cent higher than the previous year. This was driven by the speed of new orders execution and the conversion of a healthy order backlog. The company booked revenues of 14437 MINR in the fourth quarter, 44 per cent higher than the same period in the previous year.
Net Profit
The company recorded a cumulative net profit after tax of 3403 MINR for the year ending 31st December 2006, registering a 56 per cent growth over the previous year. The fourth quarter net profit after tax was 1350 MINR, up 43 per cent on 2004Q4. Increased revenue volumes, continued focus on keeping costs in check and efficient working capital management contributed to the improvement in profitability.
Dividend and Stock Split
The company increased its dividend to 100 per cent (dividend of Rs.10 per share) from 80 per cent in 2005. The company also announced a stock split of 1:5 implying Rs.10 per share split into five shares of Rs. 2 each. Both the above proposals are subject to shareholders approval in the ensuing Annual General Meeting.
ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering their environmental impact. The ABB Group of companies operates in around 100 countries and employs about 107,000 people.