Power and automation technology company ABB India's profits grew over 800 per cent in the fourth quarter of 2011, driven by success in large and medium power projects and higher exports to Bangladesh, West Asia and Africa.
The company posted a profit after tax of Rs 64.1 crore for the quarter ended December 31, 2011 compared with Rs 6.8 crore in the same quarter last year.
For the year ended 2011, the company's profit after tax rose 192 per cent to Rs 184.5 crore from Rs 63.2 crore in the previous year, and its revenues went up 17 per cent to Rs 7,370.3 crore in 2011 against Rs 6,287.1 crore the previous year.
“ABB in India is back on the growth path,” Mr Bazmi Husain, Managing Director of ABB Ltd, said in a press statement.
However, the company said that rising input costs, tight liquidity situation, forex volatility and low price realisation would put pressure on the margins.
“The company is continuing to take measures such as lowering its cost base and increasing operational performance and productivity to address any market developments and challenges,” the statement said.
According to the statement, the company developed various products and solutions for the Indian market aimed at improving grid reliability and energy efficiency in 2011.
The company said in a statement that “in addition to ongoing focus on the traditional core businesses of power and automation, ABB sees significant growth opportunities in new market segments such as solar, energy efficiency, smart grids and cyber security.”
ABB closed 2011 with an order book of Rs 8,188.8 crore compared with Rs 6,349.6 crore in the previous year, and holds an order backlog of Rs 9,128.8 crore.