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By Our Special Correspondent
BANGALORE, FEB. 1. ABB India has posted a 53 per cent growth in revenue at Rs. 2,305.60 crores for the year ended December 31, 2004 against Rs. 1,503.10 crores in 2003. The net profit after tax (before exceptional items) was higher by 49 per cent at Rs. 150.50 crores. The Chairman of ABB India, Dinesh Paliwal, said the company, a subsidiary of the Swedish power giant ABB, would play a crucial role in ABB's global business. The Global Engineering Centre here which did about 200 man years of work would saw a scaling up to 500 man years of work soon. The outlook for the company was good as the power sector reforms were under way in a big way. Announcing the annual results, the ABB India Vice Chairman and Managing Director, Ravi Uppal, said that the growth was driven by market penetration and range expansion. The company was encouraged by the macro economic fundamentals and the gathering pace of the power sector reforms. This augured well for advanced automation tech- nologies, Mr. Ravi Uppal added. The net profit after tax (after exceptional items) at Rs. 154.30 crores for 2004 was 24 per cent higher than last year. This includes Rs. 3.80 crores realisation from the sale of the control valves business. The company registered a record order intake of Rs. 2,587.80 crores for 2004, a growth of 51 per cent over the previous year. In the fourth quarter, the company's order intake was Rs. 682.90 crores, 50 per cent higher than the corresponding quarter last year.
70 p.c. dividend
The company has declared a dividend of 70 per cent for 2004 against 60 per cent in the previous year. He said that the order intake for the year included major projects from the utility, industrial and building sectors, as well as growth in standard products and service business. The company took its channel partner strength to over 450, increasing market coverage. With regard to exports, he said the company exported to the tune of Rs. 330 crores, compared to Rs. 290 crores in the previous year.
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