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ABB: Power delivered

Jan 28, 2004

Transmission major, ABB, has declared good results for the December quarter. The topline of the company grew by around 38% YoY. However, due to higher increase in the raw material cost, the bottomline of the company saw a lower growth of 20% in 4QFY04. On yearly basis, though operating margins declined marginally, due to higher other income, margins improved at the net level.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 3,737 5,171 38.4% 11,758 14,684 24.9%
Other income 109 121 10.9% 248 347 39.8%
Expenditure 3,168 4,472 41.1% 10,587 13,308 25.7%
Operating profit (EBDITA) 569 700 23.0% 1,171 1,376 17.5%
Operating profit margin (%) 15.2% 13.5%   10.0% 9.4%  
Interest 1 4 265.9% 6 10 59.1%
Depreciation 49 49 -0.8% 183 184 0.6%
Profit before tax 628 768 22.4% 1,230 1,529 24.3%
Extraordinary items 14 -   158 233 47.2%
Tax 231 275 19.0% 416 520 24.9%
Profit after tax/(loss) 411 493 20.1% 972 1,242 27.8%
Net profit margin (%) 11.0% 9.5%   8.3% 8.5%  
No. of shares (m) 42.4 42.4   42.4 42.4  
Diluted earnings per share (Rs)* 38.7 46.5   30.6 39.1  
P/E ratio (x)   15.0     17.7  
(* annualised)            

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