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ABB: Strong performance...

Jan 30, 2003

The power transmission & distribution (T&D) equipment major, ABB Limited, has finished FY03 with an encouraging 13% topline growth. A marginal improvement in operating margins, significant reduction in interest outgo and capital gains from sale of air handling equipment business to Flakl (India) Ltd., saw the company report a significant 49% net profit growth for the year. Excluding capital gains bottomline was up 25%.

(Rs m) 4QFY02 4QFY03 Change FY02 FY03 Change
Net Sales 3,616 3,737 3.4% 10,416 11,758 12.9%
Other Income 19 109 480.5% 142 248 75.3%
Total expenditure 3,179 3,168 -0.3% 9,452 10,587 12.0%
Operating Profit (EBDIT) 436 569 30.4% 964 1,171 21.4%
Operating Profit Margin (%) 12.1% 15.2%   9.3% 10.0%  
Interest 17 1 -93.9% 73 6 -91.8%
Depreciation 51 49 -3.5% 182 183 0.4%
Profit before Tax 387 628 62.3% 851 1,230 44.5%
Extraordinary items 0 14 -   158 -
Tax 80 231 190.4% 198 416 110.7%
Profit after Tax/(Loss) 307 411 33.7% 653 972 48.8%
Effective tax rate (%) 20.6% 36.8%   23.2% 33.8%  
Net profit margin (%) 8.5% 11.0%   6.3% 8.3%  
No. of Shares (eoy) (m) 42.4 42.4   42.4 42.4  
Earnings per share* 29.0 38.8   15.4 22.9  
*(annualised)            
Current P/e ratio   6.8     11.5  

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