Power and automation technologies firm, ABB India has declared its financial results, posting 11 per cent increase in its profit at Rs 547 crore for the fiscal ended December 31, 2008. The firm earned total revenue of Rs 6,967.50 crore for the fiscal as compared to Rs 6,001.40 crore during last year.

Meanwhile, the Board of ABB appointed Gary Steel as its director and chairman, who is currently serving as Head of Human Resources and Member of the Group Executive Committee of ABB group of companies.

Mr. Gray Steel, in his first interaction with media after taking over as ABB's chairman, said, "India is still a growth market for us. We will continue to deliver profitability."

Biplab Majumdar, Managing Director of ABB expressed satisfaction over its performance in the midst of tough economic conditions and said the firm has implemented about 16,146 MW of capacity during the XI Plan period. The firm has been credited with the electrification of 300 km of Delhi Metro. He said that the firm would go for further expansion plans despite global slowdown.

Mr. Majumdar said, "We now have a focused line in energy saving equipment which help manufacturing industries realize up to 37 per cent reduction in energy costs. Our Vadodara plant, producing breakers and auxiliary systems, is on stream and facilities at Nelamangala and Peenya in Bangalore have been expanded."