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Mumbai: Siemens Ltd has posted a 76.10% rise in net profit at Rs 1,044.85 crore for the year ended September 30, as compared to Rs 593.32 crore the previous corresponding period. The company has registered a 1% rise in net sales at Rs 8,388.77 crore for the year ended September 30, as compared to Rs 8,295.54 crore reported during the previous corresponding period.
Addressing the media, Dr Armin Bruck, managing director, Siemens Ltd, said Siemens Ltd has achieved a marginal growth by receiving new orders valued at Rs 8,796 crore despite tough market conditions in the 12 months ended September 30, as compared to Rs 8,718 crore in the corresponding period of the previous year.
Bruck added, “Our business performance during the year has been stable and on expected lines despite the economic slowdown. We have been able to improve our profit margins significantly. Besides focusing on steady execution of projects, we stayed ahead of the competition with our robust and customised offerings. Our strategy of tapping profitable growth opportunities in high potential and new markets, coupled with focus on green technologies, helped us counter the negative fallout of the economic crisis.”
The board of directors has approved the acquisition of the balance 13.85% stake in Siemens Building Technologies Private Ltd (SBTPL) for a total consideration of Rs 70.2 crore. With the said acquisition, SBTPL would become a 100% subsidiary of the company. Subsequently, it is proposed that SBTPL would be merged with the company. Further, a meeting of the BoD will be held on November 30 to consider amalgamation of Siemens Healthcare Diagnostics Ltd. (SHDL) with the company.
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