Siemens Second Half Profit Up 18% To Rs 45.6 Crore

Mumbai, April 24: | Updated: Apr 25 2002, 05:30am hrs
Siemens Ltd has posted an 18 per cent increase in net profit to Rs 45.6 crore for the half-year ended March 31, 2002 as compared to 38.6 crore for the corresponding period last year. Turnover grew by 16 per cent to Rs 611.2 crore from Rs 527.2 crore over last year.

The performance is attributed to the company’s ongoing efforts to increase market penetration, improve resource productivity and further optimise costs, including rationalisation through sharing of services among Siemens companies in India.

The board of Siemens Ltd has recommended an interim dividend of Rs 3 per share, a Siemens release said.

Siemens Ltd managing director J Schubert said, “To spur growth, we will make forays into new market segments and increase our presence in existing ones, while also tapping new opportunities for export. As India offers a cost advantage, Siemens AG will increasingly look at India as a procurement base, including hardware sourcing, for its global operations.”

Meanwhile, the company did not undertake any buy-back during the quarter under review as its share price was above the approved price of Rs 250.

As a result, holding of Siemens AG stood at 54.63 per cent in the company as on March 31 2002.

The company has till date bought back 23,55,794 equity shares at an average price of Rs 197.49 per share aggregating to Rs 46.52 crore which reduced the paid-up capital of Siemens Ltd to Rs 33.14 crore from Rs 35.49 crore.

Siemens Ltd has received new orders valued at Rs 604.5 crore for the six- month period ended March 31, 2002 compared to Rs 548.7 crore for the corresponding period last year.

The automation and drives, power transmission and distribution and medical solutions businesses were the major volume contributors, medical solutions in particular gained further market share through aggressive marketing efforts, the release said.

The improvement in the operational result is despite the higher tax incidence as compared to the corresponding period in the previous fiscal, the release said.

Siemens Ltd a leading electrical and electronics company, the flagship company of the Siemens group in India.

The group has 12 companies with 12 manufacturing plants and wide network of sales and service offices across the country in addition to its 500 channel partners.