The Hindu Business Line : Siemens clocks 89 pc rise in Q2 net, to pay Rs 4.50 interim

SIEMENS Ltd has reported an 89 per cent rise in profit after tax for the second quarter ended March 2005 to Rs 79.4 crore from Rs 42 crore in the corresponding previous period.

According to an official statement, the company's board has declared an interim dividend of 45 per cent.

Sales turnover was up 51 per cent at Rs 714.9 crore (Rs 473.1 crore), while new orders for the quarter amounted to Rs 924.6 crore (Rs 921.7 crore).

The company has attributed the performance to its strategy of approaching the market through focused clusters and segments as a single-window solution provider.

"This approach helped us get larger volumes and achieve our ambitious targets. Increased volumes, higher asset productivity, and favourable cost position supported our results," the company said in a release.

The automation and drives, power, and healthcare businesses were major contributors to the turnover.

For the first half, profit after tax grew to Rs 110.7 crore (Rs 58.5 crore), again an 89 per cent increase.

Sales turnover for the period was up 56 per cent at Rs 1,218 crore (Rs 780.7 crore).

New order intake for the first half totalled Rs 1,741.1 crore (Rs 1,833 crore) with unexecuted order value up 36 per cent at Rs 2,676.6 crore (Rs 1,962.4 crore).

The company has decided to merge its wholly owned subsidiary, Demag Delaval Industrial Turbomachinery Pvt Ltd (DDIT), with itself.

The subsidiary is engaged in the design, manufacturing, and marketing of industrial turbines up to 150 MW. It employs 100 persons and has a factory at Vadodara.

DDIT became a wholly owned subsidiary of Siemens Ltd earlier this month following the purchase of 13 million equity shares at a total consideration of Rs 38 crore (roughly Rs 29 per share of Rs 10 each).

The amalgamation would augment the portfolio of the company's power generation division.

"The addition of the small industrial turbines business will strengthen our power generation business in India and give us a foothold in this fast growing segment," said Mr Juergen Schubert, Managing Director, Siemens Ltd.

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