The Hindu Business Line : Siemens profit doubles at Rs 169 cr

Siemens Ltd has clocked a 107 per cent increase in its net profit for the quarter ended June 30, 2008 to touch Rs 169 crore, as against Rs 81.78 crore in the corresponding quarter of the previous year.

During the quarter, the company’s total income was Rs 1,822 crore, as compared to Rs 1,793 crore in the year-ago period. New orders stood at Rs 2,078 crore at the end of the quarter, registering a growth of 18 per cent. Its earnings per share increased to Rs 5.03 from Rs 2.43.

The company said the major contributors to the new order intake were industrial solutions and services and automation and drives businesses.

Dr Armin Bruck, Managing Director of the company, said “all our businesses are well on track and we are confident of achieving consistent growth in the current quarter. Our plans for expanding our capacities with increased thrust on localisation are well on their way.”

In the current fiscal, the company has added about 700 employees.

Meanwhile, Mr K.R. Upili, whole-time director steps down on July 27, on retirement after a career of 44 years with the House of Siemens. The board of directors has appointed Mr. Sunil Mathur as whole-time director with effect from July 22.

Siemens in India comprises 19 entities and is engaged in providing industry and infrastructure solutions.

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