Siemens profit grows 2.3%, acquires Rail Automation from group entity

Siemens Ltd posted a modest 2.3% growth in net profit for quarter ending December. Net profit was Rs 65.1 crore for quarter ending December 2013 as against Rs 63.6 crore for the same period last year. Order growth was flat and sales was down 4% in the period.

Sunil Mathur, Managing Director of Siemens Ltd said, “While the results were impacted by the challenging macro-economic situation, they also reflect the benefits of various internal measures aimed at increasing the Company’s competitiveness. Our focus continues to be on stabilizing our operations and strengthening our core competence. As an organization, we are preparing for the next phase of growth."

Siemens board also approved the appointment of Christian Rummel as Executive Director and Chief Financial Officer (CFO), of the Company and acquisition of Siemens Rail Automation Pvt Ltd which is engaged in manufacture, design and sale of railway signalling equipment. The acquisition was done as it has synergies with existing business of the company, Siemens said in its results statement.