Siemens slips after weak FY 13 results

Siemens fell 0.93% to Rs 556.80 at 09:27 IST on BSE after net profit fell 43.5% to Rs 193.95 crore on 12.3% decline in net sales to Rs 11145.24 crore in the year ended September 2013 over the year ended September 2012.

The result was announced after market hours on Friday, 22 November 2013.

Meanwhile, the BSE Sensex was down 246.55 points, or 1.22%, to 20,463.94.

On BSE, 13,000 shares were traded in the counter compared with average volume of 61,017 shares in the past one quarter.

The stock hit a high of Rs 568 and a low of Rs 555.05 so far during the day. The stock hit a 52-week high of Rs 698.75 on 13 December 2012. The stock hit a 52-week low of Rs 414.05 on 3 September 2013.

The stock had outperformed the market over the past one month till 22 November 2013, rising 0.90% compared with the Sensex's 3.10% fall. The scrip had also outperformed the market in past one quarter, rising 25.03% as against Sensex's 10.40% rise.

The large-cap company has an equity capital of Rs 71.22 crore. Face value per share is Rs 2.

New orders were up by 7% to Rs 10957.30 crore in the year ended September 2013 (FY 13) compared with Rs 10235.1 crore in the year ended September 2012 (FY 12).

Siemens reported a net profit of Rs 149.19 crore in Q4 September 2013 compared with a net loss of Rs 55.77 crore in Q4 September 2012. Net sales fell 2.5% to Rs 3187.90 crore in Q4 September 2013 over Q4 September 2012.

Dr. Armin Bruck, Managing Director, Siemens, said, "Overall, the results were in line with the challenging economic environment. While a rise of 35% in New Orders for the fourth quarter over the immediately preceding quarter is encouraging, the growth of the Company is also dependent on the implementation of Government policies to promote infrastructure development within the country and create an environment conducive to investment in Capital Goods. During the year, the Company launched initiatives to optimize its cost position and productivity considering the slowdown in the economic environment."

In Q4 2013, Siemens initiated the sale and transfer of its postal & parcel logistics technologies and airport logistics technologies business (both forming part of the infrastructure and cities sector) to Siemens Postal Parcel & Airport Logistics, a 100% subsidiary of Siemens AG, effective from the close of business on 30 September 2013 for a consideration of Rs 128 crore and a profit of Rs 115 crore, the company said in a statement.

Siemens is the flagship listed company of Siemens AG in India. It is a leading powerhouse in electronics and electrical engineering. Germany's Siemens AG holds 75% stake in Siemens (as per shareholding pattern as on 30 September 2013).

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