Siemens net up 45%

Siemens posted a 44.71 per cent increase in net profit at Rs 81.78 crore for the third quarter ended June 30, compared with Rs 56.51 crore for the same period last year.

Total income (net of excise) has risen 73.47 per cent to Rs 1,819.66 crore (Rs 1,048.96 crore), the company informed the Bombay Stock Exchange.

The board of directors at its meeting approved the appointment of Stephan Schneider as an alternate director with effect from today and Armin Bruck as an additional director and a wholetime director with effect from October 1, subject to requisite approvals.

Further, the company said Siemens VDO Automotive Division would be transferred to Bangalore-based Siemens VDO Automotive Components on October 4.

The Bangalore-based firm is a 100 per cent subsidiary of Siemens AG.

For this purpose, SVDO division was valued at Rs 170 crore, Siemens added.

Besides the company's building technologies division would be transferred to Siemens' subsidiary iMetrex Technologies on October 1.

The proposed transfer is subject to the approval of shareholders through postal ballot, which would be carried out shortly.