Siemens Q1 net powers up 101 per cent

CORPORATE SCORECARD

Siemens, the Indian arm of electronics giant Siemens AG, has posted a 101 per cent jump in net profit at Rs 197.1 crore for the first quarter ended December 31, 2007, as compared with Rs 98.1 crore in the corresponding quarter last financial year.

The growth was driven mainly by improved performance in the power, automation and industrial solutions and services businesses, according to sources in the company.

Turnover increased 18 per cent to Rs 1,914.4 crore, as against Rs 1,626.9 crore in last year's quarter.

"We have continued to grow strongly with our base business in during the quarter and our profit margins have improved significantly. Overall, the results have been satisfactory and this puts us in a good position to sustain growth plans," said Armin Bruck, MD, Siemens.

Siemens received new orders worth Rs 1,912 crore during the quarter. New orders stood at Rs 5,127.5 crore in the corresponding period of the previous year, boosted by a Rs 3,600-crore order for the development of the power transmission network in Qatar.

The company has unexecuted orders worth Rs 9,368.6 crore as of December 31, 2007, compared with the last financial year's orders of Rs 11,026.4 crore.

"We will continually enhance capacities and resources to support our growth strategy in India with a renewed focus on the sectors of industry, energy and healthcare," added Bruck.

Siemens operates in the areas of energy, industry transportation, healthcare, information technology, communication and lighting.

It has a nation-wide sales and service network, 18 manufacturing plants and a network of 500 channel partners and employs more than 18,000.