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For the same period, New Orders increased by 22% to Rs. 19,477 million (Rs. 1,948 crore) and Profit Before Tax rose to Rs. 1,730 million (Rs. 173 crore).
For the quarter ended March 31, 2007, Sales Turnover increased by an impressive 91% to Rs 21,292 million (Rs 2,129 crore), as compared to Rs. 11,150 ¬million (Rs 1,115 crore) for the corresponding period in the previous year. For the half-year ended March 31 2007, Sales Turnover also increased by a similar 91% to Rs. 37,561 million (Rs. 3,756 crore) as compared to Rs. 19,661 million (Rs. 1,966 crore) for the corresponding period in the last year. Most of the businesses registered good growth with Power, Automation & Drives and Industrial Solutions & Services segments being the volume drivers.
New Orders for the second quarter increased by 22% to Rs. 19,477 million (Rs. 1,947.7 crore) as compared to Rs. 15,911 million (Rs. 1,591 crore) for the corresponding period in the previous year. For the half-year period, New Orders rose by 23% to Rs. 70,752 million (Rs. 7,075 crore) as compared to Rs. 57,534 million (Rs 5,753 crore) in the corresponding period of the last year. The major contributors were the Power, Industrial Solutions & Services and Automation & Drives businesses.
Operating Income for the second quarter increased by 38% to Rs.1,568 million (Rs.157 crore). Whereas, for the half year ended March 31, 2007, the Operating Income increased by 52% to reach Rs.2,697 million (Rs.270 crore). This is despite an additional cost impact amounting to approximately Rs. 100 million in the second quarter and approximately Rs. 300 million for the six months ended March 31, 2007, on account of the gestation of some of our investments and change in accounting standards. Operating Income is calculated as Profit Before Tax less other income and interest income.
Profit Before Tax (PBT) increased to Rs. 1,730 million (Rs. 173 crore) for the quarter, an increase of 6% as compared to Rs. 1,630 million (Rs. 163 crore) recorded in the corresponding period of the previous year. However, the PBT in the second quarter of the last fiscal, included dividend income and special export incentives amounting to approximately Rs. 500 million. After knocking down these effects, the Profit before Tax on a comparable basis, showed a healthy rise of 52%.
For the half-year ended March 31, 2007, the PBT stood at Rs. 3,137 million (Rs. 313.7 crore), an increase of 34% over the corresponding period in the previous year. On a comparable basis, after adjusting for the special items as explained above, the PBT for the six months rose significantly by 68%.
For the second quarter, the Company’s Profit After Tax (PAT) stood at Rs 1,081 million (Rs 108.1 crore). Whereas, for the half-year ended March 31, 2007, PAT rose by 24% to Rs 2,061 million (Rs 206.1 crore) as compared to Rs.1,668 million (Rs.166.8 crore) in the corresponding period of the previous year. Similarly, on a comparable basis, the PAT for the second quarter and six months ended 31st March 2007, both rose by 57%, after adjusting for the effects of dividend income and special export incentives received last year.
The Company’s Unexecuted Order Value position as of March 31, 2007 was Rs. 108,839 million (Rs 10,883.9 crore), a rise of 43% (Last fiscal: Rs 76,217 million).
As of March 31, 2007, Siemens Ltd. had 6,296 Employees (As of March 31, 2006: 5,336).
Commenting on the results, Mr. Juergen Schubert, Managing Director, Siemens Ltd. said, “Our overall business volume has increased substantially, at the same time, our base businesses grew by over 41% and continued to generate stable profitability. Our strategy to participate in large infrastructure projects resulted in several mega order wins against stiff competition, which generate a higher volume of profits, but under tighter margins.”
He further added, “We have also recently made heavy investments in M&A activities, including setting up of factories such as transformers and Traction motors at Kalwa and Industrial Turbines at Baroda. These units are still in the ramp up phase and will start generating revenues in the quarters ahead. Nevertheless, in the last six months, our Profit from Operations increased by a healthy 52%. We are satisfied with our overall performance, which is within our planned corridor. Our ongoing investment program, specially in the factories, is an important part of our strategy to remain competitive in the domestic market. This generates higher local added value, insulates us from currency fluctuations and also generates additional employment.”
The Board has also approved, in principle, the proposal for the sale and transfer of the Siemens VDO Automotive Division (SVDO), to a new 100% subsidiary of Siemens AG (SAG) to be incorporated in India. This follows the announcement made by Siemens AG in January 2007, to float an IPO of its automotive supply business in which Siemens AG will hold a majority stake.
Siemens Ltd. is the flagship of the Siemens Group in India. The Siemens Group in India is a leading provider of industry and infrastructure solutions in India with a business volume aggregating about Rs. 9000 crore. It operates in the core business segments of Energy, Industry and Buildings, Information Technology, Communication, Transportation, Healthcare and Lighting. It has nation-wide Sales and Service network, 17 manufacturing plants, some 500 strong network of channel partners and through its 15 companies, the Siemens Group employs around 16,000 people.