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For the second quarter ended March 31, 2009, Siemens Ltd. secured New Orders worth Rs. 18,594 million despite prevailing market pressures. Sales for the quarter grew by 11% to Rs. 23,682 million over the corresponding period in the previous year. Profit After Tax rose by Rs. 2,238 million as compared to the corresponding quarter in the last fiscal.
In a market weighed down by deferred investments plans, the Company booked New Orders worth Rs. 18,594 million for the quarter ended March 31, 2009, as compared to Rs. 23,422 million in the corresponding period of the previous year, registering a drop of 21%. For the half-year period ended March 31 2009, New Orders registered a drop of 10% and stood at Rs 38,391 million as compared to Rs 42,542 million in the corresponding period last year.
For the quarter ended March 31, 2009, Sales were higher by 11% to Rs. 23,682 million as compared to Rs 21,424 million for the corresponding period in the previous year. For the half-year period, Sales remained steady at Rs. 39,971 million as compared to Rs. 40,568 million in the corresponding period last year. The Profit From Operations for the quarter ended March 31, 2009 stood at Rs. 3,305 million.
The Sales and Profit figures are strictly not comparable to corresponding quarter of last year. The substantial completion of certain large projects has resulted in significant savings in estimated costs and consequential recognition of additional revenue and profits. Correspondingly, the Profit from operations for half-year ended March 31, 2009, stood at Rs. 4,826 million as against Rs. 1,400 million in the similar period in the last year.
The Profit Before Tax (PBT) for second quarter of the current fiscal stood at Rs. 3,429 million as against Rs. 71 million recorded during the corresponding period in the previous year. Correspondingly, the PBT for half-year ended March 31, 2009, increased to Rs 7,348 million as against Rs. 2,860 million over the similar period in the last year. The PBT for the six months period includes dividend income of Rs 2,113 million from Siemens Information Systems Limited and Rs 117 million from Siemens Information Processing Services Private Limited.
For the quarter ended March 31, 2009, the Profit After Tax (PAT) increased to Rs 2,255 million as against Rs. 17 million booked last year for the corresponding period. For the half-year ended March 31, 2009, PAT increased to Rs 5561 million as compared to Rs. 1,987 million in the corresponding period of the previous year.
The Company’s Order backlog as of March 31, 2009 increased by 1% to Rs. 97,047 million. As of March 31, 2009, Siemens Ltd. had 6553 employees (As of March 31, 2008: 6081).
Commenting on the results, Dr. Armin Bruck, Managing Director, Siemens Ltd. said, “We have achieved profitable growth in tough market conditions. Our focus on operational excellence and internal measures such as cost optimization and process rationalization supported the results. We also continued with our investment programs to support our growth.”
Given the current business landscape, Dr Bruck further added, “The inherent strengths of the Indian economy and continued focus on infrastructure development will continue to present huge business opportunities for us. We are closely monitoring the macroeconomic developments and their possible impact on the market prospects. With our robust product portfolio, competent workforce and stringent processes, we are well prepared to capitalize on the growth opportunities. With the climate change identified as one of the core megatrends observed globally, our focus will also be on strengthening our environmental portfolio.”
Siemens Ltd is the flagship listed company in India. Siemens in India, which comprises 20 legal entities, is a leading provider of industry and infrastructure solutions with a business volume aggregating about Rs 11,800 crore, as on September 2008. It operates in the core business areas of Industry, Energy and Healthcare. It has nation-wide Sales and Service network, 19 manufacturing plants, a network of around 500 channel partners and employs about 17,200 people.