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For the same period, Profit Before Tax rose to Rs. 844 million (Rs. 84 crore), an increase of 44% over the corresponding period of the previous year. The Company’s performance was driven by a steady growth in the normal businesses in the domestic market, combined with accelerated growth in exports.
For the quarter ended June 30, 2006, Sales Turnover increased by an impressive 76% to Rs. 10,523 million, as compared to Rs. 5,974 million for the corresponding period in the previous year. For the nine month period ended June 30, 2006, Sales Turnover increased by 66% to Rs. 30,184 million (Rs. 3,018 crore) as compared to Rs. 18,155 million (Rs.1,816 crore) for the corresponding period in the last year. All the businesses performed well with Power, Automation & Drives and Industrial Solutions & Services segments being the volume drivers.
The Company received New Orders amounting to Rs. 12,109 million (Rs. 1,211 crore) for the quarter ended June 30, 2006. In this period, the normal order inflow increased by a healthy 70%, after adjusting for large orders. Whereas, for the nine month period ended June 30, 2006, New Orders jumped by 119% to Rs. 69,642 million (Rs. 6,964 crore) as compared to Rs. 31,845 (Rs. 3,185 crore) for the corresponding period in the previous year. The major contributors were the Power, Automation & Drives and Industrial Solutions & Services businesses.
Profit Before Tax (PBT) rose to Rs. 844 million (Rs. 84 crore) for the quarter ended June 2006, an increase of 44% as compared to Rs. 586 million (Rs 59 crore) recorded in the corresponding period of the previous year. For the nine-month period ended June 30, 2006, the PBT stood at Rs. 3,180 million (Rs. 318 crore), an increase of 46% over the corresponding period in the previous year. All businesses grew profitability, with Power, Automation & Drives and Industrial Solutions & Services businesses being the key drivers.
For the quarter, the Company’s Profit After Tax (PAT) increased by 43% to Rs.565 million (Rs 57 crore) over Rs. 395 million (Rs 40 crore) in the same period of the previous year. Whereas, for the nine month period ended June 30, 2006, PAT rose by 49% to Rs.2,234 million (Rs.223 crore).
The Company’s Unexecuted Order Value position as of June 30, 2006 was Rs 77,220 million (Rs 7,722 crore), a rise of 124% (Last fiscal: Rs. 34,463 million).
As of June 30, 2006, Siemens Ltd. had 5,592 Employees (As of June 30, 2005: 4,415).
The Board has decided today to acquire the remaining 50% stake in Flender Ltd comprising of 2,160,000 equity shares of Rs. 10/- each after October 1 2006 from Flender AG, a subsidiary of Siemens AG Germany for a consideration not exceeding Rs. 725 million. In May 2006, Siemens had acquired 50% stake in the company. Flender, which has a manufacturing plant in Kharagpur, West Bengal, is engaged in the manufacture of Industrial Gear boxes, couplings and has a Computer Aided Design Center at Chennai.
The Board also decided to acquire an additional 23% stake in Siemens Industrial Turbomachinery Services Pvt. Ltd. (SITS) from Pimac Engineers Pvt. Ltd. for a consideration not exceeding Rs 56 million. Earlier in April 2005, Siemens had acquired 51% stake in SITS, which is engaged in the overhauling, maintenance and servicing of gas turbines in Bangalore.
Commenting on the performance, Mr. Juergen Schubert, Managing Director, Siemens Ltd. said, “We have registered strong growth across key parameters with all our business segments performing well. While mega orders are highly cyclical, what is particularly significant is that our normal business volume has grown consistently, quarter on quarter. This has strengthened our base businesses, which drives profitability.” He added, “Over the three quarters, we have invested about Rs. 217 crore to support our organic growth program, as well as M&A activities. Despite these investments, we were able to deliver a strong result, both in the current quarter, as well as over the last nine months, which is the real reflection of sustained performance.”
Mr. Schubert further added, “Our competitive advantage and engineering competences has yielded successes in the export market, where we secured significant wins. As a result, our export turnover has more than doubled during this time. Going forward, we are optimistic about the growth opportunities and are confident of achieving our targets for the fiscal year.”
Demag Delaval Industrial Turbomachinery Pvt. Ltd. (DDIT), a 100% subsidiary of Siemens Ltd. and Siemens VDO Automotive Ltd. (SVDO) were merged with the Company on November 17, 2005 and January 16, 2006, effective from April 1, 2005 and October 1, 2004 respectively. Consequently, the figures for the quarter and nine months ended June 30, 2006 include the financial results of DDIT and SVDO amounting to a Profit Before Tax of Rs. 25.45 million for the quarter and Rs 118.50 million for the nine months ended June 30, 2006 respectively. Therefore, the figures for the corresponding previous quarter and nine months are not strictly comparable.
Siemens Ltd is the flagship of the Siemens Group in India. The Siemens Group is a leading provider of industry and infrastructure solutions in India with a business volume aggregating about Rs 5,400 crores. It operates in the core business segments of Energy, Industry and Buildings, Information Technology, Communication, Transportation, Healthcare and Lighting. It has a nation-wide Sales and Service network, 17 manufacturing plants, some 500 strong network of channel partners and through its 12 companies, the Siemens Group employs over 14,500 people.