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Amid challenging economic conditions, Siemens Ltd. declared its results for the second quarter of Financial Year 2012. The Company registered Sales of Rs 3,760.1 crores, a rise of 24% over the same period in FY 2011. Profit after Tax (PAT) was up by 11% to Rs 304 crores compared to the PAT of Rs 274.3 crores in Q2 2011.
Dr. Armin Bruck, Managing Director, Siemens Ltd., said, “The confidence is still low in the markets we operate in. New orders have been deferred due to a combination of factors: coal-linkages, land and environmental clearances, higher interest rate, tighter liquidity and lower investments in the infrastructure sector. Margins have been affected due to higher costs and ongoing price pressures. Our efforts continue to focus on our people, investing in training and development, and being prepared to take advantage of opportunities in the near future.”
Among the highlights of the first six months of Financial Year 2012, the Industry Sector streamlined and integrated its service offerings and strengthened its sales presence. It won major orders in metals technologies, drive systems for steel sinter plants and for ship-to-shore cranes.
The Energy Sector commissioned India’s first 765 kV fixed series compensation (a solution that helps in improving power transmission and enable future expansion capabilities) and announced its entry into EPC solutions for solar PV plants. Among the significant orders won by the Energy Sector are for single-shaft vertically-split gas turbine-driven turbo compressors and 250 MVA generator transformers.
The Healthcare Sector continued its focus on expanding new markets in smaller cities and the replacement segment. The major orders in the Healthcare Sector were for molecular magnetic resonance imaging and computed tomography equipment.
The Infrastructure & Cities Sector launched two factories in Goa for smart grid and medium voltage applications. Among others, the Sector won a strategically important smart grid solution for modernizing the electricity distribution management system for eight cities in Maharashtra under the Restructured Accelerated Power Development Reforms Program (R-APDRP) of Government of India.
Siemens Ltd. has begun the process of amalgamating into itself Siemens Power Engineering Pvt. Ltd., a wholly-owned subsidiary of Siemens AG (parent company of Siemens Ltd. with 75% stock holding). The amalgamation will provide greater economy of scale and operational synergies.
About Siemens Ltd.:
Siemens Ltd., in which Siemens AG holds 75% of the capital, is the flagship listed company of Siemens AG in India. Siemens in India including Siemens Ltd. comprises 13 legal entities, is a leading powerhouse in electronics and electrical engineering with a business volume aggregating about Rs. 12,000 crore. It operates in the core business areas of Industry, Infrastructure & Cities, Energy and Healthcare. It has a nation-wide sales and service network, 21 manufacturing plants and employs about 18,000 people.
Reference Number: CC/PR/21/F&A 04 2012