Siemens Ltd. announces Q1 2011 results: Sales increase by 35%

For the first quarter ended December 31, 2010, Sales for Siemens Ltd. increased by 35% to Rs. 2525 crores demonstrating yet another consecutive quarter of high growth.

Online PR News – 29-January-2011 – – For the first quarter ended December 31, 2010, Sales increased by 35% to Rs 2525 crores as compared Rs. 1867 crores in Q1 2010. All the three sectors of Industry, Energy and Healthcare contributed to this growth. For Q1 2011, New Orders were booked at Rs. 3987 crores which included the order for DGEN from Torrent Power Ltd., for a Combined Cycle Powerplant.

The Profit Before Tax (PBT) stood at Rs. 365 crores as against Rs. 361 crores recorded during the corresponding period in the previous year. Taking into account certain one time gains amounting to Rs. 76 crores arising last year on completion of some major projects, the PBT has increased by 28% on a comparable basis. The Profit After Tax stood at Rs. 244 crores as against Rs. 238 crores in the previous year.

The Company’s Unexecuted Order Value position as of December 31, 2010 was Rs. 15,132 crores, a rise of 9%.

The Bombay High Court has today approved the amalgamation of Siemens Healthcare Diagnostics Ltd. with Siemens Ltd. The sanction of the Ahmadabad High Court is expected shortly and thereafter the amalgamation will be effective. The “Appointed Date” fixed for the amalgamation is 1st October, 2009.

Commenting on the first quarter performance, Dr. Armin Bruck, Managing Director, Siemens Ltd. said “Our performance in the first quarter has been as per expectations; sales have increased significantly and were driven by a surge in the product business on account of increase in domestic demand and a reviving project business across all our businesses. Considering that our order book reflected a mega order from Qatar in the first quarter of last year, on a comparable basis our New Orders have registered a healthy growth. Although we are operating amidst an extremely competitive market environment with pricing pressures and inflationary trends in raw material prices, we are optimistic about the future”, he added.

About Siemens Ltd.:
Siemens Ltd., in which Siemens AG holds 55.18% of the capital, is the flagship listed company of Siemens AG in India. Siemens in India including Siemens Ltd. comprises 19 legal entities, is a leading provider of industry and infrastructure solutions with a business volume aggregating about Rs. 12,000 crore. It operates in the core business areas of Industry, Energy and Healthcare. It has nation-wide Sales and Service network, 21 manufacturing plants, a network of around 500 channel partners and employs about 17,500 people.