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Siemens India Posts Higher Q3 Net Profit
Jul 22, 2003
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Electrical and electronics major Siemens India Ltd. posted a 28.02-percent rise in net profit at Rs 155.30 million (U.S. $3.36 million) for the third quarter ended June 30, 2003, compared to Rs 121.30 million posted during the same period of last fiscal.

The company's board has recommended an interim dividend of 35 percent for the financial year ending Sept. 30, 2003, according to a company statement released on Monday.

The company's net sales were marginally down at Rs 2,994 million during the quarter under review, as against Rs 3,026.60 million posted during the same period of last year, the company said.

The electronics major's net profit for the 9 months ended June 30, 2004 rose to Rs 859.10 million, compared to Rs 577.30 million posted during the same period of the last fiscal, it said. Net sales rose to Rs 9,877 million, compared to Rs 9,138 million posted a year ago.

Automation and drives, power, and healthcare businesses were the major drivers during the 9-month period, while the company's transportation business alone registered a 50-percent growth, Siemens said.

The company also said its board of directors approved the merger of Siemens Building Technologies Pvt. Ltd. with Siemens India Ltd., subject to shareholders' and other mandatory approvals.

The company expects the merger to strengthen its portfolio, especially in areas like building automation and access controls, fire detection systems, and ventilation, the statement said. (Asia Pulse)

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