The new order intake was Rs. 9,113 million, an increase of 124 percent while turnover stood at Rs. 3,076 million, an increase of 3 percent as compared to the corresponding period in the previous year.

The profit before tax stood at Rs. 237 million representing a rise of 27 percent on a comparable basis with the previous year, after adjusting for one-time incomes and special effects.

The volume drivers here were the transportation systems, power transmission & distribution and automation and drives businesses. The above performance included a large order of Rs. 4,830 million received by the transportation systems division from the Ministry of Railways.

Without the effect of this one-off large order, the normal intake increased by 5 percent compared to the previous year''s first quarter.

Sales turnover increased steadily by 3 percent to Rs. 3,076 million as compared to Rs. 2,985 million for the same period in the previous year. This was led by a stronger performance of the industry group comprising of automation and drives and industrial solutions & services divisions.

The profit before tax for the quarter stood at Rs. 237 million as against Rs 513 million in the corresponding period the previous year. The previous year''s first quarter profits included a one-time gain of Rs. 256 million on account of an advance payment received and booked against a cancelled order, as per contractually agreed terms. It also included dividend income from a subsidiary, which amount is not reflected in the current quarter.

After adjusting for these items, the profit before tax on a comparable basis increased by 27 percent, while the operating income after adjustment for non-recurring items increased by 36 percent.

Correspondingly, the profit after tax stood at Rs. 165 million, against Rs. 344 million in the same period of the previous year. After knocking down the extra-ordinary effects, this represents a rise of 51 percent on a comparable basis over the previous year.

The company''s unexecuted order value position as of 31.12 2003 was Rs. 15,239 million, a rise of 107 percent (Last fiscal: Rs. 7,346 million). This is influenced by the large TS order booked in the first quarter.

As of 31st December 2003, Siemens Ltd. had 3,824 employees (31.12.2002: 3881).

Commenting on the Q1 result, Mr. J. Schubert, managing director, Siemens Ltd. said, "Our sustained efforts over the past few years to increase volumes through higher market penetration and simultaneously optimize our cost structure, combined with the upturn in the external environment, have well supported the result. This quarter''s results are in line with our plans and we are happy that our transportation group has made a significant breakthrough in the newly entered traction segment.

The single large order received by this group will have a positive impact on our business in the future, since it has a high local value added content." He further added, "Now that India has been declared as a focus market in Asia by Siemens AG, along with China, this opens up more opportunities for Siemens India to participate in the global value chain in areas of our competencies. We are therefore endeavoring to make our cost position more competitive, especially on the manufacturing front. A better cost position will help us secure higher volumes, in order to support a healthy and sustained performance by our factories."