Siemens Q1 results; steady

Our Corporate Bureau
22 January 2004

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.