The Telegraph
Since 1st March, 1999
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Siemens profit up 26% to Rs 86.5 cr

Mumbai, Nov. 22: Siemens India Ltd has posted a 26 per cent rise in net profit to Rs 86.5 crore for the financial year ending September 30, 2002 as against Rs 68.7 crore in the previous year.

During the last fiscal, the company has recorded a sales turnover of Rs 1,290.5 crore, up 12 per cent as against Rs 1,157.2 crore in the previous year. For the fourth quarter, while net profit rose to Rs 28.82 crore (Rs 22.55 crore), sales grew to Rs 376.7 crore (Rs 348.6 crore). In its board meeting today, the directors have recommended a dividend of 25 per cent, taking the total dividend to 55 per cent for the reporting year.

The company added that it received new orders valued at Rs 1,154.7 crore during the year, compared with Rs 1,083.6 crore in the previous year. The major volume contributors for new orders were the automation and drives, medical solutions, power transmission and distribution and industrial solutions and services businesses.

The growth in sales turnover, it said, was achieved in the backdrop of the depressed market conditions, which was also characterised by severe price erosion. Siemens Ltd bought back 23.55 lakh equity share at an average price of Rs 197.49 per share. The parent company currently holds close to 55 per cent.

Blue Star sales plan

Central air-conditioning and commercial refrigeration major Blue Star has targeted to double its present turnover of Rs 520 crore in three years to over Rs 1000 crore, a top company executive said here today. The company expects to grow 20 per cent annually driven by growth in the central air-conditioning market, Blue Star executive director T G S Babu told reporters after announcing the launch of a new range of power saving air-conditioning equipment.

“We see a golden decade of central air-conditioning and being a central air-conditioning company and sensing the mood, we have ambitious plans,” he said. The new systems, he said, would help in “migrating” to a much higher turnover.

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