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Siemens net profit up 28% in third quarter

July 21: Siemens Ltd has recorded a 28 per cent rise in net profit to Rs 15.53 crore for the third quarter ended June 30 this year as against Rs 12.11 crore in the corresponding previous quarter.

Net sales during the reporting period was lower at Rs 299.4 crore from Rs 302 crore last year. For the nine-month period, sales turnover increased by 8 per cent to Rs 987.7 crore (Rs 913.8 crore).

The company said that major contributors to higher turnover were automation and drives, power and healthcare business.

Siemens received new orders valued at Rs 1,180.5 crore for the nine-month period compared with Rs 857.1 crore in the corresponding previous period.

The board of directors has announced an interim dividend of Rs 3.50 per share. At its meeting today, the directors also approved the scheme for amalgamation of Siemens Building Technology Pvt Ltd, a 100 per cent subsidiary, into Siemens Ltd.

Managing director J. Schubert said, “Our performance is on track and we expect to meet our targets for the year-end.”

IDBI Bank net vaults

IDBI Bank has posted a 100.6 per cent rise in net profit at Rs 22.4 crore for the first quarter ended June 30 this year compared with Rs 11.1 crore in the same period last year. Total income of the bank has gone up by 43.7 per cent to Rs 109.4 crore as against Rs 76.1 crore in the comparable previous quarter.

Net interest income increased by 49 per cent on the back of close to 40 per cent growth in customer assets and expansion in net interest margin from 2.65 per cent to 3.1 per cent.

Digital net at Rs 30 cr

Digital GlobalSoft Ltd, the Indian subsidiary of global IT major HP, today reported a net profit of Rs 30.2 crore during April to June 2003, up by 9.4 per cent over Rs 27.6 crore recorded in the same quarter last year.

Revenues increased by 38 per cent to touch Rs 140.2 crore in the reporting quarter as against Rs 101.62 crore last year, a company statement said here.

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