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Siemens net up 75% at Rs 178 cr

Mumbai, Nov. 8 (PTI): Effective resource management, lower cost structure and streamlining of processes helped Siemens India record a 74.91 per cent jump in net profit at Rs 178.08 crore on a consolidated basis for the year ended September 30, 2003, compared with Rs 101.81 crore in 2002.

The company’s board approved a total dividend of Rs 7.5 per share (75 per cent) of Rs 10 each, including an interim dividend of 35 per cent and a final dividend of 40 per cent, for the reporting year, Siemens managing director J. Schubert said.

Siemens’ total income for the year under review rose to Rs 1,800.85 crore from Rs 1,558.44 crore posted during the same period of the previous fiscal, he said.

On a standalone basis, the company posted a 60 per cent rise in net profit at Rs 139.4 crore for the year ended September 30, 2003, compared with Rs 86.5 crore posted during the same period of the previous fiscal, he said.

Sales turnover for the period under review increased 10 per cent to Rs 1,424.5 crore compared with Rs 1,290.5 crore in the corresponding previous period.

All segments grew satisfactorily, only the power segment’s turnover declined, Schubert said.

The company’s fourth-quarter net profit rose 85 per cent at Rs 53.5 crore (Rs 28.8 crore in the fourth quarter of last fiscal), while net sales rose to Rs 436.86 crore from Rs 376.70 crore posted during the same period of the previous fiscal, he added.

The company has also decided to voluntarily delist its equity shares from Delhi, Calcutta and Madras stock exchanges, subject to necessary approvals.

Siemens has also appointed HDFC chairman Deepak S. Parekh chairman as an additional director with effect from today, he said.

The Siemens group comprises three companies, Siemens Ltd, the public listed company, and two of its subsidiaries Siemens Information Systems Ltd and Siemens Building Technologies, which were acquired during the fiscal.

The flagship company, Siemens Ltd’s new orders rose 45 per cent to Rs 1,675.40 crore (from Rs 1,154.70 crore in 2001-02), while turnover increased 10 per cent to Rs 1,424.50 crore (Rs 1,290.50 crore) during the fiscal, Schubert said.

The company’s power generation division recorded a 57 per cent increase in new orders and a 50 per cent rise in turnover during the period under review. The division received orders valued at over Rs 20 crore from Jindal and Kirloskar groups and L&T during the period, he said.

The division also successfully executed orders worth Rs 4 crore from National Thermal Power Corporation, for its Badarpur power plants, he said. The automation and drives division recorded a 20 per cent rise in order value and a turnover of 14 per cent.

i-Flex net up 25%

i-Flex Global Solutions has reported a revenue of Rs 187 crore during the second quarter ended September, up 28 per cent over Rs 146 crore in the corresponding period last year.

Net profits rose to Rs 50 crore in the second quarter, up 25 per cent over Rs 40 crore reported during July to September 2002, a company statement said.

The company hired 254 people to reach a total strength of 2,600 professionals, even as the number of customers rose to 432.

“We are pleased with the strong all-round momentum in our three lines of business and this is a direct result of our continued investments in product R&D, delivery capability, sales and marketing and branding,” i-Flex chairman and managing director Rajesh Hukku said.

“The current situation relating to the weakening dollar has impacted the entire IT industry. With some good hedging mechanisms, we have been able to minimise the losses significantly this quarter, but the situation remains challenging,” India operations CEO and CFO Deepak Ghaisas said.

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