Siemens’ net profit slides 20% | india | Hindustan Times
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Siemens’ net profit slides 20%

india Updated: Nov 24, 2010 21:47 IST
HT Correspondents

Siemens Ltd, the global engineering major on Wednesday announced that its net profit for the year ended September 30, was down by 20% at Rs 827 crore, from Rs 1,045 crore, compared with last year.

Siemens Ltd, in which Siemens AG (Germany) holds 55.18%, is the flagship-listed company of Siemens AG in India.

The company said the reduction is only due to an accounting one-time effect in the net profit. “In 2009 PAT included Rs 223 crore as a one time dividend income and Rs 160 crore as profit (net of tax) on sale of Siemens’ subsidiaries—SISL and SIPS,” the company said in a statement.

The company officials said if these effects are deducted from the last year’s net profit then the company has grown by about 25% year on year.

The company said it witnessed healthy sales fro all three sectors it operates in—Industry, energy and healthcare. The sales of the company grew by about 11% against last year. This year the company’s sales stood at Rs 9,315 crore as against Rs 8,389 crore last year.

The company received new orders valued at Rs 12,430 crore in the current year as against orders worth R8,796 crore last year, a growth of 41%.

The company said it is also looking to develop products specifically for India. These products could also be exported to other developing economies. The company executives also said that they were banking on Brazil, Russia, India and China (BRIC) for the growth and the BRIC markets will grow at double the rate than rest of the world for Siemens.