Stable Results reflect benefits of measures aimed at increasing the Company's competitiveness.Company appoints Christian Rummel as Executive Director and Chief Financial Officer.Company also announces acquisition of Siemens Rail Automation Pvt. Ltd.
For the first quarter of Financial Year 2014 ended December 31, 2013, Siemens Ltd.
registered New Orders of Rs. 2,005.8 crores compared to Rs. 2,002.8 crores in the same period last year while Sales stood at Rs. 2,360.5 crores in Q1 2014, compared to
Rs. 2,461.8 crores in Q1 2013. Profit after Tax in Q1 2014 was also stable at
Rs. 65.1 crores compared to Rs. 63.6 crores in Q1 2013.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd., said, "While the results were impacted by the challenging macro-economic situation, they also reflect the benefits of various internal measures aimed at increasing the Company's competitive-ness. Our focus continues to be on stabilizing our operations and strengthening our core competence. As an organization, we are preparing for the next phase of growth."
The Board of Directors of the Company has appointed Mr. Christian Rummel as
Executive Director and Chief Financial Officer (CFO), of the Company with effect from February 1, 2014. Mr. Rummel has been with Siemens AG for over 24 years during which he has held various senior management positions. Prior to his appointment as CFO of Siemens Ltd., he was Senior Vice President & Chief Financial Officer, Molecular Imaging, Healthcare Sector of Siemens AG since 2009 based in USA.
The Board of Directors at its meeting held today has approved the acquisition of 100 % equity shares of Siemens Rail Automation Pvt. Ltd. (a Siemens group company) for a consideration of Rs. 55 crores, subject to all requisite regulatory approvals. Siemens Rail
Automation Pvt. Ltd. is engaged in the business of manufacture, supply, design,
installation and commissioning of Railway Signalling equipments consisting of trackside and on board equipment. The business is complementary to the existing business of the Company and should provide significant synergies.
Siemens Limited is one of the Indian's leading manufacturers of electronic and electro-technical equipment. Net sales (not including sold divisions) break down by sector of activity as follows:
- energy (36.1%): integrated products and services for oil and gas production, electricity generation and transmission, etc.;
- electricity transmission and distribution (30.7%): power transmission and distribution systems, electrical installations, miniature circuit breakers, distribution boards, residual current circuit breakers, etc.;
- industry automation (23,8%): industrial automation systems, drive systems, etc. The group also provides engineering, procurement, installation and commissioning of turnkey projects products in the industrial and infrastructure sectors;
- mobility (8.7%): rail vehicles, rail automation systems, rail electrification systems, road traffic management solutions, etc.;
- other (0.7%).
India accounts for 82.2% of net sales.
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