Siemens Q2 net falls by 8.5%; to acquire iMetrex

Siemens Q2 net falls by 8.5%; to acquire iMetrex
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First Published: Tue, Apr 24 2007. 04 54 AM IST
Updated: Tue, Apr 24 2007. 04 54 AM IST
Mumbai: Siemens Ltd, the Indian unit of Siemens AG of Germany, reported an 8.5% fall in its net profit for the January-March quarter at Rs108 crore. The company’s accounting year ends in September.
Chief financial officer Patrick de Royer said the company had booked dividend income and special export incentives worth Rs50 crore in the previous year’s quarter.
The company’s total income (net of excise) increased 82.15% to Rs2,141 crore for the quarter ended 31 March 2007 from Rs1,175 crore in the corresponding quarter last year.
The outstanding order book at the end of March stood at Rs10,800 crore, “which should see us through for the next 18 months”, said J. Schubert, managing director, Siemens.
During the quarter, new orders rose 22%, to Rs1,950 crore, from a year ago. The power sector continued to be the main driver of growth, contributing 56% to the company’s revenue.
The company also obtained board approval for the sale of its VDO Automotive division to its parent Siemens AG’s wholly owned unit in India.
In January, Siemens had announced a public float of more than 25% of its VDO unit on the stock market.
Siemens Ltd also announced that it has signed a share-purchase agreement to acquire 77% of Chennai-based iMetrex Technologies for an undisclosed sum.
The deal also gives Siemens the option to acquire the balance 23% in the firm that focuses on electronic security and building automation systems, a senior Siemens official said.
iMetrex had revenues of Rs160 crore in the year to March 2007.
“The acquisition will help us have all the right products, increase our access to the international markets and raise our export volumes,” Schubert said.
Siemens, he added, would combine its own building technologies business with iMetrex and call the resulting entity, Siemens Building Technologies Ltd.
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First Published: Tue, Apr 24 2007. 04 54 AM IST