JANUARY 28: Siemens India has turned the corner with a net profit Rs 5.60 crore during the first quarter ended December 1999 against a loss of Rs 22.2 crore during the corresponding period last fiscal. Net sales and services shot up to Rs 227.5 crore from Rs 164.9 crore in the same period last year.Lease and other income of the company during the quarter grew to Rs 10.48 crore from Rs 3.2 crore in the corresponding period last year. Managing Director of Siemens India J Shubert said: "The result indicates that we are definitely on the right path. We continued to vigorously pursue our internal actions to meet new market challenges efficiently. This will be an on-going effort to remain competitive."Total expenditure for the quarter grew to Rs 223.5 crore from Rs 171.46 crore in the corresponding period last year. The gross profit after interest but before depreciation stood at Rs 14.65 crore from a loss of Rs 12.69 crore in the previous period.The company has also managed to make an encouraging start in the first quarter bagging new orders worth Rs 242.2 crore registering a 30 per cent increase from the corresponding period last year. Turnover for the first quarter also increased by 38 per cent to Rs 227.5 crore.The paid up share capital of the company grew to Rs 35.49 crore from Rs 28.39 crore. According to a Siemens India release," The increase in the paid up equity share capital of the company is as a result of the rights issue which was fully subscribed to and the underlying shares were allotted on November 26, 1999."The release adds "During the quarter ended December 31, 1999 the company received a premium on the issue of rights shares amounting to Rs Rs 134.83 crore. About Rs 2.62 crore from the share premium account was utilised on redemption of preference shares."Continuing on its growth path, Siemens has managed to post a positive bottom-line figure for the first quarter of its fiscal. As against the previous year the company has posted a marginal operating profit. The company was also helped by a net interest income as a result of its rights issue. However, other income still continue to contribute to the company's PBT. What is encouraging for Siemens is the growth in its order book position, which will be the driver for growth in the current fiscal.
