Forex loss drags Siemens Q4 net down 29%

“High input cost and foreign exchange losses incurred mainly in September has resulted in our net profit declining for the quarter,” Managing Director Armin Bruck told reporters here.

For the fiscal ended September,the company posted a 28 percent spike in sales at Rs 11,941.9 crore over Rs 9,315.24 crore in the previous fiscal.

“If the current economic scenario continues even in this fiscal,we see our margins under pressure due to higher input costs. However,we are optimistic about the India growth story and in the power sector and we will achieve our target,” Bruck said.

“In spite of difficult economic conditions here,our new orders and order backlog remained steady,and the overall results for the year compares positively against 2009-10 when we booked large orders in the fossil and transmission divisions,” he said.

Among the major orders booked during the year were the country’s largest cargo handling system contract from the Delhi Cargo Service Centre and a contract from Jaypee Sports to implement the electronics and IT system at the country’s first F1 track in Noida.