Siemens reports 179% jump in 1Q net - Views on News from Equitymaster

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Siemens reports 179% jump in 1Q net

Jan 22, 2001

Siemens India Limited, the engineering major, has declared a huge 179% jump in net profits to Rs 159 m in its 1QFY01 (the company's accounting year ends in September). However, its sales declined by a marginal 6% to Rs 2.1 bn.

(Rs m) 1QFY00 1QFY01 Change FY99 FY00 Change
New order intake 2,422 2,273 -6.2% NA NA  
Sales 2,275 2,145 -5.7% 10,506 10,833 3.1%
Profit after Tax/(Loss) 57 159 178.9% 351 840 139.3%
Net profit margin (%) 2.5% 7.4%   3.3% 7.8%  
No. of Shares (eoy) 35.5 35.5   35.5 35.5  
Earnings per share* 6.4 17.9        
Current P/e ratio   17.9        

The company's new order intake also saw a 6% decline to Rs 2.3 bn. This was influenced by weak market demand and delays in off-take of new projects, particularly in the infrastructure and industry soultions segments.

The growth in bottomline comes in the wake of strong growth in automation & drives, and industrial solutions and services businesses.

The company's good run, therefore, continues. In FY00, Siemens had declared a huge 139% growth in its net profit. The company is enjoying the fruits of its restructuring initiatives that included a VRS to cut costs. The company also went in for a rights issue to prune its debt.

At the current price of Rs 321, Siemens trades at a P/e multiple of 17.9 times its annualised 1QFY01 earnings.

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