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Siemens: One step higher

Jun 21, 2004

Siemens India, a 54.6% subsidiary of German engineering major Siemens AG, declared good results for its second quarter (September ending company). The topline of the company grew by around 21% during this period but due to higher tax provisions, the bottomline grew at a slower rate (up 17%). Despite a 17% growth in the bottomline during the second quarter, for the first half, net profit was down 17% YoY.

(Rs m) 2QFY04 2QFY05 Change 1HFY04 1HFY05 Change
Net sales 3,897 4,731 21.4% 6,882 7,807 13.4%
Other income 232 251 8.2% 606 447 -26.3%
Expenditure 3,569 4,215 18.1% 6,392 7,220 12.9%
Operating profit (EBDITA) 328 516 57.4% 490 588 20.0%
Operating profit margin (%) 8.4% 10.9%   7.1% 7.5%  
Interest (26) (34) 32.1% (57) (58) 1.9%
Depreciation 61 59 -3.7% 116 113 -2.6%
Profit before tax 525 743 41.5% 1,037 980 -5.6%
Tax 164 323 96.3% 333 394 18.2%
Profit after tax/(loss) 360 420 16.5% 704 586 -16.8%
Net profit margin (%) 9.2% 8.9%   10.2% 7.5%  
No. of shares (m) 33.1 33.1   33.1 33.1  
Diluted earnings per share (Rs)* 43.5 50.7   42.5 35.3  
P/E ratio (x)         23.8  
(* annualised)            

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