Siemens Q3 net up 45 pc at Rs 82 cr

MUMBAI: Siemens Ltd on Monday posted a 44.71 per cent increase in net profit at Rs 81.78 crore for the third quarter ended June 30, as compared to Rs 56.51 crore for the same period last year.

Total income (net of excise) of the company has risen 73.47 per cent to Rs 1,819.66 crore for the quarter from Rs 1,048.96 crore for the corresponding period a year ago, the company informed the Bombay Stock Exchange (BSE).

The board of directors at its meeting approved the appointment of Stephan Schneider as an Alternate Director to K Wucherer with effect from today and Armin Bruck as an Additional Director and a Whole-time Director with effect from October 1, subject to requisite approvals.

Further, the company said its 'Siemens VDO Automotive Division' would be transfered to Bangalore-based Siemens VDO Automotive Components Pvt Ltd on October 4.

The Bangalore-based firm is a new 100 per cent subsidiary of Siemens, AG. For this purpose, SVDO division was valued at Rs 170 crore, Siemens added.

Besides the company's building technologies division would be transfered to Siemens' subsidiary 'iMetrex Technologies Pvt Ltd' on October 1.

The proposed transfer is subject to the approval of the shareholders through postal ballot, which would be carried shortly.
   
Shares of the company closed at Rs 1,322.15, down 1.56 per cent on BSE.