Siemens doubleds quarterly profit

MUMBAI: Siemens, the flagship of the Siemens group in India, has doubled its quarterly profit at Rs 98 crore for the October-December period, from Rs 49 crore recorded during the corresponding period in the previous year.

Sales turnover increased 91% to Rs 1,627 crore for the first quarter ended December 31, 2006, while new orders rose 23% to Rs 5,128 crore. A company release said Siemens��� focus on growth-led strategies, both in the domestic and export markets, helped it double the profits.

The company���s non-executed order value position as of December 31, 2006 was Rs 11,040 crore, a rise of 56% from Rs 7,058 crore. It has hiked the head count to 6,117 by December-end from 5,299 a year ago.

���We opened the year on a very positive note by bagging the single largest order in Siemens Power Transmission and Distribution world-wide. To support our growth strategies, we are continuously enhancing capacities and resources, including man-power,��� said J Schubert, managing director.

���We have a good balance between the short- and long-cycle businesses, which is optimal for sustained and steady profit-able growth,��� he said. The Siemens group is a leading provider of industry and infrastructure solutions in India.