Wednesday, December 28, 2011

SIEMENS LTD = RESULTS FOR Y/E SEP2011,2010,2009 = CON.NPT UP BY14.51% YOY = GOOD ORDER BOOK


Siemens Limited

RESULTS FOR Y/E SEP2011,2010,2009

CONSOLIDATED

SIEMENS has declared very good results for the year ending September 2011 (Consolidated).

The consolidated Results for YE sep 2011 are compared beow with previous 2 years.

Net Sales has increased to Rs.11954.67 Cr  in YE sep 2011 –compared to Rs.9620.07       Cr in sep’10 (+24.27%) and compared to Rs.9286.45 cr(+28.73% compared to YE sep2011). Thus, there is healthy increase of sales in current year over previous 2 years.

Raw Materials consumption has increased to Rs.6745.70 Cr – compared to Rs.5983.40 Cr in Sep’10 (+12.74%) and compared to Rs.5442.19 Cr in Sep’09 (+23.95%).

Traded goods has gone up to Rs.2378.51 cr in sep’11, compared to Rs.1573.16 cr in Sep’10 (+51.19%); and compared to Rs.1232.21 cr in Serp’09 (+93.03%).

Thus, while Raw material cost has increase less than proportionately compared to Sales Traded costs has gone up much more than the proportionate sales revenue.

Total Expenditure         has gone up to Rs.10920.92 Cr in sep’11 – compared to rs.8592.09 Cr in Sep’10 (+27.10%) and compared to Rs.8470.84 cr in Sep’09 (+28.92%).As we can see, total expenditure has increased slightly more than proportionately compared to Sales.

Profit from Operations stands at Rs.1198.26 Cr – compared to Rs.1150.92 Cr (+4.11%) in Sep’10 – and compared to Rs.878.27 Cr in Sep’09 (+36.43%)

Profit before tax   stands at Rs.1289.74 cr in Sep’11 – compared to Rs.1206.63 Cr in Sep’10 (+6.89%) – and compared to Rs.1088.32 Cr in Sep’09 (+18.51%)

Consolidated Net Profit comes to Rs.867.75 cr in Sep’11 – compared to Rs.757.77 Cr (+14.51%) in Sep ’10 – and compared to Rs.704.61 Cr (+23.15%) in Sep’09. The Con. Net Profit has increased at this stage in Sep’11 compared to Sep’10 mainly on account of lower Tax Expense.

Basic EPS (in Rs.) on a Face value of Rs.2,  stands at Rs.25.61 in Sep’11, Rs.22.48 in Sep10(+13.92%) and Rs.20.9 in Sep09 (+22.54%). Thus, the Annual results do reflect reasonable progress, though more than proportionate increase in expenditure, compared to Sales is a cause of concern.

Current MP is Rs.655.65 as against  - the 52 week high price of Rs.950 and  52 week low price  of Rs.626.70. The PE Ratio works out to 25.6, which is quite healthy even in current dull market conditions. The company has a good order book and is expected to perform well in coming quarters as well.

The public shareholding in the company has come down in Sep’11 to 25% from 44.82% in sep ’10. The announcement section indicates about the public offer details.

ANNOUNCEMENTS BY COMPANY

14-12-2011          Siemens Limited has decided to close the Register of Members and the Share Transfer Books of the Company from January 18, 2012 to January 31, 2012 (Both days inclusive) for the purpose of payment of Dividend, if declared by the members at the forthcoming Annual General Meeting of the company to be held on January 31, 2012. Further, Dividend, if declared, will be payable on February 06, 2011.

14-12-2011          "Siemens Limited forays into EPC solutions for Solar PV plants".

22-11-2011          "Siemens Ltd. announces FY 2011 results; Sales up by 28%; Order position & Profits Stable".

22-11-2011          consolidated Results for the year ended on 30-SEP-2011 as follows: Net Sales of Rs. 1195467.05 lacs for year ending on 30-SEP-2011 against Rs. 962007.49 lacs for the year ending on 30-SEP-2010. Net Profit / (Loss) of Rs. 86774.76 lacs for the year ending on 30-SEP-2011 against Rs. 75777.14 lacs for the year ending on 30-SEP-2010.

22-11-2011          Siemens Limited has recommended a Dividend of Rs.6/- per Equity Share (300%) of Rs.2/- each for the Financial Year ended September 30, 2011.The Dividend as recommended by the Board of Directors, if declared at the ensuing Annual General Meeting of the Company, will be paid on February 06, 2012.

22-11-2011          standalone Results for the year ended on 30-SEP-2011 as follows: Net Sales of Rs. 1194190.5 lacs for year ending on 30-SEP-2011 against Rs. 931524.05 lacs for the year ending on 30-SEP-2010. Net Profit / (Loss) of Rs. 84542.59 lacs for the year ending on 30-SEP-2011 against Rs. 82721.14 lacs for the year ending on 30-SEP-2010.

29-10-2011          Siemens Limited has considered and approved the Scheme of Amalgamation ("Scheme") under Sections 391 to 394 of the Companies Act, 1956, envisaging, inter alia, amalgamation of Siemens VAI Metals Technologies Pvt. Ltd. (SVAI - a 100% Siemens AG company) and Morgan Construction Company India Pvt. Ltd. (Morgan - a 100% subsidiary of SVAI) with the Company with the appointed date being October 01, 2011. The Board of Directors of the Company, after due consideration, approved the share exchange ratio as determined by independent valuer viz. Grant Thornton. The fairness opinion on the valuation is provided by ICICI Securities Ltd., a category - I merchant banker. The share swap ratio for the proposed scheme has been determined as under: 1,318 (One Thousand Three Hundred and Eighteen) Equity Shares of the Face Value of Rs. 2/- (Rupees Two) each fully paid up of the Company for every 100 (One Hundred) Equity Shares of the Face Value of Rs. 100 (Rupees One Hundred), fully paid up of SVAI (Morgan is a 100% subsidiary of SVAI). Siemens AG (promoter) currently holds 75% of the equity share capital of the Company and the Scheme has a mechanism to ensure that the public shareholding i.e. 25% will be maintained at all times pursuant to the requirement of the listing agreement. The proposed Scheme is however, subject to the requisite approvals of the respective shareholders / creditors of the Company and both Transferor Companies, other statutory / regulatory authorities in the respective jurisdictions and subject to the sanction/confirmation by Hon'ble High Court of Judicature at Mumbai and / or any other appropriate authority as may be necessary. -

20-09-2011          " Siemens reaches an important milestone with the delivery of 100th Gas Insulated Switchgear ".

02-09-2011          Company has received an order from Siemens AG valued at Rs. 294.50 crores for a transmission project of Power Grid of Corporation of Bangladesh. The Completion period is 24 months. -

19-08-2011          a consortium of Siemens Ltd., (SL) with Siemens AG, Germany (SAG) has been awarded a contract by Power Grid Company Ltd. of Bangladesh on a turnkey basis for supply of equipment for the 500 MW Back to Back HVDC project set up at Bheramara in Bangladesh. The contract value for SL is Rs.2877 million. This project is being set up under India-Bangladesh Power exchange program and is being funded by ADB. This is the first HVDC project to be excited in Bangladesh. The project schedule is 24 months.

21-06-2011          "Siemens wins Rs.319 crores order from PGCIL" and "Siemens bags Rs.124 crores order from Indiabulls Infrastructure Company Limited".

20-06-2011          "Siemens Mobility Division wins India's biggest cargo handling System contract from Delhi Cargo Service Center".

25-05-2011          (A) With reference to earlier announcement dated April 27, 2011 "Informing that the Scheme of Amalgamation of our Wholly-owned subsidiary i.e. 'Siemens Rolling Stock Pvt. Ltd.,' (SRSPL), Mumbai with the Company (Siemens Ltd.) had been sanctioned by the Hon'ble High Court of Judicature at Bombay (BHC) on 27th April, 2011. The Company and SRSPL have on 16th May, 2011 filed a certified copy of the BHC's Order with the Registrar of Companies, Mumbai. Accordingly, 16th May, 2011 is the "Effective Date" of the said amalgamation. The 'Appointed Date' for this amalgamation is 1st October, 2009. Thus with effect from 16th May, 2011, SRSPL stands amalgamated with the Company and the legal entity of SRSPL stands dissolved without winding up. Further, the entire business and undertaking of SRSPL gets transferred to and in the name of the Company". (B) In continuation of earlier announcement dated April 20, 2010 "Intimating about the amalgamation of our erstwhile subsidiary Flender Ltd., Kolkata (FL) with effect from 1st October, 2009 (Effective Date - 20th April, 2010), The Hon'ble High Court of Calcutta (CHC) vide Its order dated 16th March, 2011 sanctioned the dissolution of FL without winding up. The Company and FL have on 17th May, 2011 filed a certified copy of said Order of CHC with the concerned Registrar of Companies. Accordingly, effective 17th May, 2011, FL stands dissolved without winding up".

28-04-2011          HSBC Securities & Capital Markets (India) Private Limited has submitted to the Exchange a copy of Post Offer Public Announcement with respect to Open offer ("Open Offer") by Siemens Aktiengesellschaft ("Acquirer") to the equity shareholders of Siemens Limited ("Target Company") pursuant to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.

27-04-2011          The 'Scheme of Amalgamation' of the Company's Wholly-owned subsidiary i.e."Siemens Rolling Stock Pvt. Ltd.," (SRSPL), Mumbai with the Company (Siemens Ltd) has been sanctioned on April 27, 2011 by the Hon'ble High Court of Judicature at Bombay. As per the Scheme of Amalgamation, the "Appointed Date" is October 01, 2009. The said amalgamation will be effective only after the certified copy of the Order of the said High Court is filed with the Registrar of Companies.

05-04-2011          HSBC Securities & Capital Markets (India) Private Limited has submitted to the Exchange a copy of third corrigendum to Public Announcement with respect to Open offer ("Open Offer") by Siemens Aktiengesellschaft ("Acquirer") to the equity shareholders of Siemens Limited ("Target Company") pursuant to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.

01-04-2011          a consortium of Siemens Ltd., (SL) with Siemens AG, Germany (SAG) has been awarded a contract by Chennai Metro Rail Ltd., for Electrification & Signalling, Platform screen doors and Telecommunications, Design and Build. The contract value for SL is Rs. 585 Crores. Further the Company informed that a consortium of SL with SAG has been awarded a contract by Kolkata's Metro Rail Corporation Ltd., for supplying the complete railway electrification systems for Kolkata's new east-west metro line. The contract value for SL is Rs. 162 Crores.

RESULTS TABLE

YE SEP'11CON
% DIF
% DIF
Net Sales
1,195,467.05
962,007.49
24.27
928,645.28
28.73
Other Oprtng Income
16,451.01
12,293.15
33.82
6,266.41
162.53
Increase in SIT / WIP
-8,237.18
-52,409.73
-84.28
-10,648.79
-22.65
Raw Materials
674,570.16
598,340.48
12.74
544,219.85
23.95
Traded goods
237,851.27
157,315.62
51.19
123,221.20
93.03
Employees Cost
91,741.88
70,523.42
30.09
94,438.48
-2.86
Depreciation
15,399.15
16,870.90
-8.72
17,326.89
-11.13
Other Expenditure
80,767.16
68,568.35
17.79
78,526.71
2.85
Total Expenditure
1,092,092.44
859,209.04
27.10
847,084.34
28.92
Profit from Operations
119,825.62
115,091.60
4.11
87,827.35
36.43
Other Income
1,595.97
5,571.70
-71.36
1,149.10
38.89
Interest
-7,552.35
-

-4,845.05
55.88
Profit before tax
128,973.94
120,663.30
6.89
108,831.69
18.51
Tax Expense
42,199.18
45,006.87
-6.24
39,598.53
6.57
Net Profit
86,774.76
75,656.43
14.70
69,233.16
25.34
Minority Interest
-
-120.71

-410.52

Consolidated Net Profit
86,774.76
75,777.14
14.51
70,460.38
23.15
Face Value (in Rs.)
2
2
0.00
2
0.00
Paid-up Equity
6,805.90
6,743.20
0.93
6,743.20
0.93
Reserves
374,697.83
321,105.60
16.69
271,254.22
38.14
Basic EPS (in Rs.)
25.61
22.48
13.92
20.9
22.54
Diluted EPS (in Rs.)
25.61
22.48
13.92
20.9
22.54






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