Siemens Ltd. announces FY 2013 results

Dr. Armin Bruck, Managing Director, Siemens Ltd., said, "Overall, the results were in line with the challenging economic environment. While a rise of 35% in New Orders for the fourth quarter over the immediately preceding quarter is encouraging, the growth of the Company is also dependent on the implementation of Government policies to promote infrastructure development within the country and create an environment conducive to investment in Capital Goods. During the year, the Company launched initiatives to optimize its cost position and productivity considering the slowdown in the economic environment."

In Q4 2013, Siemens Ltd. initiated the sale and transfer of its Postal & Parcel Logistics Technologies and Airport Logistics Technologies business (both forming part of the Infrastructure and Cities Sector) to Siemens Postal Parcel & Airport Logistics Private Limited, a 100% subsidiary of Siemens AG, effective from the close of business on September 30, 2013 for a consideration of Rs. 128 crores and a profit of Rs. 115 crores.

In spite of the reduced profitability, the Board of Directors of the Company has approved a dividend of Rs. 5 per share, which amounts to a payout of 92% for the financial year ended September 30, 2013. "This reflects our confidence in the performance of the Company once there is a revival in the economic environment," added Dr. Bruck.