The Company also reported a Net Loss in Q3 2013 of Rs. 48.8 crores after account-ing for revised estimates of revenue, costs and project-related provisions.
Dr. Armin Bruck, Managing Director, Siemens Ltd., said, “Our results have been impacted by the uncertain macro-economic situation as well as volatility in the cur-rency and commodity exchange rates. It is imperative now that concrete steps are taken to create an environment that will encourage growth in the country through increased Capex spending.”
The Board of Directors in its meeting held on August 2, 2013 approved, subject to the approval of the shareholders, 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 Airport Logistics Technologies Private Limited (SAL), a 100% subsidiary of Siemens AG, effective from the close of business on September 30, 2013. The sale is for a consideration of Rs. 122.8 crores and subject to adjustment for the change in net assets subsequent to March 31, 2013 up to the date of transfer.