 "Siemens profit dips 50% to Rs 219 cr")
Siemens' net dipped by 49.8% to Rs 219.13 crore in Q4 of financial year 2015 ended September 30 compared to Rs 436.78 crore for corresponding period last year. This was due to lower exceptional items of Rs 70.71 crore compared to Rs 366.50 crore during the same period.
In Q4 2014, revenue from discontinued operations amounted to Rs 197.7 crore. Revenue growth from continuing operations was 10.9%.
However, company's Profit After Tax (PAT) before exceptional items increased by 13.5% to Rs 173 crore against Rs 152.5 crore. Exceptional items for quarter under consideration included expenditure on removal of gratuity ceiling for gratuity to employees of Rs 35.99 crore and reversal of impairment loss recognised and other consequential provisions of Rs 106.71 crore on wind power manufacturing facility.
Exceptional items also included profit on sale of metals technologies business of Rs 712.03 crore, effective from the close of business on December 31, 2014. The corresponding tax impact on the said transaction amounted to Rs 178.46 crore.
CEO Sunil Mathur in a release said, "While we have seen an increase in public sector orders in the railway and energy transmission businesses, we are yet to see increased ordering by other government and public sector agencies. Private sector capex spending is also negligible across all verticals. Under these conditions, our results can be considered as satisfactory. We await an increase in demand by both public and private sectors in order for us to realize our full potential."
The board of directors has recommended a dividend of Rs 6 per share, and a special dividend of Rs 4 per share (in view of the large exceptional income during the year), which amounts to a payout of 36% for the financial year ended September 30, 2015.