Siemens tumbled 5.86% to Rs 451.50 at 15:17 IST on BSE after the company reported net loss of Rs 48.82 crore in Q3 June 2013, as against net profit of Rs 36.19 crore in Q3 June 2012.
The Q3 result was announced during trading hours today, 2 August 2013.Meanwhile, the S&P BSE Sensex was down 137.87 points or 0.71% at 19,179.32
On BSE, 1.56 lakh shares were traded in the counter as against average daily volume of 40,791 shares in the past one quarter.
The stock hit a low of Rs 441.15 so far during the day, which is also its 52-week low for the counter. The stock hit a high of Rs 492.20 so far during the day. The stock had hit a 52-week high of Rs 749.95 on 4 October 2012.
The stock had underperformed the market over the past one month till 1 August 2013, sliding 16.12% compared with the Sensex's 1.33% fall. The scrip had also underperformed the market in past one quarter, falling 12.15% as against Sensex's 0.96% slide.
The large-cap company has equity capital of Rs 71.22 crore. Face value per share is Rs 2.
Siemens' total income declined 12.71% to Rs 2645.23 crore in Q3 June 2013 over Q3 June 2012. The company registered new orders worth Rs 2620.4 crore during the quarter.
Dr. Armin Bruck, MD, Siemens said, "Our results have been impacted by the uncertain macro-economic situation as well as volatility in the currency 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".
Siemens said that the effective date of amalgamation of Winergy Drive Systems India (Wingery - a 100% subsidiary of Siemens AG) was 1 October 2012 and the amalgamation was approved by the High Courts of Bombay and Madras and was given effect into the books of the company in the quarter ended 31 March 2013. Consequent to this amalgamation, in the current quarter, the company has allotted 625,139 equity shares of Rs 2 each to Siemens AG (Shareholder of Winergy) on 24 May 2013.
Also, the effective date for amalgamation of Siemens Power Engineering (SPEL - a 100% subsidiary of Siemens AG) was 1 October 2011 and the amalgamation was approved by High Court of Bombay and Punjab & Haryana and was given effect into the books of the company in the quarter ended 31 December 2012. Accordingly, the financial results for the year ended 30 September 2012 do not include the profit of SPEL of Rs 47.33 crore for that year.
In view of the above amalgamations, the current quarter figures are strictly not comparable with corresponding previous quarter.
Siemens' board of directors at a meeting held today, 2 August 2013, approved the sale and transfer of the Postal and Parcel Logistics Technologies and Airport Logistics Technologies businesses of the company to Siemens Airport Logistics Technologies, Mumbai, a new 100% subsidiary of Siemens AG, Germany, with effect from the close of business hours of 30 September 2013 for a consideration of approximately Rs 122.8 crore, to be suitably adjusted for the change in net assets subsequent to 31 March 2013 upto the date of transfer. The proposed sale and transfer of these businesses is subject to the approval of the Members by postal ballot, which would be carried out shortly.
Siemens is the flagship listed company of Siemens AG in India. It is a leading powerhouse in electronics and electrical engineering. Germany's Siemens AG holds 75% stake in Siemens (as per shareholding pattern as on 30 June 2013).
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