Electrical and electronics major Siemens Ltd has posted a 28.02 per cent rise in net profit at Rs 15.53 crore (Rs 155.3 million) for the third quarter ended June 30, 2003, compared to Rs 12.13 crore (Rs 121.3 million) in the corresponding quarter last fiscal.

The company's board has recommended an interim dividend of 35 per cent for the financial year ending September 30, 2003, a Siemens release said in Mumbai on Monday.

The company's net sales were marginally down at Rs 299.4 crore (Rs 2,994 million) during the quarter, as against Rs 302.66 crore (Rs 3,026.6 million) during the same period last year, it said.

Its net profit for the nine-months ended June 30 rose to Rs 85.91 crore (Rs 859.1 million), compared to Rs 57.73 crore (Rs 577.3 million) during the same period last fiscal, while net sales rose to Rs 987.7 crore (Rs 9,877 million) as against Rs 913.8 crore (Rs 9,138 million).

Automation and drives, power and healthcare businesses were the major drivers during the nine-month period, while the company's transportation business alone registered a 50 per cent growth, it said.

Siemens' board has also approved the merger of Siemens Building Technologies Pvt Ltd with the company, subject to shareholders' and other mandatory approvals.

The company expects the merger to strengthen its portfolio, especially in areas like building automation and access controls, fire detection systems and ventilation, the release added.