Siemens, managed to stay in positive territory, but came off the day's high on Tuesday after the company unveiled its Q1 results in afternoon.

The scrip of the engineering company added on 1.9% to Rs 330 in afternoon trades. The scrip gained as much as 4.3% to Rs 337.80, earlier. Around 26,700 Siemens shares were traded on BSE thus far.

The scrip surged sharply in the run up to the results. From Rs 237.95 on 20 November 2002, the scrip jumped 36% to Rs 323.75 on 20 January 2002 .

Siemens has posted a net profit of Rs 34.41 crore for the quarter ended 31 December 2002 (DQ-02) compared to a net profit of Rs 20.46 crore in the quarter ended 31 December 2001 (DQ-01). Profit has been boosted largely through other income, which has gone up 65% to Rs 37.42 crore from Rs 22.61 crore. Net sales have risen 14.6% to Rs 298.50 crore (Rs 2.98 billion) from Rs 260.30 crore (Rs 2.60 billion).

Oother income of Rs 37.42 crore in Q1 ended 31 December 2002 included Rs 25.60 crore on account of forefeiture of advance received for a power project. This analysts say would be of a non-recurring nature. In Q1 ended 31 December 2001, Siemens had extraordinary income of Rs 4.93 crore (net of tax) on profit on sale of investment.

In Q1 ended 31 December 2002, there has been a sharp surge in tax provision by 175% to Rs 16.90 crore (Rs 6.14 crore) which is due to a deferred tax provision.

Siemens is a leading provider of industry and infrastructure solutions in India. It operates in seven core business segments - energy, industry, information, communication, transportation, healthcare and lighting. It has nationwide sales and service network, 12 manufacturing plants, a 500-strong network of channel partners and employs around 10,000 people.

In early March 2002, Siemens AG announced plans to invest US $500 million (close to Rs 2,450 crore) in India to propel growth based on new opportunities.

For the fourth quarter ended 30 September 2002, Siemens posted a 27.8% rise in net profit to Rs 28.82 crore (Rs 22.55 crore) on a 5.63% increase in total income to Rs 394.63 crore (Rs 3.94 billion).

For the full year ended 30 September 2002, the company recorded a net profit of Rs 86.56 crore as compared to Rs 68.72 crore in the year ended 30 September 2001. Total income increased from Rs 1,209.40 crore in FY 2001-01 to Rs 1,346.41 crore for FY 2001-02.

Siemens paid-up equity share capital was reduced to Rs 33.14 crore from Rs 35.49 crore following a buy-back. Siemens AG currently holds 54.63% of the equity of the company.

BSE Code: 500550