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					                                                                                               Regd off: 130, Pandurang Budhkar Marg, Worli, Mumbai - 400 018
SIEMENS LIMITED $                                                                              E-Mail:    corporate-secretariat.in@siemens.com
                                                                                               Web site: www.siemens.co.in
                                                                                               Telephone: (022) 2498 7547 Fax: (022) 2498 7043
CAPITAL GOODS                                                                        MNC       Tr agent: TSR Darashaw, 6-10, Haji Moosa Estate, E. Moses, Road, Mumbai - 11
Chairman: Deepak S. Parekh                                                        SEC: Ajai Jain                                         AUD: BSR & Co
Yr of Inc   B. Code       BL. Code      F.V.         Price        % ch 1-m        % ch 12-m      P/E       P/CF           Yield         Mkt cap               Vol.            ISIN
 1957   500550             SIEM:IN       2           516.7          8.2             -3.8         29.1      22.9            0.6         174,193.7             173.6       INE003A01024
SHAREHOLDING                                                       FX Transaction (FY08)                              ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters            :   0.0%               Exports (fob)          Rs m     4,033                (Rs)
Foreign collaborators       : 55.2%                Imports (cif)          Rs m 24,557
Indian inst/Mut Fund        : 21.1%                Fx inflow              Rs m 30,957            1200
FIIs/GDR                    :   3.3%               Fx outflow             Rs m 36,900                                                                          DAILY
Free float                  : 20.5%                Net fx                 Rs m -5,943
Shareholders                : 211,811                                                                                                                          100 DMA
                                                                                                  900
                           No. of months                    12         12         12
                             Year ending            30/09/2006 30/09/2007 30/09/2008
EQUITY SHARE DATA
                                                                                                  600
High                                    Rs               1,262           1,485        1,125
Low                                     Rs                 445             968          363
Sales per share                         Rs               357.8           556.3        287.1
Earnings per share                      Rs                23.2            41.1         17.8       300
Cash flow per share                     Rs                30.7            49.4         22.6
Dividends per share                     Rs                3.80            4.80         3.00
Dividend yield (eoy)                    %                  0.4             0.4           0.4
                                                                                                       0
Book value per share                    Rs                73.5           108.6         67.5
Shares outstanding (eoy)                m               168.58         168.58        337.16            Aug-06          Jun-07           Feb-08               Nov-08           Aug-09
Bonus/Rights/Conversions                                 FV2,A                -        B1:1
Price / Sales ratio                     x                   2.4             2.2          2.6                               No. of months                 12         12         12
Avg P/E ratio                           x                 36.7            29.8         41.8                                  Year ending         30/09/2006 30/09/2007 30/09/2008
                                                                                                CASH FLOW
P/CF ratio (eoy)                        x                 27.8            24.8         33.0
Price / Book Value ratio                x                 11.6            11.3         11.0     From Operations                         Rs   m      10,367             -452      5,297
Dividend payout                         %                 16.4            11.7         16.9     From Investments                        Rs   m      -4,042           -1,243       -165
Avg Mkt Cap                             Rs m           143,883        206,763       250,847     From Financial Activity                 Rs   m      -1,476             -918     -1,196
No. of employees                        `000                  6               7            7    Net Cashflow                            Rs   m       4,849           -2,612      3,936
Total wages/salary                      Rs m             7,500           9,139        9,203
Avg. sales/employee                     Rs Th         10,102.5       14,417.5      14,887.4                                       INTERIM RESULTS
Avg. wages/employee                     Rs Th          1,256.1        1,404.9       1,415.4                                           4QFY08   1QFY09            2QFY09        3QFY09
Avg. net profit/employee                Rs Th            655.8         1,065.2        922.0     Net sales                   Rs    m    24,636   16,398            23,830        19,177
                                                                                                Gross profit                Rs    m     3,436    1,702             3,489         2,571
INCOME DATA                                                                                     Gross profit margin         %            13.9     10.4              14.6          13.4
Net Sales                               Rs     m        60,322         93,786        96,798     Net profit                  Rs    m     2,252    3,306             2,255         1,264
Other income                            Rs     m           892          1,072         1,245     Net profit margin           %              9.1    20.2                9.5           6.6
Total revenues                          Rs     m        61,214         94,858        98,043
Gross profit                            Rs     m         6,194          9,525         8,680                                           KEY DATA
Depreciation                            Rs     m         1,260          1,403         1,617     Parameters                          Unit              FY06            FY07       FY08
Interest                                Rs     m             43             45            46    Power                               % of sales         41.4            52.5       47.6
Profit before tax                       Rs     m         5,783          9,149         8,262     Automation & Drives                 % of sales         25.6            20.2       23.6
Minority Interest                       Rs     m             -4            -11          -19     IT Services                         % of sales         17.0            13.6       10.3
Prior Period Items                      Rs     m              0              0             0    Healthcare                          % of sales          8.7             6.4        6.8
Extraordinary Inc (Exp)                 Rs     m            92            798         1,235     Revenue per employee                Rs m                6.9            10.2       13.0
Tax                                     Rs     m         1,955          3,007         3,483
                                                                                                                                       NOTES
Profit after tax                        Rs     m         3,916          6,929         5,995
Gross profit margin                     %                 10.3           10.2            9.0   Siemens India is a subsidiary of the US$ 110 bn German engineering behemoth
Effective tax rate                      %                 33.8           32.9          42.2    Siemens AG, one of the largest engineering companies in the world. Siemens India
                                                                                               operates in many areas like power (manufacturing generation and T&D equipments)
Net profit margin                       %                   6.5            7.4           6.2
                                                                                               and industrial solutions service (providing process automation, manufacturing
BALANCE SHEET DATA                                                                             automation drives). In health care services, the company manufactures diagnostic
                                                                                               equipments and hearing equipments. During the period between FY03 and FY08, the
Current assets                          Rs m            36,777         47,807        65,315    company grew its revenues and net profits at compounded annual rates of 42% and
Current liabilities                     Rs m            33,748         40,476        55,209    34% respectively.
Net working cap to sales                %                   5.0            7.8         10.4
Current ratio                           x                   1.1            1.2           1.2   Siemens' standalone sales remained flat during the nine-month period ended June
Inventory Turnover                      Days                 33            31            31    2009. Also, the company discontinued some of its businesses during the period
Debtors Turnover                        Days                91             94           142    including Siemens Information Services Ltd., which was sold off to the parent
Net fixed assets                        Rs m             6,677          8,651         9,016    company. Operating margins expanded during the period on the back of a fall in raw
Share capital                           Rs m               337            337           674    material expenses. Net profits saw an increase of 97% YoY for 9mFY09 largely on
"Free" reserves                         Rs m            11,984         17,917        22,034    the back of a strong rise in operating margins.
Net worth                               Rs m            12,393         18,301        22,774    Siemens has significantly benefited from the improvement in the country's power
Long term debt                          Rs m                 15           292            76    scenario where increased investments are being pumped into setting up generation,
Total assets                            Rs m            45,592         58,399        76,781    transmission and distribution capacities. The company sold of one of its important
Interest coverage                       x                135.5          204.3         180.6    and profitable subsidiaries, Siemens Information Services Ltd. (SISL) recently to its
Debt to equity ratio                    x                   0.0            0.0           0.0   German parent Siemens AG. Overall, apart from the visibility that a large order book
Sales to assets ratio                   x                   1.3            1.6           1.3   provides to Siemens in terms of future growth, Siemens strong position in its industry
Return on assets                        %                 31.9           37.5          26.4    and large size will continue to help it bag big-ticket orders going forward. Further,
Return on equity                        %                 31.6           37.9          26.3    ramp up in manufacturing capacity and, consequently, lower share of outsourced
Return on capital                       %                 47.7           53.7          41.7    components shall further help Siemens' improve its profitability levels.
Exports to sales                        %                   3.8            2.5           4.2
Imports to sales                        %                 23.9           19.3          25.4
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