Announcing the audited annual financial results here on Friday, Managing Director J Schubert said in view of the prevailing political and economic climate the company's performance has been excellent.

The new orders stood at Rs 1,274 crore reflecting a growth of 52 per cent over last year. Growth drivers for new orders were in the areas of power transmission and distribution, industrial projects, railway transportation systems and medical engineering business of Siemens. "The positive results are a reflection of the success of the restructuring strategy undertaken by the company," Schubert said.

The restructuring of businesses and disposal of assets has contributed Rs 10.47 crore to the total income as againstrestructuring costs of Rs 33.19 crore in the previous year.

The contribution of power transmission and distribution business to total turnover was lower at 20 per cent this year compared to 30 per cent last fiscal, while the contribution from Siemens' medical engineering division grew from eight per cent to 15 per cent.

The total group turnover (including Siemens Information Systems Ltd and Siemens Telecom Ltd) stood at Rs 1,240 crore as against Rs 1,146 crore last year. During the year, Siemens staff strength came down to 4,604 employees as against 5,228 employees due to the voluntary retirement scheme offered by the company.

``In view of the anticipated slow-pick-up of the economy, the year ahead will be tough. In order to maintain our competitive edge, we will vigorously implement all our initiatives under the umbrella of our four-points program. Now is the time to stabilise and optimise our operations to make our company really robust for the future," he said.

With over 20 companies/collaborationsin operation, Siemens has made new investments in Siemens Hearing Instruments Pvt Ltd.