Results: Siemens March-quarter net up over 90% at Rs 334 crore
Results: Siemens March-quarter net up over 90% at Rs 334 crore

Siemens on Tuesday posted an over 90 per cent rise in consolidated net profit at Rs 334.4 crore for the March quarter, mainly on the back of higher revenues.

The consolidated net profit of the company stood at Rs 175.7 crore in the quarter ended March 31, 2020, it said in a BSE filing.

Total income rose to Rs 3,540 crore in the March quarter from Rs 2,722.1 crore in the same period a year ago.

The company follows the October to September financial year.

"Order growth has been robust across all our businesses. There has been increased demand in our power transmission, digital grid and distribution systems businesses. Our digital industries segment saw growth in the machine tool and process automation businesses.

"The March-end quarter demonstrated a steady revival in the economy with both private and public sectors beginning to invest in anticipation of future growth," Siemens Limited Managing Director and Chief Executive Officer Sunil Mathur said.

Stating that the second surge of the pandemic has impacted human lives in an unprecedented manner, Mathur said a cross-functional Siemens India Task Force Team has been working since March 2020 to coordinate the implementation of concrete measures to support employees at this difficult time.

"In addition, the company is providing testing kits, oxygen concentrators, oxygen generators etc to hospitals around the country as our small contribution to society," he added.

Siemens registered new orders from continuing operations of Rs 3,309 crore during the quarter, registering a 16.9 per cent increase over the same period last year.

Revenue from continuing operations was Rs 3,298 crore, up 29.6 per cent.

The company reported profit before tax from continuing operations of Rs 433 crore, up 94.8 per cent over the same period last year. The order backlog stands at a healthy Rs 12,677 crore, it added.

Siemens Limited focuses on intelligent infrastructure for buildings and distributed energy systems, among others.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal