Siemens net rises 58% at Rs.934 crore for Oct-March

Mumbai: Consumer durables major Siemens Ltd, on Thursday, announced a 58.3% rise in net profit at Rs.934.1 crore for the six-month period that ended on 31 March, 2023 as compared to Rs. 590 crore for the corresponding period of the previous year. 

The company follows an October-September financial year format.  

Sunil Mathur, managing director and CEO, Siemens Ltd, said, “We continue to see substantial tendering by the Indian Railways and continued capex expansion in infrastructure led by the central government spending.” 

He said private sector capex is mainly occurring in the steel, cement, data centers, intralogistics and e-vehicles market segments.  

The company said it has booked new orders worth Rs. 31,151 crore during the March quarter, which included an order of 25,455 crore for the 9,000 HP (horsepower) locomotive project. 

Consequently, the new orders in the March quarter grew by 8.1% on a comparable basis, said the company in a statement.  

“Customers are also keen to adopt energy efficiency and digitalization measures to improve their productivity, flexibility and quality while demonstrating their commitment to sustainability,” said Mathur, while announcing the latest financials.  

For the March quarter, the company recorded a 38.6% rise in net profit at 471.4 crore as against 340.0 crore in the same period of 2022.  

The company’s consolidated revenue from operations rose by 27.8% to 4,857.8 crore in the March quarter from 3801.1 crore in the year-ago period.  

The company’s board, in its Thursday meeting, decided to re-appoint Mathur as the managing director and chief executive officer for five more years with effect from 1 January, 2024.  

Additionally, Dr. Daniel Spindler has been appointed as the company’s executive director and Chief Financial Officer for a further period of one year with effect from 1 August, 2023.  

Siemens stock price closed up 2.2% at 3,797.05 apiece on the NSE. 

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