Siemens net profit down 12.4% to Rs 571 crore in September quarter

Siemens in India reported a 12.4 percent decline in net profit (attributable to the company’s owners) in the quarter ended September 2023, compared to the sales profit reported in the year-ago period.

For the quarter under review, Siemens reported a net profit of Rs 571 crore, down 12.4 percent from a year ago at the consolidated level. For the same period, the company reported revenue from operations of Rs 5,721 crore, up 25.3 percent from a year ago.

Reported profit for the company stood at Rs 571.6 crore for the quarter ended September 2023, compared to Rs 652 crore a year ago. In the year-ago period, Siemens had reported a profit from sale of discontinued operations of Rs 355.9 crore. Subsequently, the company’s net profit increased by 25.4 percent.

In a Bloomberg poll, six analysts estimated an adjusted net income of Rs 501.6 crore.

On Tuesday, the company also announced investment plans worth Rs 416 crore for capacity additions of power transformers used in the power transmission sector and vacuum breakers for medium voltage switchgear used in the power distribution sector. The extensions should be put into use in December 2025 and the second half of 2026 respectively.

“The capacity expansion of both products will enable the company to meet growing demand both in India and globally,” the company said.

In terms of order wins, the company said new orders stood at Rs 4,498 crore, up 12 percent over the same period last year. As of September 2023, the company’s order book stood at Rs 45,518 crore.