Siemens net profit jumps 62% to Rs 516 cr in Mar qtr

New Delhi: Siemens on Thursday posted a 61.9 per cent rise in its consolidated net profit from continuing operation to Rs 516 crore in the March quarter, mainly on the back of higher revenues.

The company follows October to September financial year.

"Profit after Tax (consolidated net profit) from continuing operations was at Rs 516 crore, an increase of 61.9 per cent over the same period (January to March 2022) last year," a company statement said.

The consolidated net profit from continuing operations was Rs 318.7 crore in the quarter ended March 31, 2022.

For the quarter ended March 31, 2023, it logged a revenue from continuing operations at Rs 4,401 crore, which is 28.8 per cent higher compared to the year-ago period.

The company also booked new orders of Rs 31,151 crore in the quarter, which included an order of Rs 25,455 crore for the 9,000 HP (horsepower) locomotive project.

Consequently, it stated that the new orders in the quarter under review grew by 8.1 per cent on a comparable basis.

Sunil Mathur, Managing Director and Chief Executive Officer of Siemens, said in a statement, "We continue to see substantial tendering by the Indian Railways and continued capex expansion in infrastructure led by Central Government spending. Private sector capex is mainly in the steel, cement, data centres, intralogistics and e-vehicles market segments".

The board, in its meeting, also decided to re-appoint Sunil Mathur as the managing director and chief executive officer for 5 years with effect from January 1, 2024.

"Mathur is not related to any director of the company. We affirm that Mathur is not debarred from holding the office of Director by virtue of any order of the Securities and Exchange Board of India (Sebi) or any other such authority," it stated.

The board also decided to re-appoint Daniel Spindler as the executive director and chief financial officer of the company for one year with effect from August 1, 2023.

Spindler is not related to any director of the company.

"We affirm that Spindler is not debarred from holding the office of Director by virtue of any order of SEBI or any other such authority," it said.