Siemens Net Profit Rises 85% In Q3

Siemens Ltd on Tuesday said it has registered 85 per cent rise in consolidated net profit at Rs 462.7 crore for Q3. In the corresponding quarter last fiscal, net profit of the company was Rs 250 crore.

The company posted Profit After Tax (PAT) from continuing operations at Rs 438 crore, an increase of 80 per cent over the same period last year driven by higher volumes, better price extraction and positive forex & commodity effects.

Its revenue from continuing operations was at Rs 3,596 crore, a 17 per cent increase over the same quarter in the preceding year.

The company’s New Orders from continuing operations stood at Rs 5,446 crore, a 6 per cent increase over the same period last year.

Siemens said in its regulatory filing that it had booked a large order worth approximately Rs 900 crore for Pune Metro Rail Line 3 corridor in Q1 FY 2022. Consequently, New Orders in Q1 FY 2023 grew by 28 per cent on a comparable basis.

In a statement, Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, “All our businesses performed well in Q1 FY 2023 driven primarily by continued expansion in Capex across most market verticals. The substantial increase in the outlay for Capex in Infrastructure including in the Railways made in the recent Budget announcements will give a continued boost to the Indian economy and consequently to all our businesses.”