Siemens reports 2.5% rise in quarterly net profit

Siemens on Thursday posted a 2.5 percent rise in its consolidated net profit at Rs 340 crore in the quarter ended March 2022. In the year-ago quarter, the company’s consolidated net profit was Rs 331.5 crore, Siemens said in a BSE filing.

Total income in the quarter under review rose to Rs 4,021.5 crore from Rs 3,540 crore in the same period a year. Siemens follows its financial year from October to September.

The company said in a statement that for the second quarter of financial year ended on March 31, 2022, Siemens registered a revenue of Rs 3,568 crore, an 8.2 percent increase over the same quarter of the preceding year.

New orders stood at Rs 5,339 crore, registering a 61.4 percent increase over the same period last year, it said, adding that the company’s order backlog stands at Rs 17,174 crore.

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd, said in the statement, “All our businesses have booked strong growth in order income reflecting a clear upswing in both public and private capex spending with high value orders being booked in our mobility segment. Revenues and profitability have been impacted as a result of global supply chain challenges, leading to delays in deliveries and increase in commodity and logistic costs. We expect revenue growth to pick up in subsequent quarters.”. PTI