Siemens December quarter net profit drops 15% to Rs 250 crore

Siemens on Friday reported 15 per cent dip in consolidated net profit at Rs 250.8 crore for December quarter 2021.

The company had logged a net profit of Rs 295.5 crore in the year-ago period, a BSE filing stated.

Total income rose to Rs 3,610 crore in the quarter from Rs 2,983.3 crore in the same period a year ago.

Total expenses also rose to Rs 3,272.5 crore from Rs 2,623 crore.

The company follows October to September financial year.

During the quarter, Siemens registered revenue from continuing operations at Rs 3,197 crore, 11.8 per cent increase over the year-ago period, a company statement said.

New orders from continuing operations stood at Rs 5,300 crore, a 65.3 per cent increase over the same period last year.

The company's order backlog stands at Rs 15,575 crore. Profit after tax from continuing operations was at Rs 245 crore, down 6.5 per cent over the same period last year, it stated.

"All our businesses demonstrated very strong growth. New orders booked in the quarter included approximately Rs 900 crore booked for the electrical and mechanical system works of the Pune Metro Rail Line 3 corridor from Hinjewadi to Shivajinagar.

"The company is executing this order as part of a consortium, together with Siemens AG, Siemens Mobility GmbH and Alstom Transport India Ltd," said Sunil Mathur, Managing Director and Chief Executive Officer, Siemens.

He explained that while revenues were marginally impacted due to delays in offtake by customers on account of COVID-19 and supply chain challenges resulting from global shortage of semiconductors, profit was impacted due to continuing increases in commodity prices and lower forex gains than in the previous year.

However, he stated,"we continue to be cautiously optimistic about the increase in demand across all our businesses.