Siemens net rose 18.4% in Sep quarter to Rs 330 cr on higher revenues

Siemens on Tuesday reported an 18.4 percent increase in consolidated net for the quarter to September at Rs 330.6 crore driven by higher revenue.

The company, which follows the October-September fiscal year, said revenue from operations increased 5.7 percent to Rs 4,018 crore during the fourth quarter.

For the full year, its net income jumped 21.6 percent to Rs 1,087 crore on an revenue of Rs 13,323.1 crore, up 8.38 percent over the previous year.

"The overall performance was very satisfactory despite a challenging market environment. Based on our visibility, we see muted capex spending in the next couple of quarters by both public and private sector companies," Siemens managing director Sunil Mathur said.

Despite the slowdown, its gas & power and digital industries businesses along with its smart infrastructure division, performed well during the year, and Mathur credited this for the initiatives taken across the verticals.

"Our digitalisation initiatives continue to gain traction across all verticals and we are experiencing increased interest by our customers for our integrated digital solutions," he added.

During the fourth quarter, the company booked new orders worth Rs 3,189 crore.

The Siemens counter closed at Rs 1,576.90, up 1.53 percent on the BSE, as against a 0.46 percent rally in the benchmark Sensex.