Siemens Q3 net rises 13 fold to Rs 168 crore

The automation and solutions provider Siemens' net rose 13 fold to Rs 168.26 crore for the third quarter of financial year 2015 compared to Rs 13 crore in Q3 2014 due to cost rationalisation process.

The rise in net was more than the market estimates of Rs 136 crore. The company's sales growth was muted at Rs 2,322.01 crore compared to Rs 2,318.74 crore.

The company registered new orders of Rs 2,234.08 crore, down more than 18%  compared to Rs 2,732.09 crore during the same period last year.

Its total expenses fell by 8.4% to Rs 2,179.3 crore with raw material cost down 9.6% and other expenses falling 15.3% year-on-year.

Even its employee and depreciation cost remained unchanged during the same period.

The company managing director and chief executive officer Sunil Mathur said, “Order inflows in our energy business have not yet picked up. Our continued focus on operational excellence is reflected in our improved profitability.”