Siemens Q1 PAT up 10% YoY to Rs 290 cr

Siemens reported 10.4% rise in standalone net profit to Rs 290 crore on a 15.9% increase in net sales to Rs 2858.20 crore in Q1 December 2020 over Q1 December 2019.

On the segmental front, revenue from the Energy business stood at Rs 1016.9 crore (up 14.4% YoY), revenue from the Smart Infrastructure business was at Rs 882.1 crore (up 16.2% YoY), revenue from the Mobility business was at Rs 186.4 crore (down 10.6% YoY), revenue from Digital Industries was at Rs 769.9 crore (up 28.3% YoY), revenue from Portfolio Companies was at Rs 93.6 crore (down 6.8% YoY) and other revenue was at Rs 18.4 crore (up 17.2% YoY) in the quarter ended on 31 December 2020.

Profit before tax in the first quarter was at Rs 380.80 crore, up by 8.7% from Rs 350.40 crore recorded in the same period last year. Current tax expense during the quarter rose by 8.4% year-on-year (YoY) to Rs 92.70 crore.

New orders from continuing operations stood at Rs 3,206 crore, registering a 9.3% increase over the same period last year. The company's order backlog stands at a healthy Rs 12,797 crore.

Sunil Mathur, managing director and chief executive officer, Siemens, said, "Our strong and resilient performance reflects the continued uptick in the economy and is led by our short cycle Digital Industries business and a large order in our Mobility business. We are seeing a slowing down in the Energy Transmission business resulting from delays in retendering of Tariff Based Competitive Bidding (TBCB) projects."

"We shall be closely monitoring the implementation of the various initiatives announced in the Budget and shall actively engage in bidding for tenders to be announced under the National Infrastructure Plan, added Mathur.

Siemens focuses on intelligent infrastructure for buildings and distributed energy systems and on automation and digitalization in the process, discrete & hybrid manufacturing industries.It offers broad expertise across the entire energy value chain, along with a comprehensive portfolio for utilities, independent power producers, transmission system operators, the oil and gas industry, and other energy-intensive industries.

The scrip added 0.12% to Rs 1846.75 on Friday.

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