Siemens slips after Dec quarter PAT declines 6.5% YoY

Siemens fell 2.37% to Rs 2,364.65 after the company reported a 6.5% decline in net profit to Rs 245.3 crore in quarter ended December 2021 as compared to Rs 262.2 crore posted in quarter ended December 2020.

Net sales grew by 11.8% to Rs 3,196.50 crore in quarter ended December 2021 from Rs 2858 crore posted in the quarter ended December 2020. Profit before tax fell 13.4% to Rs 329.80 crore in quarter ended December 2021 over quarter ended December 2020.

The company said new orders from continuing operations stood at Rs 5,300 crore, a 65.3% increase over the same period last year. The company's order backlog stood at a healthy Rs 15,575 crore.

Sunil Mathur, MD and CEO of Siemens said, 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. 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, we continue to be cautiously optimistic about the increase in demand across all our businesses.

Siemens is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power.

Powered by Capital Market - Live News