Siemens India net flat in Q2

The Indian arm of German power distribution products maker Siemens Ltd on Wednesday reported Rs 186 crore net profit for its second quarter ending March 31, as against Rs 189 crore, registering flat year-on-year (YoY) growth.

In a regulatory filing on the BSE, the city-based company said sales revenue for the quarter under review (Q2) grew 24 per cent YoY to Rs 2,983 crore from Rs 2,407 crore in like period year ago.

For the first half (October-March) of its financial year 2016-17, net profit grew 16 per cent YoY to Rs 347 crore from Rs 299 crore in like period year ago, while sales revenue for the same period (six months) grew 2.5 per cent YoY to Rs 5,320 crore from Rs 5,193 crore in like period year ago (2015-16).

"Orders for the second quarter (Q2) grew 96 per cent YoY to Rs 4,725 crore from Rs 2,410 crore in like period year ago," said the company in a statement later.

The fresh orders for the quarter (Q2) included a large one for HVDC (high-voltage direct current) transmission system from the state-run Power Grid Corporation of India Ltd, valued at Rs 1,682 crore.

"Orders for the first half (H1) of the fiscal under review grew 45 per cent YoY to Rs 7,948 crore from Rs 5,486 crore in like period year ago," added the statement.

"With digital solutions, we are supporting customers in finding solutions to their major problems. Our public sector business is growing well, as the government is focusing on the transmission and distribution and the railways is modernising," said Siemens Managing Director Sunil Mathur in the statement.

With 21 factories across the country and nationwide sales and service network, the company undertakes electrification, automation and digitalisation.

As a leading producer of turbines for power generation, transmission and distribution solutions, the Rs 10,809-crore company has a nationwide sales and service network and employs 9,589 people.

As a parent company, Siemens AG holds 75 per cent of the capital in its Indian subsidiary.

--IANS

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