Siemens June qtr profit up 21 pc at Rs 250 cr

Siemens on Wednesday posted 21 per cent rise in consolidated net profit at Rs 250.1 crore for June quarter 2019 mainly due to higher income.

The company's net profit in the year-ago period stood at Rs 206.1 crore, a BSE filing said.

Siemens follows October-September financial year.

Total income rose to Rs 3,300 crore in the latest quarter from Rs 3,163.6 crore a year earlier.

"We have delivered very solid results in the third quarter (April-June) although we see a slowdown in capex related ordering by our customers, both public and private, and across our market verticals.

"Liquidity is becoming a concern in the industry, with payments being delayed and inventory offtake slowing down. In this scenario, our focus continues on driving our short term and digitalization businesses with a clear focus on profitable growth and working capital management," MD and CEO Sunil Mathur said in a statement.

The value of new orders stood at Rs 3,023 crore in June quarter, registering a 6.4 per cent rise over the same quarter last year.

Siemens is into power generation and distribution, intelligent infrastructure for buildings and distributed energy systems, and automation and digitalization in the process and manufacturing industries.

It is also a leading supplier of smart mobility solutions for rail and road transport and infrastructure solutions for Smart Cities.