Siemens net profit drops 1% to Rs 186 cr in Jan-Mar qtr

Siemens Ltd reported about 1 per cent fall in standalone net profit to Rs 186.26 crore in the quarter ended March 31.
The company's standalone net profit in the quarter ended March 31, 2016 was Rs 188.14 crore, Siemens said in a BSE filing today.
The total income of the company was Rs 3,104.07 crore in the quarter under review compared to Rs 2,927.75 crore in the year-ago period, it said.
The company said that it registered 96 per cent increase in new orders from continuing operations to Rs 4,725 crore in the second quarter of of FY2017 compared to Rs 2,410 crore in same period a year ago.

This included a large HVDC order from Power Grid Corp at a value of Rs 1,682 crore, it said.
It also said that for the first half of Financial Year 2017 ended March 31, 2017, the company registered 45 per cent increase in new orders from continuing operations to Rs 7,948 crore compared to Rs 5,486 crore in the year-ago period.

Its revenue from continuing operations grew by 20 per cent in first half of 2017 over the same period in the preceding year, while profit after tax was higher at Rs 347 crore compared to Rs 299 crore in fiscal 2016.

"All our Divisions have performed well. With our digital solutions, we are supporting our customers in finding solutions to problems that are foremost on their minds. Our public sector business is growing well with focus by the government on the Transmission & Distribution of power as also on modernising the Indian railways," Siemens Ltd MD and CEO Sunil Mathur said in the statement.
Apart from approving the financial results, the board of directors in a meeting held today also appointed Cedrik Neike as an Additional Director of the company with effect from May 10, 2017 and as a Special Director (nominee of Siemens AG, Germany - parent company) with effect from May 11, 2017.

The company said that consequent to the appointment of Neike as Special Director, Dr Roland Busch, who is currently Siemens AG nominee, will cease to be the Director of the company, with effect from May 11, 2017.