Siemens net profit down 12.4% to Rs 571 crore in September quarter

Siemens in India reported a 12.4 per cent dip in its net profit (attributable to the owners of the company) in the quarter ended September 2023, on the back of the gain of sale reported in the same quarter last year.

For the quarter under review, Siemens reported a net profit of Rs 571 crore, down 12.4 per cent from a year ago at a consolidated level. For the same period, the company reported revenue from operations of Rs 5,721 crore, up 25.3 per cent from a year back.

The reported profit for the company was at Rs 571.6 crore for the quarter ended September 2023, compared to Rs 652 crore a year ago. In the year-ago period, Siemens had reported a gain from the sale of discontinued operations of Rs 355.9 crore. Sequentially, the company’s net profit was up 25.4 per cent.

In a Bloomberg poll, six analysts estimated an adjusted net income of Rs 501.6 crore.

On Tuesday, the company also announced capital expenditure plans worth Rs 416 crore in capacity expansions of power transformers used in the power transmission business and of vacuum interrupters for medium voltage switchgear used in the power distribution sector. The expansions are to be commissioned in December 2025 and the second half of 2026, respectively.

“The expansion in capacities of both these products will enable the company to meet the growing demand both in India and globally,” the company said.