Siemens Energy India Q3 results: Net profit surges 80% to ₹263 crore

Siemens Energy India on Monday posted an over 80 per cent rise in its net profit to ₹263 crore in June quarter compared to a year ago, mainly on the back of higher revenues.

It had a net profit of ₹146 crore in the quarter ended June 2024, a company statement stated.

The company follows the financial year from October to September.

Revenues from operations rose to ₹1,785 crore in the quarter from ₹1,484 crore in the same period a year ago.

New orders during the quarter rose to ₹3,290 crore from ₹1,693 crore recorded a year ago.

The company explained that the new order growth was primarily due to large orders received during the quarter given the robust demand both in domestic as well as export markets.

The company announced an investment of ₹280 crore in a phased manner in manufacturing capacity expansion of high-voltage switchgear products at its Aurangabad factory.

This expansion will enable the company to meet the growing demand for power transmission equipment, both in India and globally.

Guilherme Mendonca, Managing Director and Chief Executive Officer, Siemens Energy India, said, "Our new orders grew by an exceptional 94 per cent on the back of a strong domestic market and rising exports. Healthy order backlog and continuous operational excellence helped us post robust results for the quarter and for the nine months of the fiscal year. We continue to add capacity in our Power Transmission business to serve the increasing demand for high-voltage switchgear products, not just in India but also globally."  Siemens Energy India provides solutions across the entire energy value chain from power and heat generation and transmission to storage through a portfolio that includes conventional and renewable energy technology.