Siemens net rises over 43% to Rs 424 cr in June quarter on higher revenues

Tech firm Siemens on Tuesday posted over 43 per cent rise in its net profit to Rs 424 crore in the June quarter compared to a year ago mainly on the back of higher revenues.

"For the third quarter of Financial Year 2023 ended June 30, 2023, Siemens Limited registered Profit after Tax at Rs 424 crore, an increase of 43.4 per cent over the same period last year," a company statement said.

According to the statement, revenue in the quarter was at Rs 4,407 crore, a 14 per cent increase over the same quarter in the preceding year.

The company's new orders stood at Rs 5,288 crore, a 5.9 per cent increase over the same period last year, it stated.

Base business has increased by 10.9 per cent, whereby advance orderings in our short-cycle product businesses still had some adverse impact, it stated.

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens said in the statement, "We continue to see consistently strong performance across all our businesses with a healthy mix of orders from both the government and private sector, especially in infrastructure and railways. As delivery periods and supply chain issues start improving, volumes are beginning to normalize.".

The company follows October to September fiscal year.

Siemens is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power.