Siemens (India) reported a 9 per cent rise in its net profit for the quarterly period of October-December 2023, on the back of higher other income.
For the quarter under review, the company reported a net profit attributable to the owners of the company at a consolidated level of Rs 505 crore, up 9 per cent. Revenue from operations in the same period was up 17 per cent to Rs 4,825 crore.
Sequentially, the company’s net profit fell 12 per cent and revenue fell 20 per cent.
The company reported another income of Rs 164.1 crore, up from Rs 107.1 crore a year ago.
In its press statement, the company said it received new orders worth Rs 5,971 crore, a 10 per cent increase from a year ago. The company said the quarter also included a significant gain of Rs 103 crore due to positive effects of foreign exchange and commodities.
'Our order growth came from our energy business, driven primarily by our Transmission business. There was a decline in new orders in our Digital Industries Automation business on account of destocking following normalization in demand,' said Sunil Mathur, Managing Director and Chief Executive Officer, Siemens.
In his outlook, Mathur said, 'Capex demand across segments, largely driven by Capex spending in Public Infrastructure, continues to be good. Private Capex is also beginning to pick up.'