Siemens March quarter profit up 28 pct at Rs 280 crore

Siemens Tuesday posted 27.6 per cent jump in net profit at Rs 280.3 crore for the March quarter 2019 mainly due to higher revenues. The company follows October-September financial year. Net profit in March quarter 2018 stood at Rs 219.7 crore, a company statement said.  For the second quarter, Siemens recorded a revenue of Rs 3,461 crore, a 9.4 per cent increase over the corresponding period of the previous year, it said. According to the statement, new orders during the quarter under review were worth Rs 3,635 crore, 24.3 per cent rise over the year-ago period. 

Order backlog recorded a six-year high. "Siemens has delivered yet another robust and profitable performance this quarter. Our short cycle businesses did exceptionally well this quarter and we are seeing an acceleration in interest and demand from customers for our digitalisation portfolio," MD and CEO Sunil Mathur said. Siemens focuses on areas of power generation and distribution, intelligent infrastructure for buildings and distributed energy systems, and automation and digitalisation in the process and manufacturing industries. 

It is also a supplier of smart mobility solutions for rail and road transport and infrastructure solutions for Smart Cities. Siemens, in which Siemens AG holds 75 per cent of the capital, is the flagship listed company of Siemens AG in India. As on September 30, 2018, Siemens had revenue of Rs 12,293 crore and 9,452 employees.