Siemens Q1 net profit grows over 9% to Rs 506 crore

Siemens Ltd on Tuesday posted a 9.2 per cent rise in net profit at Rs 505.7 crore in the first quarter ended December 31 due to higher revenues.

The company follows the October to September fiscal year.

It had reported a net profit of Rs 462.7 crore in the October-December period of the preceding financial year, Siemens Ltd said in an exchange filing.

Its total income rose to Rs 4,989.3 crore over Rs 4,116.8 crore a year ago.

Expenses stood at Rs 4,311 crore as against Rs 3,495.7 crore in the first quarter of last fiscal.

In a separate statement, the company said it has received new orders of Rs 5,971 crore in the first quarter, a 10 per cent increase over the same period of last year.

The first quarter (result) includes significant gain of Rs 103 crore due to positive effects of foreign exchange and commodities, the company said.

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, "While strong revenues came in from our digital industries, smart infrastructure and mobility businesses, our order income growth came from our energy business driven primarily by our transmission business." There was a decline in new orders in the digital industries automation business on account of destocking following normalisation in demand, he added.

Further, Mathur said "We would like to wish our current CFO, Daniel Spindler, as he moves on to take a senior management role with Siemens AG and thank him for his contribution to Siemens Limited. We would like to welcome his successor, Wolfgang Wrumnig, in his new role as CFO of the company." In November, Siemens had informed the exchanges that Spindler has tendered his resignation as the Chief Financial Officer of the company, with effect from close of business hours of February 29, 2024.

The board has recommended the appointment of Wolfgang Wrumnig as Executive Director and Chief Financial Officer (Key Managerial Personnel), for a period of five years, from March 1, 2024 to March 28, 2029.

Wrumnig, 58 years, has done his studies in Applied Business Administration at the University of Klagenfurt, Austria and is a Master of Social Sciences and Economics. He is the Chief Financial Officer (CFO) of Siemens Aktiengesellschaft Österreich, Austria since October 2016.

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