Home Market Siemens net profit dips over 55 pc to Rs 279 cr

Siemens net profit dips over 55 pc to Rs 279 cr


NEW DELHI: Siemens Sunday reported more than 55 per cent decline in standalone profit to Rs 279.2 crore for the quarter ended on September 30, 2018.

The company had reported a net profit of Rs 623.8 crore during the same period a year ago, aided by an exceptional gain of Rs 560.3 crore, according to a BSE filing.

Total Income of the company rose to Rs 4,015.6 crore in July-September 2018 from Rs 3,204.8 crore in the year-ago-quarter.

Its expenses during the quarter under review were at Rs 3,576.4 crore, higher from Rs 2,877.1 crore in the September quarter of 2017.

The company in a statement said, "Profit after Tax is reported at Rs 279 crore down from Rs 624 crore reported last year mainly because of profit from exceptional item Rs 567 crore."

"For the fourth quarter of financial year 2018, new orders grew by 38.1 per cent to Rs 3,720 crore compared to Rs 2,694 crore in the fourth quarter of financial year 2017. The revenue reported for the quarter is Rs 3,802 crore, 24.9 per cent growth compared to fourth quarter of financial year 2017," a company statement said.

The company follows October-September financial year.

Sunil Mathur, the Managing Director and Chief Executive Officer (CEO) of Siemens Ltd, said, "All our divisions have performed well. Order inflows in our base business continue to grow, our profitability and cash from operations is strong and our digitalization agenda continues to gather momentum. As private capex picks up and more of our customers see real benefits in implementing digitalization, we will continue to focus on profitable growth."

Siemens focuses on the areas of electrification, automation and digitalization. It is one of the leading producers of technologies for combined cycle turbines for power generation; power transmission and distribution solutions.

Siemens Ltd is the flagship listed company of Siemens AG in India.

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