Siemens Reports Decline in Quarterly Profit Amid Revenue Slowdown

Siemens reported a 10% decline in net profit to Rs 372 crore in the December quarter due to reduced revenues. Despite revenue challenges, orders increased to Rs 4,258 crore. The Smart Infrastructure and energy businesses saw growth; however, a slowdown in private sector capex spending impacted overall performance.

On Wednesday, Siemens announced a 10% drop in its consolidated net profit, recording Rs 372 crore for the December quarter compared to Rs 412 crore the previous year. The decline is attributed to lowered revenues.

The company's revenue decreased to Rs 3,587 crore from Rs 3,710 crore. However, new orders surged to Rs 4,258 crore. Siemens' Smart Infrastructure and energy business sectors remained robust.

Siemens' CEO, Sunil Mathur, conveyed that the quarter's revenues were impacted by reduced private sector capex spending. Nonetheless, the energy sector achieved strong growth, with a one-time profit boost of Rs 98 crore.

(With inputs from agencies.)