Siemens net profit up 21 pc at Rs 250 cr in June quarter

Siemens Ltd on Wednesday reported a 21.34 per cent increase in consolidated net profit for the quarter ended June 30 at Rs 250.1 crore as against Rs 206.1 crore in the corresponding period last fiscal. Its income from operations for the quarter increased 4.7 per cent to Rs 3,128.1 crore from Rs 2,986.4 crore a year- ago.

The company's total expenses increased to Rs 2,912.2 crore from Rs 2,840.1 crore in April-June 2018 quarter. "We have seen a slowdown in capex related ordering by our customers, both public and private, and across our market verticals, yet we delivered good results," Siemens MD and CEO Sunil Mathur said.

He further said liquidity is becoming a concern in the industry, with payments being delayed and inventory offtake slowing down. "In this scenario, our focus continues on driving our short term and digitalization businesses with a clear focus on profitable growth and working capital management," Mathur added..