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Siemens net profit rises 18 pc to Rs 334 cr in September quarter


Siemens net profit rises 18 pc to Rs 334 cr in September quarter
Image Credit: Flickr

Siemens on Tuesday reported an 18 per cent increase in its consolidated net profit to Rs 333.9 crore for the September 2019 quarter, mainly on the back of higher revenues. The firm follows the October-September financial year.

It had posted a consolidated net profit of Rs 282.3 crore in the corresponding quarter of the previous year, according to a BSE filing. On a standalone basis, its net profit during the September 2019 quarter rose 18.4 per cent in net profit to Rs 330.6 crore.

The company's total consolidated income in the September quarter increased to Rs 4,290.1 crore, compared with Rs 4,032.7 crore a year ago. The board has recommended a 350 per cent dividend of Rs 7 per equity share of Rs 2 each for the financial year ended September 2019.

The dividend, as recommended by the board, if declared at the forthcoming annual general meeting of the company, would be paid from February 14, 2020, the company said. The company got new orders worth Rs 3,189 crore in the September quarter.

During the year ended September 2019, Siemens got new orders worth Rs 13,238 crore. The order backlog as of September 30 stood at Rs 11,879 crore. For full financial year ended September 2019, the company's consolidated net profit stood at Rs 1,099.4 crore as compared with Rs 901.2 crore in the previous year.

Siemens Managing Director and Chief Executive Officer Sunil Mathur said, "The overall performance was satisfactory despite a challenging market environment. Based on our visibility, we see muted capex (capital expenditure) spending in the next couple of quarters by both public and private sectors." He, however, said the company's digitalisation initiatives continue to gain traction across all market verticals and it is experiencing increased interest by customers in integrated digital solutions.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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