Siemens Energy India Soars with 80% Profit Leap

Siemens Energy India reports an 80% rise in net profit, reaching Rs. 263 crores in the June quarter. The growth is attributed to higher revenues and substantial new orders. The company plans a Rs. 280 crore investment to expand manufacturing capacity at its Aurangabad facility to meet rising demand.

Siemens Energy India announced a significant financial milestone on Monday, reporting an over 80% increase in net profit for the June quarter. The company's profit soared to Rs. 263 crore compared to Rs. 146 crore in the same period last year, propelled by increased revenues and strong demand both domestically and internationally.

The firm noted a substantial rise in revenues from operations, which grew to Rs. 1,785 crore from Rs. 1,484 crore a year ago. New orders surged impressively to Rs. 3,290 crore, showcasing a 94% growth driven by large orders amid vigorous domestic and export market demand.

Siemens Energy India is set to invest Rs. 280 crore in phases to expand its manufacturing capacity for high-voltage switchgear products at its Aurangabad factory. Guilherme Mendonca, the company's Managing Director and CEO, highlighted the robust performance and the strategic expansion as key to meeting the global demand for power transmission equipment.

(With inputs from agencies.)