Siemens posts 85% rise in consolidated net profit at Rs 462 crore

Siemens Ltd on Tuesday posted 85 per cent rise in consolidated net profit at Rs 462.7 crore for December quarter on the back of higher revenues.

In the year-ago period, net profit of the company was Rs 250 crore, as per a BSE filing.

The company follows October-September financial year.

Total income rose to Rs 4,116.8 crore in the quarter from Rs 3,480.9 crore in the same period a year ago.

It said Willem Rudolf Basson has tendered his resignation as director of the company, with effect from May 1, 2023, due to other commitments.

The company's board, based on the recommendation of the Nomination and Remuneration Committee, has appointed Juergen Wagner as an Additional Director (non-executive non-independent) of the company.

Wagner's appointment is with effect from May 1, 2023 or on allotment of Director Identification Number (by Ministry of Corporate Affairs), whichever is later, subject to approval of members of the company.

Wagner is not related to any director of the company and is not debarred from holding the office of director by virtue of any order of the Securities and Exchange Board of India or any other such authority, it stated.

It said that its new orders from continuing operations stood at Rs 5,446 crore, a six per cent increase over the same period a year ago.

The company had booked a large order worth approximately Rs 900 crore for Pune Metro Rail Line 3 corridor in Q1 FY2022 (October-December 2021).

Consequently, new orders in Q1 FY2023 (October December 2022) grew 28 per cent on a comparable basis.

"All our businesses performed well in Q1 FY2023 driven primarily by continued expansion in capex across most market verticals. The substantial increase in the outlay for capex in infrastructure, including in the railways made in the recent Budget announcements will give a continued boost to the Indian economy and consequently to all our businesses," Sunil Mathur, Managing Director and CEO, Siemens said in a statement.

Siemens is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power.