Siemens December-quarter net profit up over 11% at Rs 295 crore

The jump in profit came mainly on the back of higher revenues

Siemens on Friday posted an over 11 per cent jump in consolidated net profit at Rs 295.5 crore for the December quarter, mainly on the back of higher revenues.

The company had reported a consolidated net profit of Rs 265.8 crore in the quarter ended December 2019, it said in a regulatory filing.

Total income of the firm rose to Rs 2,983.3 crore in the quarter from Rs 2623.9 crore in the same period a year ago.

The company follows the October to September financial year.

Sunil Mathur, managing director and chief executive officer, Siemens Ltd, said: "Our strong and resilient performance reflects the continued uptick in the economy and is led by our short cycle Digital Industries business and a large order in our Mobility business. We are seeing a slowing down in the Energy Transmission business resulting from delays in retendering of Tariff Based Competitive Bidding (TBCB) projects."

He added that the company is greatly encouraged by the recent Budget announcements and the strong focus on capex spending in infrastructure, which will lead to a cascading effect on all parts of the economy.

"We shall be closely monitoring the implementation of the various initiatives announced in the Budget and shall actively engage in bidding for tenders to be announced under the National Infrastructure Plan," added Mathur.

The company's order backlog stands at Rs 12,797 crore.

The company further said Josef Kaeser has tendered his resignation as director, with effect from March 1, 2021, due to other commitments.

The board has approved the appointment of Willem Rudolf Sasson as director (non-executive non-independent) in casual vacancy caused by the resignation of Kaeser with effect from March 1, 2021 or on allotment of Director Identification Number (by the Ministry of Corporate Affairs), whichever is later.