Siemens Sep quarter net profit jumps 45% to Rs 831 crore on higher income

India-listed Siemens reported a 45 per cent rise in its consolidated net profit for the September-ended quarter of 2024, driven by improved operations and boosted by other income.

 

For the quarter under review, Siemens reported a net profit (attributable to the owners of the company) of Rs 830.7 crore, up from Rs 571.3 crore a year ago. Revenue for the capital goods company rose 11 per cent to Rs 6,461 crore in the same period. Siemens’ other income almost doubled (up 94.6 per cent) to Rs 283.3 crore from a year ago.

 

Sequentially, Siemens' revenue grew 24.2 per cent, while net profit increased by 43.8 per cent.

 

Siemens exceeded street expectations of Rs 700 crore in net income (adjusted) and revenue of Rs 6,378 crore, as suggested by a Bloomberg poll.

 

The company, at its Tuesday board meeting, also approved an investment of around Rs 100 crore for power transformers, in addition to the Rs 360 crore investment approved in November 2023.

 

New orders in the quarter, the company said, were up 37 per cent to Rs 6,164 crore from a year ago.

 

Sunil Mathur, managing director and chief executive officer, Siemens Limited, said, “We continued to gain market share from a healthy demand across all our businesses, with increasing interest in Siemens Xcelerator, our digital platform.”

 

Commenting on private capital expenditure, Mathur added, “With a pick-up in private sector capex and the government’s ongoing focus on capex in infrastructure, we believe we are well positioned to meet the growing opportunities in the market. We are currently focused on completing the announced demerger of the Energy business, which will unlock value for our shareholders.”