Siemens reported 10.4% rise in standalone net profit to Rs 290 crore on a 15.9% increase in net sales to Rs 2858.20 crore in Q1 December 2020 over Q1 December 2019.
On the segmental front, revenue from the Energy business stood at Rs 1016.9 crore (up 14.4% YoY), revenue from the Smart Infrastructure business was at Rs 882.1 crore (up 16.2% YoY), revenue from the Mobility business was at Rs 186.4 crore (down 10.6% YoY), revenue from Digital Industries was at Rs 769.9 crore (up 28.3% YoY), revenue from Portfolio Companies was at Rs 93.6 crore (down 6.8% YoY) and other revenue was at Rs 18.4 crore (up 17.2% YoY) in the quarter ended on 31 December 2020.
Profit before tax in the first quarter was at Rs 380.80 crore, up by 8.7% from Rs 350.40 crore recorded in the same period last year. Current tax expense during the quarter rose by 8.4% year-on-year (YoY) to Rs 92.70 crore.
New orders from continuing operations stood at Rs 3,206 crore, registering a 9.3% increase over the same period last year. The company's order backlog stands at a healthy Rs 12,797 crore.
Sunil Mathur, managing director and chief executive officer, Siemens, 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."
"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.
Siemens focuses on intelligent infrastructure for buildings and distributed energy systems and on automation and digitalization in the process, discrete & hybrid manufacturing industries.It offers broad expertise across the entire energy value chain, along with a comprehensive portfolio for utilities, independent power producers, transmission system operators, the oil and gas industry, and other energy-intensive industries.
The scrip added 0.12% to Rs 1846.75 on Friday.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU