Siemens’ March quarter net profit up y-o-y by 70%

15 May 2024 , 12:31 PM

Siemens Ltd, the Indian part of the German technology giant Siemens AG, reported a 70% year-on-year increase in consolidated net profit to ₹803 Crore in the March quarter.

Siemens’ consolidated revenues increased 18.4% to ₹5,750 Crore, the company said in an exchange filing on May 14.

Siemens India’s board also stated that the company will invest ₹519 Crore to establish a new metro train manufacturing facility in Aurangabad and expand the capacity of its gas-insulated switchgear factory in Goa.

The company’s board recently accepted a proposal to split its energy division into a distinct legal entity, Siemens Energy India Ltd.

According to the scheme of arrangement, Siemens Ltd shareholders will get one share of Siemens Energy India Ltd for each share of Siemens Ltd.

The new company will thereafter be listed on the BSE Limited and the National Stock Exchange of India Limited, the company stated in a regulatory filing.

Siemen’s EBITDA margin increased by over 570 basis points to 20.9% in the quarter ended March 31, 2024.

The company’s consolidated operating margin increased primarily as raw material prices fell throughout the quarter. Siemens reported a 9% decrease in raw material expenses during the quarter ended March 31, 2024, to ₹1,027 Crore from ₹1,129 Crore in the same time last year.

The operating margin of the company’s energy and digital industries division increased significantly, contributing to an increase in overall profit for the quarter.

The smart infrastructure segment’s operating margin increased by around 300 basis points to 14.3%, while operating profit increased by 59% to ₹309.7 Crore. Revenues from the segment increased by 25.5% to ₹2,165.5 Crore over the previous year.

The company’s new orders totaled ₹5,184 Crore, an 83.4% decrease from the previous year, when it placed orders worth ₹31,151 Crore, including ₹25,455 Crore for the 9000 HP locomotive project.

For feedback and suggestions, write to us at [e-mail]