Siemens slips after muted Q2 performance

13 May 2022 , 09:22 AM

Net sales during the quarter increased by 8.2% YoY to Rs 3,568.10 crore. The company recorded a pre-tax profit of Rs 444.80 crore in Q2 FY 2022 as against a pre-tax profit of Rs 445.10 crore in Q2 FY 2021. New orders stood at Rs 5,339 crore, registering a 61.4% increase over the same period last year. The companys order backlog stands at Rs 17,174 crore. Sunil Mathur, managing director and chief executive officer, Siemens, said, ?All our businesses have booked strong growth in order income reflecting a clear upswing in both public and private capex spending with high value orders being booked in our mobility segment. Revenues and profitability have been impacted as a result of global supply chain challenges leading to delays in deliveries and increase in commodity and logistic costs. We expect revenue growth to pick up in subsequent quarters.? On a consolidated basis, the company reported 2.6% rise in net profit to Rs 340 crore on a 13.5% increase in net sales to Rs 3,888.90 crore in Q2 FY 2022 over Q2 FY 2021. Based on the recommendation of the nomination and remuneration committee, the board of directors of Siemens has appointed Sindhu Gangadharan as an additional director and independent director of the company, for a term of 5 years, with effect from 12 May 2022. Sindhu Gangadharan, 45 years, has done her Computer Science Engineering from Bangalore University. She is the senior vice president and managing director of SAP Labs India. Siemens is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power. Powered by Capital Market – Live News