Siemens falls over 2% after reporting 15% fall in Q1 net profit
- Siemens on Friday reported a 15% drop in consolidated net profit to Rs 250.8 crore
- The company had a net profit of Rs 295.5 crore in the same quarter of the previous year
- Total income grew to Rs 3,610 crore in the quarter from Rs 2,983.3 crore in the same period a year before
Siemens shares declined nearly 2.5% to Rs 2364.80 on the BSE after reporting weak Q1 results. The company follows an October to September financial year.
Siemens on Friday reported a 15% drop in consolidated net profit to Rs 250.8 crore for the December quarter of 2021. According to a BSE filing, the company had a net profit of Rs 295.5 crore in the same quarter of the previous year.
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Total income grew to Rs 3,610 crore in the quarter from Rs 2,983.3 crore in the same period a year before. Total expenses increased from Rs 2,623 crore to Rs 3,272.5 crore.
Siemens reported income from continuing operations of Rs 3,197 crore for the quarter, an 11.8% rise over the previous year, according to a company statement.
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New orders from ongoing operations were Rs 5,300 crore, representing a 65.3% rise over the same period last year.
The order backlog for the company is Rs 15,575 crore. According to the company, profit after tax from ongoing operations was Rs 245 crore, a 6.5% decrease from the same period of the previous year.
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“All our businesses demonstrated very strong growth. New orders booked in the quarter included approximately Rs 900 crore for electrical and mechanical system works of the Pune Metro Rail Line 3 corridor from Hinjewadi to Shivajinagar.
“The company is executing this order as part of a consortium, together with Siemens AG, Siemens Mobility GmbH and Alstom Transport India Ltd,” said Sunil Mathur, Managing Director and Chief Executive Officer, Siemens.
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He said while revenues were modestly reduced owing to client delays in offtake due to COVID-19 and supply chain problems caused by a global scarcity of semiconductors, profit was hurt due to continuous rises in commodity costs and lower forex gains than the previous year.
“We continue to be cautiously optimistic about the increase in demand across all our businesses,” he stated.
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