Siemens Net Profit Declines 18% to Rs 343 Cr in Jun Qtr

New Delhi: Siemens Ltd on Tuesday reported an over 18 per cent decline in its net profit to Rs 343 crore in the June quarter, mainly due to volatility in commodity prices, foreign exchange and an increase in material costs.

The net profit was Rs 422 crore in the year-ago quarter, a company statement said.

Its revenue from operations increased to Rs 4,714 crore in the quarter from Rs 4,108 crore a year ago.

The company said profitability was impacted by volatility in commodity prices, foreign exchange, and an increase in material costs.

New orders increased to Rs 6,328 crore in the quarter from Rs 5,431 crore a year ago.

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd, said, “Domestic demand continues to be strong during the quarter, with ordering by both the private and public sectors. This was reflected in the company’s strong new order growth during the quarter, primarily driven by the Smart Infrastructure business. Our focus continues to be on profitable growth across all our businesses”.

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