Siemens Ltd. has reported a 21.4% rise in its third quarter net profit to ₹248 crore for FY 2019.
The rise in profit came on a 4.9% increase in revenue to ₹3,110 crore during the quarter. Siemens follows October – September financial year.
Commenting on the results, Sunil Mathur, MD and CEO Siemens Ltd., said, “We have delivered very solid results in the third quarter although we see a slowdown in capex-related-ordering by our customers, both public and private across our market verticals. Liquidity is becoming a concern in the industry, with payments being delayed and inventory offtake slowing down.”
Company’s new orders during the quarter stood at ₹3,023 crore, registering a 6.4% increase over the same quarter last year.
“In this scenario, our focus continues on driving our short-term and digitalisation businesses with a clear focus on profitable growth and working capital management,” Mr. Mathur added.
The company had, last year, decided to sell its mobility segment, mechanical drives business and its wholly owned subsidiary Siemens Rail Automation Private Limited to Siemens AG, Germany (SAG) or its subsidiary.
“It has been decided not to pursue the matter for the time being,” said company in filing to the exchanges.
Siemens Ltd. executive director and chief financial officer (CFO) Christian Rummel had tendered his resignation with effect from close of business hours on August 31 as he is taking up a new assignment in Siemens AG.
The company had approved the appointment of. Daniel Spindler as an additional director, and executive director and CFO of Siemens Ltd. with effect from September 1.
