Siemens profit 36% up YoY in July-Aug-Sept quarter 

Siemens Ltd, the India arm of German multinational Siemens AG, registered a revenue of INR 5,297 crore ($635.49 million) in the fourth quarter of financial year 2023 ended September 30, 2023, a 25% increase over the same quarter in the previous year. New orders stood at INR 4,498 crore, registering a 12% increase over the same period last year. The company’s order backlog is INR 45,518 crore. Profit after tax was INR 534 crore, 36% up over the same period last year.

For FY 2023, Siemens reported an increase of 139% in new orders, 21% increase in revenue and 53% increase in profit after tax over the previous financial year.

The company also announced investments of INR 416 crore in capacity expansions of power transformers used in the power transmission business and of vacuum interrupters for medium voltage switchgear used in the power distribution sector. It said the expansion in capacities of both these products will enable it to meet the growing demand both in India and globally.

Sunil Mathur, managing director and chief executive officer, Siemens Ltd, said, “The resilient year-on-year performance across all our businesses is representative of the continued growth in Capex and Digital spending by both public as well as private sectors. We are confident that we have the right strategies, the right products, and the right competencies to deliver real value to our customers.”

“With 31 factories in the country, serving both domestic and global demand, Siemens has the engineering prowess, strong supplier base and a portfolio that addresses customer requirements across the value chain,” added Mathur.

Siemens Ltd is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power. It creates technology solutions for more resource-efficient factories, resilient supply chains, smarter buildings and grids, and cleaner and more comfortable transportation.