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Informist, Tuesday, Nov. 26, 2024

 

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--Siemens Jul-Sept net profit INR 7.75 bln 
--Analysts saw Siemens Jul-Sept net profit INR 7.05 bln 
--Siemens Jul-Sept net profit INR 7.75 bln vs INR 5.34 bln year ago 
--Siemens Jul-Sept revenue INR 59.79 bln vs INR 53.82 bln year ago 
--Siemens to pay INR 12 per share dividend 
--Siemens: Board OKs investing additional INR 1 bln for power transformers 
--Siemens FY24 net profit INR 26.65 bln vs INR 19.11 bln year ago 
--Siemens FY24 revenue INR 204.97 bln vs INR 179.65 bln year ago 
 

 

By Avishek Rakshit

 

KOLKATA – Driven by an inflow of new orders, capital goods major Siemens Ltd. Tuesday posted a 45.1% year-on-year increase in net profit to INR 7.7 billion for the Jul-Sept quarter, beating Street estimates. The revenue, at INR 59.8 billion, however, fell short of the Street’s projections though it increased by 11.1% on year. 

 

Factoring in fresh order intake and delivery of the existing orders, sector analysts had estimated Siemens to report a net profit of INR 7.0 billion and revenues of INR 64.5 billion. 

 

The company had posted a net profit of INR 5.3 billion in Jul-Sept last year on revenues of INR 53.8 billion. In Apr-Jun, the net profit was INR 5.3 billion and the revenue was INR 47.7 billion. 

 

Revenue from the energy vertical – the largest business segment for the company – rose by 12.4% on year to INR 20.8 billion and the pre-tax profit rose 68.2% on year to INR 3.7 billion. The smart infrastructure segment reported revenue growth of 5.8% to INR 18.3 billion and a profit before tax of INR 2.5 billion, up 19.0% on year. 

 

Siemens' revenue from the digital industries segment rose 10.5% on year to INR 10.5 billion, with the pre-tax profit dipping by 9.2% on year to INR 988 million. The mobility segment reported a 25.4% year-on-year growth in revenue to INR 8.4 billion. The segment registered a pre-tax profit growth of 587.4% on year to INR 598 million. 

 

"We continued to gain market share from a healthy demand across all our businesses with increasing interest in Siemens Xcelerator, our digital platform," Managing Director and Chief Executive Officer Sunil Mathur said in a statement. 

 

Siemens said its strong order book was backed by healthy demand across all business segments during the period under review but demand from its clients in the digital industries remained muted. Excluding the large 9,000 HP electric locomotive order from Indian Railways received in 2023-24 (Oct-Sept), new orders rose by 14% on year during the year ended September. Siemens follows an Oct-Sep financial year period.

 

Siemens said that it will be investing an additional INR 1 billion to expand the capacity of the power transformer factory at Kalwa in Maharashtra and to expand the range of its product portfolio envisaged earlier. This will result in a cumulative capital investment of INR 4.6 billion in this plant by Siemens. 

 

"With a pick-up in private sector capex (capital expenditure) and the government's ongoing focus on capex in infrastructure, we believe we are well positioned to meet the growing opportunities in the market. We are currently focused on completing the announced demerger of the energy business which will unlock value for our shareholders," Mathur said. 

 

During Oct-Sept, Siemens reported a 39.4% growth in its net profit at INR 26.7 billion. The revenue during the year increased 14.1% to INR 205.0 billion. 

 

The company’s board on Tuesday approved a dividend of INR 12 per share. 

 

On Tuesday, shares of Siemens closed 1.4% down at INR 7,242.5 on the National Stock Exchange. End 

 

Edited by Saji George Titus

 

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