Siemens Ltd on Tuesday reported its fiscal third quarter profit at Rs 505.40 crore, up 9.2 per cent in comparison to Rs 462.70 crore during the corresponding quarter of previous year, surpassing estimates. It posted revenue from operations at Rs 4825.20 crore, up 20.2 per cent as against Rs 4015.10 crore during the third quarter of FY23. The company EBITDA stood at Rs 596 crore. According to a CNBC TV18 poll, Siemens was expected to report Q3FY24 profit at Rs 449 crore and revenue for the quarter was estimated at Rs 4680 crore.
The company said that it has received new orders of Rs 5,971 crore, reporting a 10 per cent increase over the same period last year.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, “While strong revenues came in from our Digital Industries, Smart Infrastructure and Mobility businesses, our order income growth came from our Energy business driven primarily by our Transmission business. There was a decline in new orders in our Digital Industries Automation business on account of destocking following normalization in demand. We expect this to normalize from Q3 onwards. Capex demand across segments, largely driven by capex spending in Public Infrastructure, continues to be good. Private Capex is also beginning to pick up.”
In terms of revenue recorded by various business segments under Siemens, its Energy business reported Q3FY24 revenue at Rs 1145.40 crore, and Smart Infrastructure revenue was at Rs 1852.30 crore. The company’s Mobility business posted revenue during the quarter at Rs 659.70 crore. While its Digital Industries segment reported a revenue of Rs 1037.90 crore, the Siemens’ portfolio companies posted revenue at Rs 221.90 crore.