New Delhi, Technology firm Siemens Ltd on Tuesday reported nearly 74 per cent rise in profit after tax to Rs 896 crore in the March quarter, mainly due to higher revenue.
The company, which follows the October-September financial year, had reported a profit after tax (PAT) of Rs 516 crore in the year-ago quarter, Siemens said in a statement.
The company said it has received new orders worth Rs 5,184 crore. Revenue during the quarter stood at Rs 5,248 crore, which is 19 percent higher than Rs 4,400 crore in March quarter 2023.
Managing Director and Chief Executive Officer Sunil Mathur said the second quarter saw strong revenue growth due to strong order backlog.
Some big orders have been postponed. There has also been a slowdown in orders for industrial automation products as demand has normalized after shorter delivery cycles, he said.“Our growth in profits included volume and price effects, continued productivity measures and gains due to asset sales and dividends received from subsidiaries. Overall, our Q2 FY24 results reflect a sustained recovery in the economy due to government spending on infrastructure. Shows strength." Which has resulted in increased capacity utilization and initiation of capacity expansion in the private sector,” he said.
The company's board approved the proposal to divest its energy business into a separate legal entity – Siemens Energy India Limited (currently a wholly owned subsidiary of Siemens Limited).
Upon receipt of the requisite approvals, Siemens Energy India will subsequently be listed and will mirror the shareholding of Siemens Limited.While Siemens Ltd. will remain a leading technology-focused company in industry, infrastructure and mobility, Siemens Energy will provide solutions across the entire energy value chain – from power and heat generation transmission to storage through a portfolio that includes conventional and renewable energy technologies. Is included. ,
According to the plan of arrangement, shareholders of Siemens Limited will receive a share of Siemens Energy for every 1 share of Siemens Limited.
The new entity will subsequently be listed on the BSE and NSE. The demerger will create two strong and independent entities that will be able to better address their respective markets and customers with a more focused approach.
Mathur said the demerger will enable both companies to pursue their specific strategies, focus on their core portfolio and decide on capitation allocation.He said this will unlock the full value of each business for the benefit of shareholders. The demerger process, including the subsequent listing of Siemens Energy India, is expected to be completed in 2025, subject to receipt of requisite approvals.
Siemens Ltd also announced the expansion of two of its 32 factories in India.
The Board has approved investment of approximately Rs 519 crore for capacity addition at Gas Insulated Switchgear Factory, Goa and Metro Train Manufacturing Facility, Aurangabad. This is in line with the power transformer factor at Kalwa and vacuum interrupter factory at Goa announced by the company in November 2023. This is in addition to capacity expansion.With this, the total capital expenditure is expected to exceed Rs 1,00 crore.
Siemens' Smart Infrastructure business is expanding its factory in Goa to meet the rapidly growing need for critical components in the industry, infrastructure and power distribution sectors. The total investment will be Rs 333 crore and will be Siemens' largest investment in Goa.
The factory will bring to the market state-of-the-art gas insulated switchgear and Clean Air GIS (Blue GIS) technology. These products will help customers from sectors like data centre, metro rail, oil & gas, steel, transmission & distribution meet their sustainability goals.To meet the demand for the growing metro rail network globally, the mobility business has invested Rs 186 crore to build a metro train manufacturing facility in Aurangabad.
This is in addition to the existing bogie manufacturing facility at SAM location. The facility will be equipped with the latest technologies, locally procured components and skilled technical workforce, and can adapt to the changing requirements of customers.
Going forward, this facility will play an important role as an export hub for metro turnkey projects.Siemens Limited Germany-based Siemens AG is a major listed company in India.As of September 30, 2023, Siemens had revenue from operations of Rs 17,701 crore and 8,888 employees.
The company, which follows the October-September financial year, had reported a profit after tax (PAT) of Rs 516 crore in the year-ago quarter, Siemens said in a statement.
The company said it has received new orders worth Rs 5,184 crore. Revenue during the quarter stood at Rs 5,248 crore, which is 19 percent higher than Rs 4,400 crore in March quarter 2023.
Managing Director and Chief Executive Officer Sunil Mathur said the second quarter saw strong revenue growth due to strong order backlog.
Some big orders have been postponed. There has also been a slowdown in orders for industrial automation products as demand has normalized after shorter delivery cycles, he said.“Our growth in profits included volume and price effects, continued productivity measures and gains due to asset sales and dividends received from subsidiaries. Overall, our Q2 FY24 results reflect a sustained recovery in the economy due to government spending on infrastructure. Shows strength." Which has resulted in increased capacity utilization and initiation of capacity expansion in the private sector,” he said.
The company's board approved the proposal to divest its energy business into a separate legal entity – Siemens Energy India Limited (currently a wholly owned subsidiary of Siemens Limited).
Upon receipt of the requisite approvals, Siemens Energy India will subsequently be listed and will mirror the shareholding of Siemens Limited.While Siemens Ltd. will remain a leading technology-focused company in industry, infrastructure and mobility, Siemens Energy will provide solutions across the entire energy value chain – from power and heat generation transmission to storage through a portfolio that includes conventional and renewable energy technologies. Is included. ,
According to the plan of arrangement, shareholders of Siemens Limited will receive a share of Siemens Energy for every 1 share of Siemens Limited.
The new entity will subsequently be listed on the BSE and NSE. The demerger will create two strong and independent entities that will be able to better address their respective markets and customers with a more focused approach.
Mathur said the demerger will enable both companies to pursue their specific strategies, focus on their core portfolio and decide on capitation allocation.He said this will unlock the full value of each business for the benefit of shareholders. The demerger process, including the subsequent listing of Siemens Energy India, is expected to be completed in 2025, subject to receipt of requisite approvals.
Siemens Ltd also announced the expansion of two of its 32 factories in India.
The Board has approved investment of approximately Rs 519 crore for capacity addition at Gas Insulated Switchgear Factory, Goa and Metro Train Manufacturing Facility, Aurangabad. This is in line with the power transformer factor at Kalwa and vacuum interrupter factory at Goa announced by the company in November 2023. This is in addition to capacity expansion.With this, the total capital expenditure is expected to exceed Rs 1,00 crore.
Siemens' Smart Infrastructure business is expanding its factory in Goa to meet the rapidly growing need for critical components in the industry, infrastructure and power distribution sectors. The total investment will be Rs 333 crore and will be Siemens' largest investment in Goa.
The factory will bring to the market state-of-the-art gas insulated switchgear and Clean Air GIS (Blue GIS) technology. These products will help customers from sectors like data centre, metro rail, oil & gas, steel, transmission & distribution meet their sustainability goals.To meet the demand for the growing metro rail network globally, the mobility business has invested Rs 186 crore to build a metro train manufacturing facility in Aurangabad.
This is in addition to the existing bogie manufacturing facility at SAM location. The facility will be equipped with the latest technologies, locally procured components and skilled technical workforce, and can adapt to the changing requirements of customers.
Going forward, this facility will play an important role as an export hub for metro turnkey projects.Siemens Limited Germany-based Siemens AG is a major listed company in India.As of September 30, 2023, Siemens had revenue from operations of Rs 17,701 crore and 8,888 employees.
