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Digital business drives Siemens India results

The company, which follows a September quarter end as full financial year, registered 8.4 per cent increase in revenue at Rs 13,323 crore

twitter-logo PB Jayakumar   New Delhi     Last Updated: November 19, 2019  | 20:15 IST
Digital business drives Siemens India results
Based on the current business visibility, Siemens expects muted capex spending in the next couple of quarters by both public and private sectors

Engineering major Siemens Ltd posted reasonable growth in sales and profits, despite the economic slowdown. It was mainly powered by growth in smart infrastructure, digital industries and gas and power.

The company, which follows a September quarter end as full financial year, registered 8.4 per cent increase in revenue at Rs 13,323 crore, compared to Rs.12,293 crore in the previous financial year.  The company registered 21.6 per cent increase in profit after tax (PAT) at Rs. 1,087 crore compared to Rs. 894 crore in the previous year.

New orders for the financial year 2019 were Rs. 13,238 crore. The order backlog as of September 30, 2019 stood at Rs. 11,879 crore or approximately one year. The growth in order income was 7 per cent in gas & power, 7 per cent in smart infrastructure and 11 per cent in digital industries, the three business verticals of Siemens globally.

"Our digitalization initiatives continue to gain traction across all market verticals and we are experiencing increased interest by customers in our integrated digital solutions," said Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited. The  overall performance was very satisfactory, despite a challenging market environment.

Based on the current business visibility, Siemens expects muted capex spending in the next couple of quarters by both public and private sectors, he added.

For the fourth quarter of FY 2019, Siemens registered revenue of Rs. 4,018 crore, a 5.7 per cent increase over the corresponding quarter of the previous year. Profit after tax increased 18.4 per cent  to Rs. 331 crore, compared to Rs. 279 crore for the previous year. New orders for the fourth quarter stood at Rs. 3,189 crore.

The company has also announced a dividend of Rs 7 per share.

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