Siemens Ltd net profit rises two-fold to Rs 88.3 crore in January-March

MUMBAI: Siemens Ltd, a flagship company of Siemens AG, reported a nearly two-fold growth in net profit at Rs 88.3 crore for the January-March quarter even as sales declined during the period. Its net profit for the corresponding period last fiscal stood at Rs 29.9 crore, a statement issued here today stated. The company, which follows October-September as its financial year, reported a decline in sales by 8.59 per cent to Rs 2,657.7 crore, compared to Rs 2,907.7 crore a year-ago.

"The volumes are stable when viewed in the backdrop of the macro-economic fundamentals. The improved profitability is a clear indication that internal measures aimed at increasing competitiveness have begun to take effect," company's Managing Director and CEO said. During the quarter, the company bagged new orders worth Rs 2,620.1 crore compared to Rs 2,806.5 crore in the same period last year.