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Siemens has reported an 11 per cent rise in net profit at Rs 304 crore for the second quarter ended March 31 against Rs 274 crore logged in the same period last year.
Sales rose 24 per cent to Rs 3,760 crore compared with Rs 3,036 crore.
Dr Armin Bruck, Managing Director, Siemens Ltd, said, “The confidence is still low in the markets we operate in. New orders have been deferred due to a combination of factors: coal-linkages, land and environmental clearances, higher interest rate, tighter liquidity and lower investments in the infrastructure sector. Margins have been affected due to higher costs and ongoing price pressures.”
ORDER FLOW
Siemens said the industry segment won major orders in metals technologies, drive systems for steel sinter plants and for ship-to-shore cranes.
The energy segment commissioned its 765 kV fixed series compensation (a solution that helps in improving power transmission and enable future expansion capabilities). It bagged orders for single-shaft vertically split gas turbine-driven turbo compressors and 250 MVA generator transformers.
Amalgamation
Siemens said it has begun the process of amalgamating into itself Siemens Power Engineering Pvt Ltd, a wholly-owned subsidiary of Siemens AG (parent company of Siemens Ltd with 75 per cent stock holding). The amalgamation will provide greater economy of scale and operational synergies.
On the BSE, the company scrip closed 2.22 per cent higher at Rs 790.20 on Friday.
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