Siemens Net Profit Jumps 36% in Q3, Revenue Up 25%

New Delhi, Nov 28 (PTI) Siemens Ltd on Tuesday posted a 36 per cent rise in net profit at Rs 534 crore in the September quarter compared to the year ago, mainly on the back of higher revenues.

The company, which follows the October to September fiscal year, had reported a net profit of Rs 392 crore a year ago, a company statement said.

Siemens Ltd registered a revenue of Rs 5,297 crore in the fourth quarter of financial year 2023 ended September 30, registering a 25 per cent increase over Rs 4,236 crore a year ago, the company said.

The board also recommended a dividend of Rs 10 per equity share of Rs two each for the financial year ended September 30, 2023.

The company's order backlog stood at Rs 45,518 crore, the statement said.

For the financial year 2023, Siemens Ltd reported an increase of 139 per cent in new orders, 21 per cent in revenue and 53 per cent increase in profit after tax over the previous financial year.

The board has also approved an investment of around Rs 416 crore towards capacity addition for Power Transformers and Vacuum Interrupters.

The expansion in capacities of both these products will enable the company to meet the growing demand both in India and globally.

"The resilient year-on-year performance across all our businesses is representative of the continued growth in capex and digital spending by both public as well as private sectors," Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd, said in the statement.

Further, the company said Daniel Spindler has tendered his resignation as the Chief Financial Officer of the company, with effect from close of business hours of February 29, 2024.

The board has recommended the appointment of Wolfgang Wrumnig as Executive Director and Chief Financial Officer (Key Managerial Personnel), for a period of five years, from March 1, 2024 to March 28, 2029.

Wrumnig, 58 years, has done his studies in Applied Business Administration at the University of Klagenfurt, Austria and is a Master of Social Sciences and Economics. He is the Chief Financial Officer (CFO) of Siemens Aktiengesellschaft Österreich, Austria since October 2016.