(Photo: Reuters) (Reuters )
(Photo: Reuters) (Reuters )

Siemens Q3 net profit jumps 15% to 263 crore

  • Total expenses declined 6% to 2,401 crore
  • Net sales fell around 5% to 2668.6 crore

Mumbai: Siemens Ltd on Tuesday reported a 15.2% rise in its net profit for the December quarter on lower expenses.

Profit for the third quarter of fiscal 2020 rose to 262.7 crore from 228 crore a year ago. The profit was lower than 283.9 crore estimated by a Bloomberg poll of eight analysts.

Net sales fell 4.9% to 2668.6 crore compared with 2807.1 crore reported a year ago. Other income fell to 85.5 crore in the December quarter from 87.7 crore reported a year ago.

Total expenses declined 6% to 2400.9 crore during the period.

“Capex ordering, particularly in the infrastructure segments continues to be muted, while the slowdown in the automotive segment is impacting our industrial business as well," said Sunil Mathur, managing director and chief executive officer, Siemens.

"The recent announcement by the Government of the National Investment Pipeline will go a long way in reviving demand and we look forward to its speedy implementation," he added.

The company’s order backlog stood at 12,430 crore.

Siemens focuses on areas of power generation and distribution, infrastructure for buildings, and automation and digitization in manufacturing industries. It is also one of the leading suppliers of smart mobility solutions for rail and road transport and infrastructure solutions for smart cities.

Today, Siemens shares closed at 1,495.90, up 1.43% from its previous close.

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