It is Siemens Energy India’s first earnings since its listing on June 19 this year. Promoted by Netherlands-based Siemens International Holding B.V., the company’s sharp rise in profit after tax (PAT) was on the back of new order growth, primarily due to large orders received during the quarter.
The robust demand was recorded both in domestic as well as export markets, a company filing to the exchanges said, adding that revenue has developed well on the back of strong and healthy order backlog. New Orders were up 94% at Rs 3,290 crore
At 17.6%, Q3 profit margin was in line with the normalised margin of the first half versus 13.3% in the year ago period, the company filing said. Profit margin is before considering favorable one-time impacts and stamp duty/other transfer charges.
The company announced an investment of Rs 280 crore in a phased manner in manufacturing capacity expansion of High-Voltage Switchgear products at its Aurangabad factory. Siemens Energy claimed that this expansion will enable the company to meet the growing demand for power transmission equipment, both in India and globally.
The earnings were announced after market hours and Siemens shares ended at Rs 3,235.50 on the NSE, up by Rs 66.70 or 2.10% over the Friday closing price.Commenting on the earnings, Managing Director and Chief Executive Officer Guilherme Mendonca said that new orders grew by an exceptional 94% on the back of a strong domestic market and rising exports. Healthy order backlog and continuous operational excellence helped the company to post robust results for the quarter and for the nine months of the fiscal year, he added.”We continue to add capacity in our Power Transmission business to serve the increasing demand for High-Voltage Switchgear products, not just in India but also globally. With this investment, we are proud to demonstrate our Company’s continued commitment to supporting India’s energy transition and the Government of India’s Make in India and Aatmanirbhar Bharat vision,” Mendonca said.
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Siemens Energy India Limited (SEIL) is focused on supporting customers in transitioning to a more sustainable world. SEIL has solutions across the entire energy value chain – from power and heat generation, transmission to storage through a portfolio that includes conventional and renewable energy technology such as gas and steam turbines, hybrid power plants operated with hydrogen as well as power generators and transformers.
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