Siemens announces Q1 FY 2021 results; records 15.9 per cent increase in revenue

For the first quarter of Financial Year 2021 ended December 31, 2020, Siemens Limited registered revenue from continuing operations of Rs 2,858 crore, a 15.9 per cent increase over the same quarter in the preceding year.

New orders from continuing operations stood at Rs. 3,206 crore, registering a 9.3 per cent increase over the same period last year. The company’s order backlog stands at a healthy Rs. 12,797 crore profit before tax from continuing operations of Rs 353 crore was 12.4 per cent to Revenue.

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens, said, “Our strong and resilient performance reflects the continued uptick in the economy and is led by our short cycle digital industries business and a large order in our mobility business. We are seeing a slowing down in the Energy Transmission business resulting from delays in retendering of Tariff Based Competitive Bidding (TBCB) projects.”

“We are however greatly encouraged by the recent Budget announcements and the strong focus on Capex spending in Infrastructure and are convinced that this will lead to a cascading effect on all parts of the economy leading to a speedy return to a high-growth environment and increased employment opportunities. We shall be closely monitoring the implementation of the various initiatives announced in the Budget and shall actively engage in bidding for tenders to be announced under the National Infrastructure Plan,” added Mathur.