Siemens net profit dips over 55 percent to Rs 279 crore

Siemens has reported more than 55 percent decline in standalone profit to Rs 279.2 crore for the quarter ended on September 30, 2018. The company had reported a net profit of Rs 623.8 crore during the same period a year ago, aided by an exceptional gain of Rs 560.3 crore, according to a BSE filing. Total income of the company rose to Rs 4,015.6 crore in July-September 2018 from Rs 3,204.8 crore in the year-ago-quarter. Its expenses during the quarter under review were at Rs 3576.4 crore, higher from Rs 2,877.1 crore in the September quarter of 2017. Profit after tax is reported at Rs 279 crore down from Rs 624 crore reported last year mainly because of profit from exceptional item Rs 567 crore.

For the fourth quarter of financial year 2018, new orders grew by 38.1 percent to Rs 3,720 crore compared to Rs 2,694 crore in the fourth quarter of financial year 2017. The revenue reported for the quarter is Rs 3,802 crore, 24.9 percent growth compared to fourth quarter of financial year 2017. The company follows October-September financial year.