Siemens Limited announces Q2 FY 2018 results; 10.6% comparable growth in Revenue; Profit after Tax increases by 18%

For the second quarter of Financial Year 2018 ended March 31, 2018, Siemens Limited registered a Revenue of Rs. 3,163.1 crore which amounts to a 10.6% increase in Revenue (excluding from the revenue for the corresponding quarter of the previous year the impact of Excise Duty) over the same quarter in the preceding year.

Profit after Tax for the second quarter of Financial Year 2018 of Rs. 219.7 crore, increased by 18% over the same period last year. New Orders for the period stood at Rs. 2,923.6 crore. There was an increase in orders of 22% in its base business (orders of value less than Rs. 100 crore) for the second quarter of Financial Year 2018 and 21% for the first half of Financial Year 2018 ended March 31, 2018.

Large orders won during the second quarter of Financial Year 2017 included an order from Power Grid Corporation of India for the Pugalur-Thrissur high-voltage direct current (HVDC) transmission system.

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, “While our base business is growing satisfactorily, we do not see a pipeline of large and mega projects yet. Government tendering of large projects in the Energy business (Generation, Transmission & Distribution) has slowed down, though we do see private sector Capex beginning to expand. Our focus continues on our Digitalization initiatives and on ensuring operational excellence both of which are reflected in our results.”