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Press Release07 August 2020Siemens AGMumbai
Siemens Limited announces Q3 FY 2020 results; Performance impacted due to COVID-19
Siemens Limited reported a decline of 59.5% in Revenue for the quarter from
Rs. 3,110 crore to Rs. 1,260 crore driven by the closure of all factories and project sites on
account of COVID-19. This also resulted in a Net Loss of Rs. 5 crore compared to
Profit after Tax of Rs. 248 crore for the same period last year
The Company, however, has a strong Order Backlog of Rs. 13,142 crore, which provides a
visibility of more than one year of Revenue and has improved its Cash performance during
the quarter.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, “The
decline in Revenue across the businesses extended from the previous quarter due to the
nationwide lockdown related to COVID-19 and continued weak demand. All our factories,
logistics centers, supply chain and project sites were only able to start ramping up from
mid-May onwards. In addition, we incurred substantial ramp up costs including costs
required to maintain the highest standards of Health and Safety in each of our factories and
project sites. As on date, all our factories and approx. 75% of our project sites have
reopened and are at utilization levels of between 20% to 70%.”
“Large project announcements by the Central and State Governments in the transmission,
distribution and mobility sectors, have reduced significantly. With continued muted demand
in the economy, coupled with the uncertainty surrounding the extent and duration of the
virus with its resultant restrictions, many private customers have deferred their Capex plans and have launched programs to optimize costs and conserve cash. We are however
beginning to see a revival of demand in some sectors but will need to assess how
sustainable this is. We do believe however that it is now critical to increase demand in the
economy and this will require increased Government spending in infrastructure,” stated
Sunil Mathur.
“Consequent to the above economic scenario, we shall continue to drive solutions in the
energy transmission, distribution and mobility segments as also our digital offerings across
all our businesses. Each one of our businesses has also started optimizing costs to
preserve and grow our profitability. Our focus on profitable growth continues,” added Sunil
Mathur.
Siemens Limited focuses on the areas of power generation and distribution, intelligent infrastructure for buildings and distributed energy systems, and automation and digitalization in the process and manufacturing industries. It is also a leading
supplier of smart mobility solutions for rail and road transport and infrastructure solutions for Smart Cities. Siemens Limited
is the flagship listed company of Siemens AG in India. As of September 30, 2019, Siemens Limited had Revenue of INR
13,323 crore and 9,437 employees. Further information is available on the Internet at
www.siemens.co.in.
Forward-looking statements: “This document contains forward-looking statements based on beliefs of Siemens' management. The words 'anticipate', ‘believe’, ‘estimate’, ‘forecast’, ‘expect’, ‘intend’, ‘plan’, ‘should’, and ‘project’ are used to identify
forward looking statements. Such statements reflect the company's current views with respect to the future events and are
subject to risks and uncertainties. Many factors could cause the actual result to be materially different, including, amongst
others, changes in the general economic and business conditions, changes in currency exchange rates and interest rates,
introduction of competing products, lack of acceptance of new products or services, and changes in business strategy. Actual
results may vary materially from those projected here. Siemens does not intend to assume any obligation to update these
forward-looking statements.”
Contact
Praneet Mendon / Bijesh Kamath
Siemens Ltd., Media Relations
+91 22 3967 7000