Siemens Q3 net profit jumps 15% to ₹263 crore
Mumbai: Siemens Ltd on Tuesday reported a 15.2% rise in its net profit for the December quarter on lower expenses.
Profit for the third quarter of fiscal 2020 rose to ₹262.7 crore from ₹228 crore a year ago. The profit was lower than ₹283.9 crore estimated by a Bloomberg poll of eight analysts.
Net sales fell 4.9% to ₹2668.6 crore compared with ₹2807.1 crore reported a year ago. Other income fell to ₹85.5 crore in the December quarter from ₹87.7 crore reported a year ago.
Total expenses declined 6% to ₹2400.9 crore during the period.
“Capex ordering, particularly in the infrastructure segments continues to be muted, while the slowdown in the automotive segment is impacting our industrial business as well,” said Sunil Mathur, managing director and chief executive officer, Siemens.
