Siemens Limited New Orders grow by 65.3% in Q1 FY 2022

Rs. 900 crore order income booked for Pune Metro Rail Line 3 corridor from Hinjewadi to Shivajinagar

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MUMBAI (Metro Rail News): Siemens Limited registered Revenue from continuing operations of Rs. 3,197 crore, an 11.8 % increase over the same quarter in the preceding year for the first quarter of Financial Year 2022 ended December 31, 2021. New Orders from continuing operations stood at Rs. 5,300 crore, a 65.3% increase over the same period last year. The Company’s Order Backlog stands at a healthy Rs. 15,575 crore. Profit after Tax from continuing operations of Rs. 245 crore, decreased by 6.5% over the same period last year.

“All our businesses demonstrated very strong growth. New Orders booked in the quarter included approximately Rs. 900 crore booked for the electrical and mechanical system works of the Pune Metro Rail Line 3 corridor from Hinjewadi to Shivajinagar. The Company is executing this order as part of a consortium, together with Siemens AG, Siemens Mobility GmbH and Alstom Transport India Limited. While Revenues were marginally impacted due to delays in offtake by customers on account of COVID-19 and supply chain challenges resulting from global shortage of semiconductors, profit was impacted due to continuing increases in commodity prices and lower Forex gains than in the previous year. However, we continue to be cautiously optimistic about the increase in demand across all our businesses.” Said Mr. Sunil Mathur, Managing Director and Chief Executive Officer.

On Budget 2022, Mr Mathur commented, “We welcome the increased Capex outlay of Rs. 7.50 lakh crore. With the continued focus on driving infrastructure growth in the country, a commitment to energy transition and sustainability and a clear direction on adopting technologies of the future, the Budget is directionally consistent and represents steadiness, continuity and predictability in Government policy making.”

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