Siemens has reported nearly 6 per cent growth in its new order inflow during the quarter ending June 30, 2023.
According to a release, new order inflow of Siemens Ltd during the quarter ending June 30, 2023, stood at Rs.5,288 crore – representing a 5.9 per cent growth over the corresponding level of 2022.
“Base business has increased by 10.9 per cent, whereby advance orderings in our short-cycle prod-uct businesses still had some adverse impact,” the release noted.
Strong performance
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd, said, “We continue to see a consistently strong performance across all our businesses with a healthy mix of orders from both the government and private sector, especially in infrastructure and railways. As delivery periods and supply chain issues start improving, volumes are beginning to normalize.”
Corporate developments
During the quarter ended 30 June 2023, the Siemens Ltd had entered into definitive agreements for the acquisition of Electric Vehicle division of Mass-Tech Controls Pvt Ltd on a going concern basis by way of slump sale, for a consideration of Rs.38 crore, subject to adjustments mutually agreed between the parties to the transaction. Subsequently, Siemens Ltd completed the acquisition on July 1, 2023 and the new acquisition will be part of the company’s Smart Infrastructure Segment.
On 1 July 2022, Siemens divested its Large Drives Applications (LDA) business as a going concern on a slump sale basis to Siemens Large Drives India Pvt Ltd for a cash consideration of Rs. 440 crore.
Also read: Siemens Expands 3WA Circuit Breaker Series, Launches Two New Versions
Accounting year
The accounting year of Siemens Ltd runs from 1 October to September 30. Accordingly the three-month period ending June 30, 2023 represents the third quarter (Q3) of its ongoing financial year (FY23) that will end on September 30, 2023.
Featured photograph (source: Siemens) is for representation only
