Siemens Ltd has reported a 16.9 per cent year-on-year growth in new orders during the second quarter (January 1, 2021 to March 31, 2021) of its financial year ending September 30, 2021.
In a release, Siemens said that the new orders inflow from continuing operations during Q2 of FY21 stood at Rs.3,309 crore, registering a 16.9 per cent increase over the corresponding period of FY20.
The company’s outstanding order book position as of March 31, 2021, stood at Rs.12,677 crore.
Steady revival
According to Sunil Mathur, Managing Director & Chief Executive Officer, Siemens Ltd, “Order growth has been robust across all our businesses. There has been increased demand in our power transmission, digital grid and distribution systems businesses. Our digital industries segment saw growth in the machine tool and process automation businesses. The March-end quarter demonstrated a steady revival in the economy with both private and public sectors beginning to invest in anticipation of future growth.”
(Note: The financial year for Siemens runs from October 1 to September 30. FY21 referred to in this story is the period from October 1, 2020 to September 30, 2021. The second quarter (Q2) is therefore January 1, 2021 to March 31, 2021.)
Major corporate changes in Q2 of FY21
- On January 1, 2021, Siemens Ltd sold its mechanical drives (MD) business as a going concern on slump-sale basis to Flender Drives Pvt Ltd, for a total consideration of Rs.375.90 crore.
- On March 1, 2021, Siemens Ltd acquired 99.22 per cent equity share capital of C&S Electric Ltd from its promoters for a consideration of Rs.2,158.80 crore.
(Featured photograph for illustration only)
