New Delhi, May 13 (PTI) Engineering and technology solutions provider Siemens Ltd on Wednesday reported a 38 per cent drop in consolidated net profit at Rs 175.7 crore for the March quarter due to lower revenues.
The company’s consolidated net profit stood at Rs 284.2 crore in the quarter ended March 31, 2019, it said in a statement.
The company follows the October to September financial year.
Total income of the company declined to Rs 2,919.9 crore in the March quarter from Rs 3,661.7 crore in the corresponding period of the previous fiscal.
The company’s order backlog stands at Rs 12,547 crore, it said.
The decline in revenues across the businesses was primarily due to deferred offtake by customers and slowdown in short-cycle business related to COVID-19 as well as continued weaker demand in large infrastructure projects, it added.
Sunil Mathur, managing director and chief executive officer, Siemens Ltd, said, “With the slowdown in the economy being accelerated and accentuated by the sudden impact of the COVID-19 crisis, capex spending reduced dramatically in the current quarter.”
“A gradual slowdown in the operations of our customers and supply chain was already visible from February. With the announcement of the lockdown, all our factories, project sites and offices were shut since the last week of March, resulting in a steep drop in revenue for the quarter.
“Currently six of our factories have reopened with limited operations and a further two are expected to be opened this week,” he added.
He also welcomed the government’s Rs 20 lakh crore stimulus package for the economy.