focus_keyword

Siemens reports Rs 2 crore loss in June quarter due

News

focus_keywordRepresentative image focus_keywordConsultant picture

Siemens on Friday reported a consolidated web lack of Rs 1.9 crore for June quarter 2020 primarily as a consequence of decrease revenues in view of the COVID-19 pandemic. Within the year-ago interval, the corporate logged a revenue of Rs 250.1 crore, a BSE submitting mentioned.

Whole revenue within the quarter declined to Rs 1,417.9 crore from Rs 3,300 crore in the identical interval final yr.

The corporate follows October-September as monetary yr.

Income throughout the quarter fell 59.5 per cent to Rs 1,260 crore from Rs 3,110 crore within the year-ago interval, pushed by the closure of all factories and undertaking websites on account of COVID-19.

This additionally resulted in a standalone web lack of Rs 5 crore in June quarter in comparison with revenue after tax of Rs 248 crore within the year-ago interval.

The corporate, nevertheless, has a robust order backlog of Rs 13,142 crore, which offers a visibility of a couple of yr of income and has improved its money efficiency throughout the quarter, it added.

The decline in income throughout the companies prolonged from the earlier quarter because of the nationwide lockdown associated to COVID-19 and continued weak demand, MD&CEO Sunil Mathur mentioned.

“All our factories, logistics facilities, provide chain and undertaking websites had been solely in a position to begin ramping up from mid-Could onwards. As well as, we incurred substantial ramp up prices together with prices required to take care of the very best requirements of Well being and Security in every of our factories and undertaking websites. As on date, all our factories and approx. 75 per cent of our undertaking websites have reopened and are at utilization ranges of 20-70 per cent,” Mathur mentioned.

He famous that enormous undertaking bulletins by the central and state governments within the transmission, distribution and mobility sectors, have diminished considerably.

With continued muted demand within the economic system, coupled with the uncertainty surrounding the extent and period of the virus with its resultant restrictions, many non-public prospects have deferred their capex plans and have launched applications to optimize prices and preserve money, he added.

“We’re nevertheless starting to see a revival of demand in some sectors however might want to assess how sustainable that is. We do imagine nevertheless that it’s now essential to extend demand within the economic system and it will require elevated Authorities spending in infrastructure,” Mathur mentioned.

Consequent to the above financial state of affairs, the corporate shall proceed to drive options within the vitality transmission, distribution and mobility segments as additionally its digital choices throughout all its companies.

“Every considered one of our companies has additionally began optimizing prices to protect and develop our profitability. Our give attention to worthwhile progress continues,” Mathur mentioned.

First Printed on Aug 7, 2020 08:46 pm

Source

Leave a Reply

Your email address will not be published. Required fields are marked *