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Siemens' March net profit falls 39% as customers postpone capex

India city Mumbai covid-19 2020 pandemic
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MUMBAI : Engineering and capital goods major Siemens Ltd reported a 39% fall in net profit year-on-year in the March 2020 quarter at ₹172 crore, as revenue declined 21% to ₹2,738 crore over the same period.

The company attributed the decline in revenue to a slowdown in the business cycle and deferred offtake by customers. The company’s order backlog stands at ₹12,547 crore.

The company said that the covid-19 pandemic and the national lockdown in India has hit short-cycle businesses while there has been a prolonged weaker demand in large infrastructure projects. “With the slowdown in the economy being accelerated and accentuated by the sudden impact of the Covid-19 crisis, capital expenditure spending reduced dramatically in the current

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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