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Siemens to invest Rs 416 crore for expanding manufacturing capacity in India
Industry News- Nov 29,23
The company will expand manufacturing capacity of power transformers and vacuum interrupters for medium voltage switchgear. Siemens Ltd has also registered 21% increase in revenue and 53% increase in PAT in FY 2023 (October 2022 to September 2023).
Mumbai
Siemens Ltd, the flagship company of Germany's Siemens AG in India, will invest Rs 416 crore for increasing manufacturing capacity of power transformers (used in the power transmission business) and vacuum interrupters for medium voltage switchgear (used in the power distribution sector). The expansion in capacities of both these products will enable Siemens Ltd - a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power - to meet the growing demand both in India and globally.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd, said, “We are adding capacities in the power transformer and vacuum interrupter businesses to serve the increasing domestic and global demand for power transmission and power distribution solutions. With 31 factories in the country, serving both domestic and global demand, Siemens has the engineering prowess, strong supplier base and a portfolio that addresses customer requirements across the value chain."
Meanwhile, Siemens Ltd registered a revenue of Rs 5,297 crore in the fourth quarter of financial year 2023 ended September 30, 2023, a 25% increase over the same quarter in the previous year. The company’s has recorded an order backlog is Rs 45,518 crore and profit after tax (PAT) of Rs 534 crore, an increase by 36% over the same period last year. For FY 2023 (October 2022 to September 2023), Siemens Ltd reported an increase of 139% in new orders, 21% increase in revenue and 53% increase in PAT over the previous financial year. As of September 30, 2023, Siemens Ltd had revenue from continuing operations of Rs 17,701 crore.
Sunil Mathur commented, “The resilient year-on-year performance across all our businesses is representative of the continued growth in capex and digital spending by both public as well as private sectors. We are confident that we have the right strategies, the right products and the right competencies to deliver real value to our customers.”
From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation, Siemens creates technology with purpose adding real value for customers.
Siemens
Sunil Mathur
power transformers
vacuum interrupters
voltage switchgear
Germany
power transmission
power distribution
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