India's Siemens 1Q Net Profit Increases 15% On Year

   By Kosaku Narioka

Siemens Ltd. said Tuesday its first-quarter net profit rose 15% from a year earlier thanks to greater earnings from its digital and mobility businesses.

Net profit for the quarter ended December rose to 2.66 billion Indian rupees ($37.3 million) from INR2.31 billion a year earlier, the Indian unit of Germany's Siemens AG said. That matched the estimate of INR2.66 billion from a FactSet poll of analysts.

Operating profit more than tripled for its digital-industries business from a year earlier and its mobility business swung to an operating profit, while that of its gas and power business dropped 52%.

First-quarter revenue decreased 4.9% to INR27.72 billion from INR29.14 billion a year earlier.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

February 11, 2020 05:33 ET (10:33 GMT)

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