Siemens gained 2.32% to Rs 4,315.15 after the company's net profit increased 5.9% to Rs 463.4 crore in the quarter ended 31 December 2023 as against Rs 437.6 crore reported in the same period last year.
Revenue from operations jumped 22.2% year on year (YoY) to Rs 4,394.7 crore during the first quarter.
Profit before tax in the December quarter stood at Rs 621.7 crore, up 5.8% from Rs 587.6 crore recorded in the corresponding quarter previous year.
The companys segment revenue from smart infrastructure stood at Rs 1,505.8 crore (up 26.67% YoY), energy business was at Rs 1,145.4 crore (down 1.27% YoY), while digital industries came in at Rs 1,037.9 crore (up 33.25% YoY), mobility was at Rs 616.8 crore (up 78.83% YoY) and portfolio companies revenue stood at Rs 221.9 crore (down 7.7% YoY) during the period under review.
New orders stood at Rs 5,971 crore in the first quarter, registering a 10% increase YoY.
The heavy electrical equipment maker stated that the first quarter included significant gain of Rs 103 crore due to positive effects of foreign exchange and commodities.
Sunil Mathur, managing director and chief executive officer, Siemens, said, While strong revenues came in from our digital industries, smart infrastructure and mobility businesses, our order income growth came from our energy business driven primarily by our transmission business.
There was a decline in new orders in our digital industries automation business on account of destocking following normalization in demand. We expect this to normalize from Q3 onwards. Capex demand across segments, largely driven by capex spending in public infrastructure, continues to be good. Private capex is also beginning to pick up.
Siemens is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power. The firm is the flagship listed company of Siemens AG in India.
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