Siemens net profit rises 39% to ₹471 cr in March quarter | Mint
Active Stocks
Thu Feb 22 2024 15:29:56
  1. Bharti Airtel share price
  2. 1,134.50 -0.46%
  1. Tata Steel share price
  2. 145.85 1.39%
  1. State Bank Of India share price
  2. 765.95 -0.73%
  1. HDFC Bank share price
  2. 1,419.80 -1.28%
  1. Power Grid Corporation Of India share price
  2. 282.55 0.86%
Business News/ Markets / Stock Markets/  Siemens net profit rises 39% to 471 cr in March quarter
BackBack

Siemens net profit rises 39% to ₹471 cr in March quarter

The revenue from operations rose by 14.3 per cent to ₹4,857.8 crore in the quarter under review from ₹4,230 crore in the tear-ago period.

A Siemens AG factory stands in Munich, Germany on Wednesday, Dec. 2, 2009. Siemens AG, emerging from the biggest corruption scandal in German corporate history, reached a settlement with managers including two former chief executive officers accused of failing to halt a culture of bribery. Photographer: Guenter SchiffmannPremium
A Siemens AG factory stands in Munich, Germany on Wednesday, Dec. 2, 2009. Siemens AG, emerging from the biggest corruption scandal in German corporate history, reached a settlement with managers including two former chief executive officers accused of failing to halt a culture of bribery. Photographer: Guenter Schiffmann

Siemens on Thursday reported 38.7 per cent rise in its net profit to 471.1 crore for the quarter ended March 2023 quarter. This is against a net profit of 340 crore in the corresponding quarter last fiscal.

The company follows October-September financial year.

The revenue from operations rose by 14.3 per cent to 4,857.8 crore in the quarter under review from 4,230 crore in the tear-ago period.

The operating profit, calculated as earnings before interest and tax, depreciation and amortization (EBITDA) was up by 17.2 per cent to 621.2 crore as compared to 530 crore while the margins came in at 12.8 per cent.

Siemens also booked new orders of 31,151 crore in the quarter, which included an order of 25,455 crore for the 9,000 HP (horsepower) locomotive project.

Consequently, it stated that the new orders in the quarter under review grew by 8.1 per cent on a comparable basis.

“We continue to see substantial tendering by the Indian Railways and continued capex expansion in infrastructure led by Central Government spending. Private sector capex is mainly in the steel, cement, data centres, intralogistics and e-vehicles market segments," said Sunil Mathur, Managing Director and Chief Executive Officer of Siemens.

The Board of Directors, based on the recommendation of the Nomination and Remuneration Committee (NRC), has re-appointed Mr. Sunil Mathur as the Managing Director and Chief Executive Officer of Siemens for a further period of five years with effect from 1 January, 2024.

The board has also re-appointed Dr. Daniel Spindler as the Executive Director and Chief Financial Officer of the company for a further period of one year with effect from 1 August, 2023.

On BSE, Simens stock price closed at 3,806.60 apiece up by 2.53 per cent.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 11 May 2023, 05:23 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App