Siemens Stock Soars 7% Following Robust Quarterly Earnings

Shares of Siemens Ltd surged 7% after the company reported a 74% increase in quarterly profit to Rs 896 crore due to higher revenue. The stock hit a 52-week high of Rs 7,243.60 on the BSE. Revenue grew 19% to Rs 5,248 crore, while new orders reached Rs 5,184 crore. Despite some deferred orders and a slowdown in industrial automation products, the company reported strong revenue growth.

PTI | New Delhi | Updated: 15-05-2024 17:03 IST | Created: 15-05-2024 17:03 IST
Siemens Stock Soars 7% Following Robust Quarterly Earnings

Shares of technology firm Siemens Ltd on Wednesday zoomed 7 per cent after the company posted a nearly 74 per cent rise in March quarter profit after tax at Rs 896 crore, mainly on the back of higher revenues.

The stock rallied 7.01 per cent to settle at Rs 7,120 apiece on the BSE. During the day, it jumped 8.86 per cent to Rs 7,243.60 -- its 52-week high.

On the NSE, it climbed 6.32 per cent to Rs 7,082 per piece.

The company, which follows the October-September financial year, had logged a profit after tax (PAT) of Rs 516 crore in the year-ago quarter, Siemens said in a statement on Tuesday.

The company said it received new orders worth Rs 5,184 crore.

Revenue during the quarter stood at Rs 5,248 crore, a 19 per cent increase over Rs 4,400 crore in the March 2023 quarter.

Managing Director and Chief Executive Officer Sunil Mathur said the second quarter showed a robust growth in revenues built off a strong order backlog.

Some large orders have been deferred. There has also been a slowdown in the ordering of industrial automation products due to the normalisation of demand following shorter delivery cycles, he stated.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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