Siemens Q1 PAT soars 80% YoY to Rs 437 cr

The industrial manufacturing company's standalone net profit (from continuing operations) surged 80% to Rs 437.6 crore in the quarter ended 31 December 2022 from Rs 243 crore recorded in the quarter ended 31 December 2021.

The growth in profit was driven by higher volumes, better price extraction and positive forex & commodity effects.

For the first quarter of financial year 2023 ended 31 December 2022, revenue from continuing operations stood at Rs 3,596.2 crore, registering a growth of 17% from Rs 3,069.4 crore recorded in the corresponding quarter previous year.

Profit before tax (from continuing operations) jumped 79.8% year on year to Rs 587.6 crore in quarter ended 31 December 2022.

New orders from continuing operations stood at Rs 5,446 crore, registering a 6% increase over the same period last year. The company booked a large order worth approximately Rs 900 crore for Pune Metro Rail Line 3 corridor and new orders grew by 28% on a comparable basis during the period under review.

Sunil Mathur, managing director and chief executive officer, Siemens, said, All our businesses performed well in Q1 FY 2023 driven primarily by continued expansion in Capex across most market verticals. The substantial increase in the outlay for Capex in Infrastructure including in the Railways made in the recent Budget announcements will give a continued boost to the Indian economy and consequently to all our businesses.

Siemens is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power.

Shares of Siemens fell 0.19% to end at Rs 3,122 on the BSE.

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