Siemens Limited announces a 19% increase in Revenue, 74% higher PAT in Q2 FY 2024 results

For the second quarter of Financial Year 2024 ended March 31, 2024, Siemens Limited registered Revenue at Rs. 5,248 crore (a 19% increase over the same quarter in the preceding year). Profit after Tax stood at Rs. 896 crore (17% of Revenue) and a 74% increase compared to the same period last year. The Company received New Orders of Rs. 5,184 crore.

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, "The second quarter of Fiscal Year 2024 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 ordering of industrial automation products due to normalization of demand following shorter delivery cycles. Our growth in profits include volume and price effects, continued productivity measures as also gains on account of sale of property and dividend received from subsidiaries. Overall, our Q2 FY 2024 results reflect the continued robustness in the economy led by Government spending in infrastructure, which has resulted in increased capacity utilization and the beginning of capacity expansions by the private sector."

Shares of Siemens Limited was last trading in BSE at Rs. 6653.60 as compared to the previous close of Rs. 6627.80. The total number of shares traded during the day was 23588 in over 4129 trades.

The stock hit an intraday high of Rs. 6699.00 and intraday low of 6481.50. The net turnover during the day was Rs. 155847058.00.

Source : Equity Bulls

Keywords

Siemens INE003A01024 Q2FY24 ResultUpdate