Siemens revenue up 22% in Q1 FY 2024

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Siemens Ltd registered a revenue of INR 4,395 crore for the first quarter of financial year 2024 ended Dec. 31, 2023, a 22% increase over the same quarter in the preceding year. The company secured new orders of INR 5,971 crore, a 10% increase over the same period last year. Profit after tax stood at INR 463 crore (11% of revenue).

The first quarter of FY 2024 included significant gain of INR 103 crore due to positive effects of foreign exchange and commodities.

Sunil Mathur, managing director and chief executive officer, Siemens Limited, 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 Ltd focuses on industry, infrastructure, transport as well as transmission and generation of electrical power. It is the flagship listed company of Siemens AG in India. As of September 30, 2023, Siemens Ltd had revenue from continuing operations of INR 17,701 crore and 8,888 employees.

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