News

Published: November 29, 2023
Updated: November 29, 2023

Siemens Soars: 36% Surge in Net Profit Driven by Robust Revenues

Profit Surge in Q4:

Siemens Ltd marked a stellar performance in the July-September quarter, witnessing a remarkable 36% increase in net profit, soaring to Rs 534 crore compared to the previous year. This surge is attributed primarily to a substantial boost in revenues.

Impressive Revenue Growth:

The company, following the October to September fiscal year, reported a revenue of Rs 5,297 crore in Q4 of financial year 2023, depicting a substantial 25% increase from the same period a year ago when it stood at Rs 4,236 crore.

Strong Financial Year 2023:

Siemens Ltd reported an outstanding financial year 2023, with a 139% increase in new orders, a 21% growth in revenue, and a substantial 53% surge in profit after tax compared to the preceding financial year.

Strategic Investment for Future Growth:

The board's approval of an investment of approximately Rs 416 crore towards capacity addition for Power Transformers and Vacuum Interrupters underscores Siemens' commitment to meeting the escalating demand in both the Indian and global markets.

Leadership Transition: New CFO Onboard

In a leadership transition, Daniel Spindler, the current Chief Financial Officer, has tendered his resignation effective from close of business hours on February 29, 2024. The board recommends the appointment of Wolfgang Wrumnig as the new Executive Director and Chief Financial Officer, bringing a wealth of experience to the role for a five-year tenure starting March 1, 2024.

Outlook and Resilience:

Sunil Mathur, Managing Director, and CEO of Siemens Ltd, expressed satisfaction with the resilient year-on-year performance across all business segments. He highlighted the continued growth in capital expenditure and digital spending by both public and private sectors as key contributors.

Poised for Continued Success:

Siemens' robust financials, strategic investments, and leadership transition position the company for continued success in a dynamic business landscape. The impressive growth in net profit and revenues signals a strong trajectory for Siemens Ltd in the coming quarters.