Siemens Limited declares 19% increase in revenue; 74% higher PAT in Q2 FY24

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Siemens Limited declares 19% increase in revenue; 74% higher PAT in Q2 FY24

Siemens Limited declares 19% increase in revenue; 74% higher PAT in Q2 FY24

Industry News
May 15,24

Revenue of Rs 52.48 billion was seen as a 19% increase over the same quarter in the preceding year.

Siemens Limited declares 19% increase in revenue; 74% higher PAT in Q2 FY24

In the second quarter of the financial year 2024, which concluded on March 31, 2024, Siemens Limited recorded revenue of Rs 52.48 billion, marking a notable 19% rise from the corresponding quarter of the previous year. Profit after tax amounted to Rs 8.96 billion, representing 17% of the revenue, and reflecting a substantial 74% surge compared to the same period in the preceding year. Additionally, the company secured new orders totalling Rs 51.84 billion during this quarter.

“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 normalisation 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 utilisation and the beginning of capacity expansions by the private sector”, stated Sunil Mathur, MD & CEO, Siemens Limited.