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Siemens shares climb 7% after March quarter earnings

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New Delhi: Shares of technology firm Siemens Ltd on Wednesday zoomed 7 per cent after the company posted a nearly 74 per cent rise in March quarter profit after tax at Rs 896 crore, mainly on the back of higher revenues.

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The stock rallied 7.01 per cent to settle at Rs 7,120 apiece on the BSE. During the day, it jumped 8.86 per cent to Rs 7,243.60 -- its 52-week high.

On the NSE, it climbed 6.32 per cent to Rs 7,082 per piece.

The company, which follows the October-September financial year, had logged a profit after tax (PAT) of Rs 516 crore in the year-ago quarter, Siemens said in a statement on Tuesday.

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The company said it received new orders worth Rs 5,184 crore.

Revenue during the quarter stood at Rs 5,248 crore, a 19 per cent increase over Rs 4,400 crore in the March 2023 quarter.

Managing Director and Chief Executive Officer Sunil Mathur said the second quarter 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 the ordering of industrial automation products due to the normalisation of demand following shorter delivery cycles, he stated.

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