Siemens results: Automation company Siemens’ profit rose 9.2 per cent to Rs 505.4 crore in the first quarter of financial year 2024, from Rs 462.7 crore in the same quarter a year ago.

The Munich-headquartered company’s revenue soared over 20 per cent annually to a little over Rs 4,825 crore in the first quarter, from Rs 4,015 crore a year ago.

However, The company earnings before interest, taxes, depreciation and amortisation (EBITDA), also known as operating profit, fell 0.5 per cent to Rs 596 crore, from Rs 599 in the same quarter a year ago.

Siemens’ operating margin dropped 270 basis points (bps) to 12.3 per cent, from 15 per cent in the first quarter of financial year 2023.

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.”

“The company received new orders of Rs 5,971 crore, a 10 per cent increase over the same period last year,” Siemens said in a statement.

Mathur further said, “There was a decline in new orders in our digital industries automation business on account of destocking following normalisation in demand. We expect this to normalise 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.” 

As of 2:25 pm, shares of Siemens were trading 0.99 per cent higher at Rs 4,258.90 per share.