“Siemens Limited announces Q2 FY 2024 results; registers 19 per cent increase in revenue ”

In the second quarter of the financial year 2024 ended on March 31, 2024, Siemens Limited reported a revenue of Rs. 5,248 crores, marking a 19 per cent increase over the same quarter in the previous year.

The profit after tax stood at Rs. 896 crore (17 per cent of revenue), representing a 74 per cent increase compared to the same period last year. Additionally, the company received new orders amounting to Rs. 5,184 crores.

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, "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 the ordering of industrial automation products due to the normalisation of demand following shorter delivery cycles. Our growth in profits includes volume and price effects, continued productivity measures as also gains on account of the sale of property and dividends 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."