Siemens Limited, a leading technology company specializing in industry, infrastructure, transport, and power generation, has announced impressive financial results for the second quarter of the fiscal year 2024, ending March 31, 2024. The company recorded a robust revenue of Rs. 5,248 crore, marking a significant 19% increase compared to the same quarter in the preceding year.
Profit after tax surged to Rs. 896 crore, representing 17% of revenue and a remarkable 74% increase compared to the corresponding period last year. Additionally, Siemens Limited received new orders amounting to Rs. 5,184 crore during the quarter, further underscoring its strong performance and market presence.
Sunil Mathur, Managing Director and Chief Executive Officer of Siemens Limited, attributed the impressive results to a combination of factors, including a strong order backlog and strategic initiatives aimed at enhancing productivity and efficiency. Despite encountering some delays in large orders and a slowdown in the ordering of industrial automation products, Mr. Mathur expressed confidence in the company’s growth trajectory.
Mr. Mathur commented, “The second quarter of Fiscal Year 2024 showed robust growth in revenues, driven by a strong order backlog. Despite encountering delays in some large orders and a temporary slowdown in industrial automation product orders, our profitability has been bolstered by volume and price effects, continued productivity measures, and gains from property sales and subsidiary dividends.”
He further highlighted the positive impact of government spending in infrastructure projects, which has stimulated increased capacity utilization and spurred the private sector to initiate capacity expansions. This, in turn, has contributed to the overall economic robustness reflected in Siemens Limited’s financial performance.
Siemens Limited’s core focus on combining real-world challenges with digital solutions has enabled the company to create value-added technology solutions for its customers. From resource-efficient factories to smarter buildings and cleaner transportation systems, Siemens continues to empower industries and markets to transform and innovate.
As the flagship listed company of Siemens AG in India, Siemens Limited remains committed to driving technological advancements and delivering tangible benefits to its customers and stakeholders. With a strong revenue performance and a dedicated workforce of 8,888 employees, Siemens Limited is poised for sustained growth and success in the dynamic Indian market. The company’s unwavering commitment to innovation, sustainability, and customer-centric solutions positions it as a key player in shaping the future of industries and markets, both in India and globally.
