Siemens net profit rises over 9% to ₹505.4 crore in Q1SY24; revenue at ₹4,825.2 crore

Engineering and automation major Siemens Ltd on Tuesday (February 13) reported a 9.2% year-on-year (YoY) jump in net profit at ₹505.4 crore in Q1SY24 led by higher revenues. The company follows the October-September financial year. It had reported a net profit of ₹462 crore in the same quarter in the previous financial year.

Siemens revenue rose 20.2% on a YoY basis to ₹4,825.2 crore in the quarter under review. It had reported a revenue of ₹4,015 crore in the same quarter a year ago.

The automation major's EBITDA (earnings before interest, taxes, depreciation, and amortization) came in at ₹596 crore in Q1SY24, dropping marginally by 0.5% on a YoY basis, from ₹599 crore in Q1SY23. The margin declined by 270 basis points to 12.3% in the quarter under review, from 15% a year ago in the same quarter.

The company also informed that it has received new orders of ₹5,971 crore in the first quarter, a 10% increase over the same period of last year.

The first quarter (result) includes significant gain of ₹103 crore due to positive effects of foreign exchange and commodities, the company said.

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd, 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.”

There was a decline in new orders in the digital industries automation business on account of destocking following normalisation in demand, he added.

Further, Mathur said, “We would like to wish our current CFO, Daniel Spindler, as he moves on to take a senior management role with Siemens AG and thank him for his contribution to Siemens Ltd. We would like to welcome his successor, Wolfgang Wrumnig, in his new role as CFO of the company.”

In November, Siemens had informed the exchanges that Spindler had tendered his resignation as the Chief Financial Officer of the company, with effect from the close of business hours of February 29, 2024.

The board has recommended the appointment of Wolfgang Wrumnig as Executive Director and Chief Financial Officer (Key Managerial Personnel), for a period of five years, from March 1, 2024, to March 28, 2029.

The 58-year-old Wrumnig has done his studies in Applied Business Administration at the University of Klagenfurt, Austria and is a Master of Social Sciences and Economics. He is the Chief Financial Officer (CFO) of Siemens Aktiengesellschaft sterreich, Austria since October 2016.