Siemens announces a 22% increase in revenue

For the first quarter of FY2024 ended December 31, 2023, Siemens registered revenue at Rs 4,395 crore (a 22% increase over the same quarter in the preceding year). The company received new orders of Rs 5,971 crore, a 10% increase over the same period last year. Profit after tax stood at Rs 463 crore (11% of revenue). The first quarter of fiscal year 2023 included significant gain of Rs 103 crore due to positive effects of foreign exchange and commodities. Sunil Mathur, Managing Director and Chief Executive Officer, Siemens, 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 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.? Mathur further added, ?We would like to wish our current CFO, Dr. Daniel Spindler, well as he moves on to take a Senior Management role with Siemens AG and thank him for his contribution to Siemens. We would like to welcome his successor, Wolfgang Wrumnig, in his new role as CFO of the company.?