Siemens soars after stellar Q2 performance

Siemens jumped 8.66% to Rs 2117.80 after the company reported 90.8% jump in standalone net profit to Rs 328.30 crore in Q2 March 2021 as against Rs 172.10 crore in Q2 March 2020.

Net sales during the quarter increased 29.7% year-on-year (YoY) to Rs 3298.30 crore in Q2 March 2021. Profit before tax from continuing operations in Q2 March 2021 stood at Rs 433 crore, an increase by 94.8% over the same period last year.

In the second quarter, the company registered new orders from continuing operations of Rs 3,309 crore, registering a 16.9% increase over the same period last year. The company's order backlog stands at Rs 12,677 crore.

On a consolidated basis, Siemens reported 90.3% rise in net profit to Rs 334.40 crore on 33.7% increase in net sales to Rs 3427.70 crore in Q2 March 2021 over Q2 March 2020.

Sunil Mathur, managing director and chief executive officer, Siemens, said, Order growth has been robust across all our businesses. There has been increased demand in our power transmission, digital grid and distribution systems businesses. Our digital industries segment saw growth in the machine tool and process automation businesses. The March-end quarter demonstrated a steady revival in the economy with both private and public sectors beginning to invest in anticipation of future growth.

Siemens focuses on intelligent infrastructure for buildings and distributed energy systems and on automation and digitalization in the process, discrete & hybrid manufacturing industries.It offers broad expertise across the entire energy value chain, along with a comprehensive portfolio for utilities, independent power producers, transmission system operators, the oil and gas industry, and other energy-intensive industries.

Powered by Capital Market - Live News