Siemens hits record high; up 3% on posting 39% jump in Q4 net

The company reported 38.7 per cent YoY growth in Q4FY23 net profit at Rs 471.80 crore, backed by 28.6 per cent rise in revenue at Rs 4,974.40 crore.

Shares of Siemens hit a fresh record high of Rs 3,940 after the company reported a solid earnings growth in the fourth quarter ended March 2023. At 12:55 PM, the stock was up 2.9 per cent at Rs 3,905 on trades of around 17,000 shares as against the two-week average volume of around 14,000 shares on the BSE. Meanwhile, the S&P BSE Sensex was up 0.1 per cent at 61,965.

Siemens is focused on industry, infrastructure, transport-relatd technology, as well as transmission and generation of electrical power.

The stock has been one of the top outpeformers in the calendar year 2023, as it gained investors attention on the back of government spending on infrastructure, especially railways, metros and highways, after a pause due to the COVID-19 pandemic.

So far in 2023, the stock has rallied as much as 38.8 per cent so far. Since June 2020, the stock price has soared over 257 or near about four-fold from levels of Rs 1,090. In comparision, the benchmark index was up mere 0.5 per cent so far this year, and has rallied 77 per cent in the last 35 months.

For Q4FY23, the company's consolidated net profit grew 38.7 per cent to Rs 471.80 crore when compared with Rs 340 crore in Q4FY22. Revenue from operations jumped 28.6 per cent YoY to Rs 4,974.40 crore from Rs 3,867.90 crore.

Last month, Siemens, as part of a consortium along with Rail Vikas Nigam Limited, had received two separate orders from Gujarat Metro Rail Corporation - for Surat Metro Phase 1 and Ahmedabad Metro Phase 2.

Siemens will be providing project management, rail electrification technologies, including advanced power supply and distribution systems. In addition, Siemens will also be providing advanced digital solutions such as Supervisory Control and Data Acquisition (SCADA) solution for both metros.

Earlier in January, Siemens had signed Rs 26,000-crore contract to manufacture 1,200 electric freight locomotives for the Indian Railways.