Siemens Q4 2024 Results: Consolidated PAT of ₹802.90 cr, Revenue up by 22.07% on YOY basis

Synopsis:

Siemens Limited announced its quarterly results for the period ending in March 2024 on 14th May after market hours. The company follows October to September as the financial year and thus, the announced results are for Q2 FY2024. Siemens reported a consolidated PAT of ₹802.90 cr for Q4 FY2024. Its total consolidated revenue for Q4 FY2024 increased by 22.04% on a YOY basis reaching ₹6070.90 cr.

Quarter result performance

The company’s revenue for Q2 FY2024 increased by 22.04% on a YOY basis, reaching ₹6070.90 cr from ₹4974.40 cr in Q2 FY2023. The quarterly revenue increased by 21.68%. Siemens reported a consolidated PAT of ₹802.90 cr for Q2 FY2024 from ₹471.80 cr in Q2 FY2023, which is a hike of 70.18%. On a quarterly basis, the PAT increased by 58.77%. EBITDA for the quarter was ₹878.20 cr against ₹621.20 cr in Q2 FY2023, an increase of 41% on a YOY basis.

For the half financial year ending in March 2024, the consolidated PAT stood at ₹1359.80 cr compared to ₹953.60 cr in HYFY 2023, up by 42.60%. For HY FY2024, its consolidated total revenue stood at ₹10365.90 cr compared to ₹8393.40 cr in HF FY 2023, which is an increase of 23.50%.

Siemens also reported a CAPAX of ₹1000+ cr. It has announced setting up 32 new factories in India. The company is also expanding its business in Goa via an investment of ₹333 cr.

Siemens also announced a demerger of its energy business to create a separate listed company Siemens Energy India Limited, which will have a share entitlement of a 1:1 ratio. This demerger will be completed in 2025.

Commenting on the performance Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited said, "The second quarter of Fiscal Year 2024 showed a robust growth in Revenues built off a strong Order Backlog.  Some large orders have been deferred. There has also been a slowdown in ordering of industrial automation products due to normalization of demand following shorter delivery cycles. Our growth in profits include volume and price effects, continued productivity measures as also gains on account of sale of property and dividend received from subsidiaries. Overall, our Q2 FY 2024 results reflect the continued robustness in the economy led by Government spending in infrastructure, which has resulted in increased capacity utilization and the beginning of capacity expansions by the private sector.”

“Over the past few years, India has made rapid strides as a preferred destination for manufacturing and business. We believe that with the latest investments, our largest in recent years, we will be able to better address customer requirements with a stronger portfolio and go-to-market. It is further evidence of the strong commitment of Siemens towards India and will help leverage the full potential of the fast-growing Indian market.” he added.

About Siemens Limited

Siemens India, a subsidiary of the global conglomerate Siemens AG, was founded in 1922 and is headquartered in Mumbai, India. The company focuses on industry, infrastructure, transport, and the generation and transmission of electrical power.