Siemens Limited Reports 80% Increase in Profit for Q1 FY 2023
Siemens Limited reports 80% YoY increase in Profit after Tax from continuing operations at Rs. 438 crore for Q1 FY2023, driven by higher volumes, better price extraction, and positive forex & commodity effects.
February 14, 2023. By News Bureau
The company's revenue from continuing operations increased by 17% to Rs. 3,596 crore, and new orders from continuing operations grew by 6% to Rs. 5,446 crore, with a 28% increase on a comparable basis.
The growth was attributed to continued expansion in Capex across most market verticals, including Infrastructure and Railways, following the recent Budget announcements.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said “All our businesses performed well in Q1 FY 2023 driven primarily by continued expansion in Capex across most market verticals. The substantial increase in the outlay for Capex in Infrastructure including in the Railways made in the recent Budget announcements will give a continued boost to the Indian economy and consequently to all our businesses".
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