Engineering and automation major Siemens Ltd on Tuesday (November 28) reported a 49.8% year-on-year (YoY) jump in net profit at ₹571.6 crore for the fourth quarter that ended September 30, 2023.

Share Market Live

NSE

The company follows the October-September financial year. In the corresponding quarter last year, Siemens posted a net profit of ₹381.7 crore, the company said in a regulatory filing. The company's revenue from operations increased 24.7% to ₹5,807.7 crore against ₹4,657.1 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 35.7% to ₹700.2 crore in the second quarter of this fiscal over ₹515.9 crore in the corresponding period in the previous fiscal. The EBITDA margin stood at 12.1% in the reporting quarter compared to 11.1% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Also Read: Bottomline | Gender Abuse and The Need for Spine

The company has recommended a dividend of ₹10 per equity share of ₹2 each (500%) for the financial year ended September 30, 2023. "The dividend, as recommended by the Board of Directors, if declared at the ensuing Annual General Meeting (AGM) of the company, would be paid from Friday, 16th February 2024," it said.

Dr Daniel Spindler has tendered his resignation as the chief financial officer of the company, with effect from the close of business hours of February 29, 2024. Dr Spindler shall cease to be a director as well as executive director of the company after the ensuing 66th AGM.

The company also approved an investment of around ₹416 crore in capacity expansions of power transformers used in the power transmission business and of vacuum interrupters for medium voltage switchgear used in the power distribution sector. The expansion in capacities of both these products will enable the company to meet the growing demand both in India and globally.

Also Read: Mark Mobius says Gen Z is the big reason why companies globally are rushing to India

The board of directors, based on the recommendation of the Nomination and Remuneration Committee and Audit Committee, has recommended the appointment of Wolfgang Wrumnig as executive director and chief financial officer for a period of five years, from March 1, 2024 to March 28, 2029.

For the financial year 2023, Siemens reported an increase of 139% in new orders, a 21% increase in revenue, and a 53% increase in profit after tax over the previous financial year.

The results came after the close of the market hours. Shares of Siemens Ltd ended at ₹3,652.90, up by ₹25.15, or 0.69%, on the BSE.

(Edited by : Shoma Bhattacharjee)