Siemens stock surged nearly 5 per cent after it reported a standalone net profit growth of 45 per cent to ₹775 crore for the quarter ended September 30, 2024. The stock hit the day’s high on BSE at ₹7,614, 5 per cent higher from previous close at ₹7,245.90.
The company’s revenue from operations rose by 11 per cent to ₹5,894 crore, compared to ₹5,296 crore in the corresponding period last year. Furthermore, the company’s new orders increased by 37 per cent to ₹6,164 crore, compared to ₹4,498 crore during the same period of the previous fiscal year.
Siemens board has proposed a dividend of ₹12 per equity share of ₹2 each (600%) for the financial year ended September 30, 2024. This dividend, recommended by the board of directors, is subject to approval at the upcoming Annual General Meeting (AGM) and is expected to be paid on February 14, 2025.
Additionally , Siemens had initially announced an investment of ₹360 crore to double the production capacity of its Power Transformers factory from 15,000 MVA (Mega Volt Amperes) to 30,000 MVA. Now, it has decided to invest an additional ₹100 crore in the same factory to expand the product portfolio to include large reactors, which are essential components in power grids. The project is expected to be completed by December 2025.
“We believe we are well positioned to meet the growing opportunities in the market. We are currently focused on completing the announced demerger of the energy business, which will unlock value for our shareholders,” said, Sunil Mathur, Managing Director and Chief Executive Officer of Siemens Limited.