Shares of electronics and electrical engineering firm Siemens plunged by over 5 per cent to a one-year low on the bourses today after the company reported a 29 per cent year-on-year decline in net profit for the quarter ended September to Rs 178.1 crore.
The company’s stock, which opened on a sluggish note, lost 5.21 per cent to witness a 52-week low of Rs 664 on BSE in early trade. Similarly, the stock shed 5.23 per cent to a one-year low of Rs 662.90 on NSE.
Higher input costs and forex losses resulted in Siemens reporting a 29 per cent decline in net profit for the fourth quarter — the company follows a October-September financial year — to Rs 178.1 crore from Rs 250 crore in the year-ago period.
Siemens, in which Siemens AG holds a 75 per cent stake, however, posted a 19 per cent growth in total sales to Rs 3,558.6 crore in the fourth quarter, compared with Rs 2,990 crore in the year-ago period.
The result was announced after market hours yesterday.