Siemens shares gains on healthy results for the quarter ended March 2021
Published On: Wednesday, May 12, 2021 | By: Team KnowMyStock
Shares of Siemens on Wednesday, gained 10 percent, hitting a new high of Rs 2,143.20, on the BSE in intra-day trade after the company reported a strong set of numbers for the quarter ended March 2021. The Company reported a 90 percent rise in consolidated net profit at Rs 334.4 crore for the March quarter, mainly on the back of higher revenues.The consolidated net profit of the company stood at Rs 175.7 crore in the quarter ended March 31, 2020. Total income rose to Rs 3,540 crore in the March quarter from Rs 2,722.1 crore in the same period a year ago. Earnings before interest, taxes, depreciation and amortization (EBITDA) doubled to Rs 440 crore from Rs 220 crore, aided by lower employee costs and other expenses.
"Order growth has been robust across all our businesses. There has been increased demand in our power transmission, digital grid and distribution systems businesses. Our digital industries segment saw growth in the machine tool and process automation businesses.
"The March-end quarter demonstrated a steady revival in the economy with both private and public sectors beginning to invest in anticipation of future growth," Siemens Limited NSE 2.83 % Managing Director and Chief Executive Officer Sunil Mathur said.
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