The scrip fell to a low of Rs 2,100 as against the previous close of Rs 2,276.40 on the National Stock Exchange.
The company’s disappointing performance in the quarter gone by was primarily on account of a rise in costs of raw materials and logistics, a BSE filing on Wednesday showed. In the same period a year ago, the company had reported a net profit of Rs 330.2 crore.
For the quarter under review Siemens reported an increase of 4.9 per cent in new orders from continuing operations at Rs 3,378 crore as against Rs 3,220 crore in the same period a year ago, PTI reported, adding that the company’s order backlog was at an all-time high of Rs 13,520 crore. The top management said that volume levels had now returned to levels seen before the COVID-19 crisis.
For 2020-21, Siemens reported an increase of 32.4 per cent in new orders, 33.1 per cent in revenue and 40.3 per cent in profit after tax from operations continuing over the previous financial year.
“Siemens has the most diversified portfolio, with offerings across various end markets, which enables it to capture wider growth opportunities. The stock has sharply rerated in anticipation of a capex recovery but fails to account for margin pressure in the business. The company needs to consistently surprise on order intake to meet revenue growth expectations,” said brokerage Motilal Oswal Financial Securities in an earnings analysts note.
The company, which follows the October-September financial year cycle, posted total revenue of Rs 4,358.3 crore in July-September, up from Rs 3,609.3 crore a year ago.
Consolidate net profit for the year ended September 30, was at Rs 1,090.4 crore as against Rs 768.6 crore a year ago.
At a board meeting held on Wednesday, Siemens recommended a dividend of Rs 8 per equity share of Rs 2 each for the financial year.
