Siemens Limited announced results for the first quarter of Financial Year 2023 ended December 31, 2022.

The company registered Profit after Tax from continuing operations at Rs. 438 crore, an increase of 80% over the same period last year driven by higher volumes, better price extraction and positive forex and commodity effects. Revenue from continuing operations was at Rs. 3,596 crore, a 17% increase over the same quarter in the preceding year.

The Company’s New Orders from continuing operations stood at Rs. 5,446 crore, a 6% increase over the same period last year. The Company had booked a large order worth approximately Rs. 900 crore for Pune Metro Rail Line 3 corridor in Q1 FY 2022. Consequently, New Orders in Q1 FY 2023 grew by 28% on a comparable basis.

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, “All our businesses performed well in Q1 FY 2023 driven primarily by continued expansion in Capex across most market verticals. The substantial increase in the outlay for Capex in Infrastructure including in the Railways made in the recent Budget announcements will give a continued boost to the Indian economy and consequently to all our businesses.”