Siemens, in a release, said that new orders in the first quarter of fiscal year 2023 grew by 6 per cent.
Siemens said that during the first quarter (Q1: October 1, 2022 to December 31, 2022) of its ongoing financial year, its new orders from continuing operations stood at Rs.5,446 crore – a 6 per cent increase over the same period last year.
The release observed that the company had booked a large order worth approximately Rs.900 crore for Pune Metro Rail Line 3 corridor in Q1 of FY22. Consequently, new orders in Q1 of FY2023 grew by 28 per cent on a comparable basis.
Capex expansion
Sunil Mathur, Managing Director & Chief Executive Officer, Siemens Ltd, said, “All our businesses performed well in Q1 of FY23 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.”
Also read: Siemens And EnergyHub Collaborate For DER Management
Positive factors
Siemens also said that the company’s financial performance during the quarter ending December 31, 2022, was positively impacted by a variety of factors including higher volumes, better price extraction and positive forex & commodity effects.
Note: The financial year for Siemens Ltd runs from October 1 to September 30. Accordingly, the company’s ongoing fiscal year (FY23) starts from October 1, 2022 and will end on September 30, 2023. The first quarter (Q1) of FY23 will therefore cover the period from October 1, 2022 to December 31, 2022. Similarly, Q1 of FY22 refers to the period October 1, 2021 to December 31, 2021.
