Chennai, Feb 13 (IANS): Siemens Ltd closed the first quarter of its financial year with a higher net profit of Rs 463.4 crore. The company follows the October-September cycle as its accounting year.

According to the company, for the first quarter of FY24 ending December 31, 2023, it posted as revenue of about Rs 4,394.7 crore (Q1FY23 Rs 3,598.2 crore) and a net profit of about Rs 463.4 crore (Q1FY23 Rs 437.6 crore).

The company said it received new orders of Rs 5,971 crore in the period under review, a 10 per cent increase over the same period last year.

Sunil Mathur, Managing Director and Chief Executive Officer of Siemens, said: “While strong revenues came in from our digital industries, smart infrastructure and mobility businesses, our order income growth came from our energy business driven primarily by our transmission business.

“There was a decline in new orders in our digital industries automation business on account of destocking following normalization in demand. We expect this to normalize from Q3 onwards. Capex demand across segments, largely driven by capex spending in public infrastructure, continues to be good. Private capex is also beginning to pick up."