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Siemens' shares fall on below expectation quarterly earning

Siemens' shares fall on below expectation quarterly earning

Siemens' shares fall on below expectation quarterly earning
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By Asmita Pant  Nov 23, 2022 10:43:24 AM IST (Published)

Shares of Siemens Ltd fell on Wednesday after the company reported a below expectation earning for the quarter ended September. Siemens on Tuesday reported a 23 percent rise in its net profit and 11 percent increase in revenue over the same quarter in the preceding year.

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The shares of Siemens Ltd fell as much as 4.1 percent in trade on Wednesday, a day after the released its earning for the fourth quarter of financial year 2022. The company follows the October-to-September financial year. The stock of the company was trading 1.4 percent lower at Rs 2,763.4 on BSE at 10:20 am.
Siemens on Tuesday reported a 23 percent rise in its net profit from continuing operations to Rs 392 crore in the September 2022 quarter, mainly on the back of higher revenues. For the fourth quarter ended September 30, the company registered revenue from continuing operations of Rs 4,237 crore, an 11 percent increase over the same quarter in the preceding year.
New Orders from continuing operations stood at Rs 4,009 crore for the period under review, increase of 25 percent from the year-ago period. The company’s order backlog from continuing operations came in at Rs 17,183 crore.
For the Financial Year 2022, Siemens reported an increase of 43 percent in new orders, 18 percent in revenue and 20 percent in profit after tax from continuing operations over the previous financial year.
The board in its meeting also approved a dividend of Rs 10 per equity share of Rs two each (500 percent) for the financial year ended September 30, 2022. The dividend, as recommended by the Board of Directors, if declared at the ensuing annual general meeting (AGM) of the company, would be paid from Friday, February 17, 2023.
The Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, recommended the appointment of Deepak S Parekh as a Director (Non-Executive Non-Independent; liable to retire by rotation) with effect from January 30, 2023, to the members for their approval.
Parekh’s second term as an Independent Director of the company is up to January 29, 2023.
The board also noted that Johannes Apitzsch has tendered his resignation as Director of the company with effect from January 1, 2023, due to other commitments.
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