Siemens Energy India Ltd. share price hit record high during early trade on Tuesday after the third quarter profit nearly doubled and new orders surged.
The power generation company's consolidated net profit in the April-June quarter went up 80% to Rs 263 crore, compared to Rs 143 crore in the year-ago period, as per financial results released a day prior. Revenue rose 20% to Rs 1,785 crore.
On the operating front, Ebitda margin was strong at 19.1% for the quarter, driven by strong margins in the power transmission segment. Margins also include the costs related to stamp duty and transfer charges.
Antique Broking said the solid order backlog of Rs 15,000 crore provides strong medium-term revenue visibility.
New orders in Q3 jumped 94% to Rs 3,290 crore. The growth is primarily due to large orders received during the quarter, given the robust demand both in domestic as well as export markets.
Siemens Energy Shares Up
Siemens Energy share price advanced 5.7% intraday to Rs 3,419 apiece.
Siemens Energy share price advanced 5.7% intraday to Rs 3,419 apiece, new high. The scrip was trading 3.5% higher by 9:40 a.m. The benchmark NSE Nifty 50 was down 0.3%. The relative strength index was at 65. The stock has risen 22% since listing in June.
Out of five analysts tracking the company, four have a 'buy' rating on the stock, and one suggests 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential downside of 2%.
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