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Siemens share price falls 5% on weak Q2 earnings

Siemens share price fell 5.07% intra day to Rs 991.85 compared to the previous close of Rs 1044.10

twitter-logo BusinessToday.In        Last Updated: May 14, 2020  | 18:47 IST
Siemens share price falls 5% on weak Q2 earnings
The stock closed 0.30% higher at Rs 1047 on BSE

Siemens share price fell over 5% intra day after the engineering and technology solutions provider reported a 38 per cent fall in Q2 net profit. The company follows the October to September financial year. The stock fell 5.07% intra day to Rs 991.85 compared to the previous close of Rs 1044.10. It opened 4.11% lower at Rs 1001 on BSE. The stock gained 3% in last two days.

It stands higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.

The stock closed 0.30% higher at Rs 1047 on BSE. The large cap stock has lost 30% since the beginning of this year and fallen 3.63% during last one year.

The firm reported a 38 per cent decline in consolidated net profit at Rs 175.7 crore for Q2 due to lower revenues.

Consolidated net profit stood at Rs 284.2 crore in the quarter ended March 31, 2019. Total income of the company declined to Rs 2,919.9 crore in the March quarter from Rs 3,661.7 crore in the corresponding period of the previous fiscal. The company's order backlog stands at Rs 12,547 crore.

The decline in revenues across the businesses was primarily due to deferred offtake by customers and slowdown in short-cycle business related to COVID-19 as well as continued weaker demand in large infrastructure projects, the company said.

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