The stocks of German engineering and technology company’s opened higher in today’s trading session as the company filed a writ petition challenging the Show Cause Notice (SCN) issued by the GST authority.
With a market capitalization of Rs. 1,21,588 cr, the share of Siemens (NS:SIEM) company opened positively at a price of Rs. 3,414 and went to hit an intra-day high of Rs. 3,441 and closed at Rs. 3,430.
In the filing with the exchange, the company informed that it has filed a writ petition before Bombay High Court challenging the Show Cause Notice issued by the GST authority. The company proposed to levy GST on leasehold interest in the land located at Worli, Mumbai, and freehold interest in the building on the property. The company estimates that the financial implications due to compensation, and penalty are to be Rs. 246.95 cr.
Coming to the financials the company has marginally increased net revenue from Rs. 4,857 cr during the March 2023 quarter to Rs. 4,873 cr during the June 2023 quarter. On a contrasting note, the consolidated net profit decreased from Rs. 471 cr to Rs. 455.5 cr during the same period.
Looking at the important ratios of the company, the Return on Equity was increased to 11.49 percent from 10.38 percent during FY 22-23 and the Return on Capital Employed was increased from 14.57 percent to 16.2 percent during the same period. The Debt to Equity ratio stands at zero which means the company is debt free.
According to the latest shareholding pattern, the promoters of the company have 75 percent of the holdings,9.44 percent is with the public, FIIs hold 7.94 percent of shares, and the remaining 7.62 percent is with DIIs.
Incorporated in 1847, Siemens is a German multinational technology conglomerate and is known as the largest industrial manufacturing company in Europe. Its operation encompasses automation and digitalization in the process and manufacturing industries, intelligent infrastructure for buildings and distributed energy systems, rail transport solutions, as well as health technology and digital healthcare services.
Written by Vaibhav Patil
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