Siemens Board Recommends Rs 8 Dividend; Stock Dips 4%

Siemens reported a 2.6 percent drop in total net profit to Rs 321.6 crore in the September 2021 quarter, owing to higher raw material and logistical costs. Shares of the company dipped over 4% to Rs 2,180 on NSE at.9.48 am IST.

Siemens Board of Directors recommended a dividend of Rs. 8/- per Equity Share of Rs. 2/- each for the Financial Year ending September 30, 2021, at its meeting on November 24, 2021.

If announced at the company's upcoming annual general meeting, the dividend suggested by the board of directors will be paid on February 8, 2022.

The board has accepted the appointment of Willem Rudolf Sasson as a director (non-executive non-independent director) with effect from the 64th AGM, subject to the approval of the members, it added, based on the nomination of the remuneration committee.

Since November 13, 2000, Siemens has declared 27 dividends. Siemens Ltd. has declared an equity dividend of Rs 7.00 per share in the last 12 months. This translates to a dividend yield of 0.33 percent at the current share price of Rs 2133.85.

Sunil Mathur, the Managing Director and CEO of Siemens, said in a statement, "We are quite pleased with the company's overall performance. In the face of adversity, our firms have done admirably. With a record order backlog, we've reached pre-COVID-19 volume levels."