Siemens, a leading technology enabled solutions provider, on Friday announced a sharp surge of 9.73 times in net profit for the first quarter. Analysts on average had predicted net profit of Rs 740 million.

The company reported a net profit of Rs 6.34 billion for the first quarter ended Dec. 31, 2014 compared with Rs 0.65 billion in the same period last year.

Total income for the quarter decreased by 8.69% to Rs 21.85 billion as compared to Rs 23.93 billion in the year ago period.

The company reported exceptional gain of Rs 7.04 billion from the sale of the of metals technologies business. 

Sunil Mathur, managing director and chief executive officer, Siemens said, "The improved profitability reflects the positive impact of various internal productivity measures undertaken to increase the company's competitiveness. Though the improvement in new orders is encouraging, our order inflows are greatly dependent on private sector & government's willingness to start capex spending once again which is largely dependent on their confidence on a sustained economic revival in the country and lower interest rates. We will continue focusing our efforts to strengthen our core competencies and to increase our customer focus, so as to be well-positioned to capitalize on the new opportunities."

Shares of the company declined Rs 53.15, or 5.03%, to trade at Rs 1,003.60 at the BSE (2.42 p.m., Friday).