Between January and March, the group booked a net profit of €3.5 billion (US$3.8 billion), up from €1.2 billion euros year-on-year.

Siemens said the boost came from the partial reversal of an impairment charge linked to its stake in Siemens Energy, as well as a 15% jump in new orders.

Group revenues also climbed by 15% to hit €19.4 billion.

Demand was especially strong at the group’s smart infrastructure and mobility units, helped by easing global supply chain bottlenecks.

Siemens, which runs its financial year from October to September, said it had won a record €2.9 billion contract in the second quarter to deliver 1,200 electric locomotives for Indian Railways.

CEO Roland Busch praised the group’s “outstanding performance” over the quarter, which saw “all-time highs in profit for digital industries and smart infrastructure, as well as another record in order backlog”.

The company lifted its full-year outlook for 2023, saying it now expected revenues to grow by nine to 11%, up from a previous target of seven to 10%.