Multinational conglomerate Siemens reported upbeat third-quarter earnings, and its shares rose nearly 3% on February 15.

Siemens was trading at Rs 3,202.75 on the National Stock Exchange at 11:01 am on Wednesday, up 2.49% from the previous close.

The company’s net profit jumped 85.1% year-on-year to Rs 462.7 crore. The October-December revenue also rose 17.4% year-on-year to Rs 4,015.1 crore.

The solid quarterly performance can be attributed to robust growth across segments, supported by ongoing capex across verticals. Operating results also improved as EBIDTA margins widened to 14.9% in the October-December period from 10.5% a year ago.

Substantial volumes, rising prices, lower input costs and foreign exchange gains contributed to the company’s operating performance. Additionally, order inflows rose 6% year-over-year.

Brokerage Prabhudas Lilladher is positive on Siemens and raised its price target on the stock by 2% to Rs 3,310. The brokerage has an “accumulate” rating on the stock.