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ICICI Securities Report
Siemens Ltd. has reported another quarter of robust order inflow (Rs 53 billion, up 61% YoY), taking its order book to a record Rs 172 billion (up 34% YoY and 10% QoQ) in Q2 FY22.
Revenue missed our estimates affected by delays in offtake due to delayed execution on account of supply-chain challenges.
However, Siemens surprised on profitability with Ebitda margin of 12.3% (our estimate of 11.7%) on higher than estimated gross margin and savings on other expenses.
Profit after tax came in at Rs 3.3 billion, up 4.1% YoY. Greater demand for automation and digitisation augurs well for its strong digital offerings.
We are optimistic on private and public capex due to strong demand and the infrastructure focus.
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