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ICICI Securities Report
Siemens Ltd. has reported another quarter of robust order inflow (~Rs 50 billion, up 20% YoY), taking its orderbook to a record Rs 178 billion (up 25% YoY) in Q3 FY22.
Revenue beat our estimate led by strong performance across segments. However, Ebitda margin at 9.7%, up 109 bps YoY, was lower than our estimate of 11.5%.
This was due to higher raw material costs/sales and other expenses/sales. Other income increased 61% YoY on account of higher cash balance. Hence, profit after tax came in at Rs 2.9 billion (our estimate: Rs 2.8 billion), up 85% YoY.
Greater demand for automation and digitisation augurs well for Siemens’ strong digital offerings.
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