HDFC Securities: Siemens Q4 Review - Smart Recovery Priced in
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HDFC Securities Report
Siemens India Ltd. delivered revenue/Ebitda/adjusted profit after tax beat of 31/37/33%.
After a washout Q3 FY20, margins across all segments improved both YoY and QoQ, driven by higher services and exports in the revenue mix (low base of revenue for FY20).
Coming two quarters will give better visibility on the sustainability of improvement in Ebitda margins of 12.9% (up 305/up 1350 basis points YoY/QoQ) in Q4 FY20.
The company has indicated good margins in order backlog backed by corrective cost optimization measures and some of it sustaining.
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