Siemens - Capitalising On Short-Cycle Orders In Uncertain Times: Motilal Oswal
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Motilal Oswal Report
Even as the second Covid-19 wave has led to delays in ordering in the projects business of Siemens Ltd., the short-cycle business is performing well.
Business across segments rebounded over July 2020–January 2021, following which the momentum tapered.
The demand uptick after the first lockdown exceeded the management’s expectations, with some portion of the H1 FY21 growth attributable to pent-up demand.
An increase in commodity prices, semi-conductor shortage, and a rise in freight costs have led to some delays in ordering and deliveries.
However, the outlook across the short-cycle business is healthy as brownfield capex and opex led spending is expected to aid order inflows.
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