Siemens - Healthy Q3 Margins, Growth Recovering: ICICI Securities
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ICICI Securities Report
Siemens Ltd.’s earnings were supported by healthy recovery in execution (up 16% YoY) and strong operating margins (12.4% Ebitda margins) in September-December quarter (Q1 FY21).
Despite macro headwinds, order intake grew 6.3% YoY to Rs 32 billion during the quarter and the orderbook remained strong at Rs 128 billion lending growth visibility.
Going ahead, we expect an improvement in order finalisation led by an uptick in government sector and increased activity in certain segments like pharma, data centres, food and beverages, etc.
Private sector is increasingly investing towards automation and efficiency-related solutions.
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