Siemens Q1 Review - Gradual Recovery Underway; Valuations Remain Expensive: Motilal Oswal
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Motilal Oswal Report
Siemens Ltd.’s Q1 FY21 revenue growth of 15% YoY suggests a gradual recovery, in line with the trend across peers.
Ebitda grew 13% as Ebitda margin declined 30 basis point YoY.
Adjusted for a strong cut in other expenses (5.6% of sales versus 9.6% in Q1 FY20), the margin trend seems to be under pressure and needs monitoring over the next one to two quarters.
Other income declined 33% YoY to Rs 570 million, despite nearly 10% YoY increase in the cash balance, suggesting the impact of declining interest rate on excess cash on the balance sheet.
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