Siemens Q1 Review - Gradual Recovery Underway; Valuations Remain Expensive: Motilal Oswal
A Siemens AG SP200D electric aircraft engine sits on display. (Photographer: Jason Alden/Bloomberg)

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.

Click on the attachment to read the full report:

Motilal Oswal Siemens Q1FY21 Result Update.pdf

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