Siemens Q2 Review - Healthy Margins With Growth Recovery: ICICI Securities
A worker wears a branded safety overall on the production line at the Siemens. (Photographer: Akos Stiller/Bloomberg)

Siemens Q2 Review - Healthy Margins With Growth Recovery: ICICI Securities

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ICICI Securities Report

Siemens Ltd.’s Q2 FY21 earnings were supported by strong recovery in execution (up 28% YoY) and strong operating margins (13.2% Ebitda margin) in January-March quarter (Q2 FY21).

Despite macro headwinds, order intake grew 17% YoY to Rs 33 billion during the quarter and the orderbook remained strong at Rs 127 billion, lending growth visibility.

Going ahead, the impact of second Covid-19 wave on operations is uncertain; however, we expect increased activity in certain segments like pharma, data centres, food and beverages, etc.

Private sector is increasingly investing in automation and efficiency-related solutions.

Click on the attachment to read the full report:

ICICI Securities Siemens Q2FY21 Results Update.pdf

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