Siemens Q4 Review - In-Line Revenue; Weak Margin Leads To An Earnings Miss: Motilal Oswal

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Motilal Oswal Report

Siemens Ltd.’s Q4 FY21 revenue stood in line with our estimate, driven by strong performance in key segments of digital industries and smart infrastructure segments.

Ebitda margin was weaker at 10.7% versus our estimate of 12.3%, driving earnings miss of 17% versus our expectation.

Order inflow grew 5% YoY to Rs 33.8 billion, but moderated QoQ. Strong order inflows are imperative for its future outlook, given the rich valuations of Siemens. Order book stood at Rs 135 billion (order book/revenue ratio of one time).

Siemens has the most diversified portfolio, with offerings across various end markets, which enables it to capture wider growth opportunities.

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