Siemens Ltd's Q1FY19 standalone net profit rises 19.69% yoy to Rs228cr : Beats Estimates
The company’s standalone revenue stood at Rs2,807.10cr, up 15.54% yoy but down 28.74% qoq.
Feb 06, 2019 03:02 IST India Infoline Research Team
Siemens Ltd Q1FY19
Standalone Results Q1FY19: (Rs. in cr)
| Q1FY19 | YoY (%) | |
|---|---|---|
| Revenue | 2,807.10 | 15.5 |
| EBITDA | 306.50 | 12.5 |
| EBITDA Margin (%) | 10.9 | [29] |
| Net Profit (adjusted) | 228 | 19.7 |
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Siemens Limited posted a stable set of numbers for the quarter ending December 31, 2018, beating the consensus estimates on key performance parameters. Standalone revenues increased by 15.5% yoy to Rs2,807.1cr in Q1FY19 vs. Rs2,429.5cr in Q1FY18, 1.7% ahead of consensus estimates. Operating profit grew 12.5% yoy to Rs306.5cr for the current quarter, 2.1% higher than the consensus estimates. EBITDA margin softened from 11.2% in Q1FY18 to 10.9% in Q1FY19. Net profit after taxes witnessed strong growth of 19.7% yoy to Rs2,28cr vs. Rs190.5cr in Q1FY18, beat the consensus estimates by 8%.
- Top-line growth was mainly led by Digital Factory (23% sales mix), Process Industries (18% sales mix) and Power and Gas business (12% sales mix).
- Profitability performance was driven by healthy growth in the top-line coupled with rational operating expenses (up 15.8% yoy to Rs2,554cr).
- Revenues from Power and Gas increased by 17.7% yoy to Rs350.9cr in Q1FY19. EBIT surged 72.5% yoy to Rs93cr, while EBIT margin expanded to 26.5% (vs. 18.1% in Q1FY18).
- Energy Management, which contributed 36% to the total revenues, marginally grew by 1.5% yoy to Rs1,051.8cr for the current quarter. EBIT increased by 30.3% yoy to Rs143.2cr but EBIT margin plunged to 13.6% (from 36.9% in Q1FY18).
- Digital Factory business saw a growth of 35.6% yoy to Rs684.2cr during the current quarter. EBIT for the segment jumped 63% yoy to Rs66.5cr, however EBIT margin declined to 9.7% (from 13.7% in Q1FY18).
- Revenues from Process Industries and Drives business witnessed strong growth of 31% yoy to Rs525.7cr in Q1FY19. However, EBIT losses widened to Rs43.1cr vs. loss of Rs4.2cr for December quarter of FY19.
- The company’s new orders saw a growth of 4.1% to Rs3,391cr compared to Rs3,257cr in same quarter last year.
Technical View:
Siemens Ltd is currently trading at Rs. 1,021, up by 23.45 points or 2.35% from its previous closing of Rs. 997.55 on the BSE.
The scrip opened at Rs. 1,001.50 and has touched a high and low of Rs. 1,026.10 and Rs. 990 respectively. So far 11,63,242 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.
