Siemens’ Q3FY18 (September year-end) numbers were in-line with street expectations. Sales increased by 15.9% yoy to Rs3,073cr. EBITDA increased 33.4% yoy to Rs302.3cr during the quarter from Rs226.6cr in Q3FY17. EBITDA margin improved by 129bps yoy to 9.8% in Q3FY18. Net profit grew 25.5% yoy to Rs204.4cr.
• Sales growth has been supported by the power & gas segment and digital factory segments.
• EBITDA growth is driven by a decline in employee cost and other expenses as a proportion of sales.
• Finance cost too dropped 84% yoy to Rs40 lakh. Other income dropped 5% yoy to Rs69.2cr. Strong operating profit translated into robust net profit growth.
• Segment-wise: Energy management performed well, growing 8.2% yoy to Rs1,313.6cr, contributing 41% to sales. Digital factory contributed 20% to sales and grew 33% yoy to Rs629cr. Power & gas sales were up 13.3% yoy (11% of sales) to Rs343.9cr. Building technologies grew 11.8% yoy to Rs125.1cr. Mobility segment de-grew 21% yoy to Rs213.2cr (7% of sales), while process industries’ performance was flat yoy.
• Profitability of the power & gas segment improved from 5.4% in Q3FY17 to 19.5% in Q3FY18. Building Technologies EBIT margin grew from 6% in Q3FY17 to 8.5% in Q3FY18. Digital factory margin improved from 7.1% in Q3FY18 to 9.8% in Q3FY19. In Mobility and Energy management, margin dropped 180bps and 90bps, respectively, to 7.6% and 5.7%, respectively.
Siemens Ltd is currently trading at Rs. 1,014.35, down by 1.1 points or 0.11% from its previous closing of Rs. 1,015.45 on the BSE.
The scrip opened at Rs. 1,016.80 and has touched a high and low of Rs. 1,020 and Rs. 994.65 respectively. So far 1,17,715 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 200 DMA.
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