Siemens Limited posted a stellar set of numbers for the quarter ending September 30, 2018, beating the consensus estimates by a significant margin on major counts. Standalone revenues increased by 25.4% yoy to Rs3,939.2cr in Q4FY18 vs. Rs3,141.8cr in Q4FY17, 14.2% ahead of estimates. Operating profit witnessed a strong growth of 32% yoy to Rs418.6cr for the current quarter, 21% higher than the estimates. EBITDA margin rose from 10.1% in Q4FY17 to 10.6% in Q4FY18. However, profit after taxes disappointed, as it more than halved to Rs279.2cr vs. Rs623.8cr in Q4FY17, but beat the estimates by 17.8%.
Operating profit in Q4FY18 was mainly driven by strong growth in top-line of the company. However, the same did not translate into stronger margins mainly owing to higher direct costs. In addition, other expenses surged 44.4% to Rs468cr for the current quarter against Rs324.2cr in Q4FY17.
Net profit was down for the current quarter, primarily due to exceptional gains of Rs567cr in the same quarter last year.
Revenues from Power and Gas increased by 38% yoy to Rs535.4cr in Q4FY18. EBIT grew by 21% yoy to Rs80.8cr and EBIT margin stood at 15.1% (vs. 17.2% in Q4FY17). The segment contributed 13% to the top-line for the quarter under review.
Energy Management, which contributed 39.7% to the total revenues, grew by 21.1% yoy to Rs1,628.4cr for the current quarter. EBIT increased by 15.1% yoy to Rs111cr but EBIT margin plunged to 6.8% (from 24.9% in Q4FY17).
Building Technologies (4.4% of sales in Q4FY18) and Mobility (8.6% of sales in Q4FY18) posted revenues of Rs179.6cr and Rs355.2cr respectively for the quarter under consideration. EBIT for Building Technologies increased by 10.2% yoy to Rs16.2cr (EBIT margin 9%), while EBIT for Mobility business more than doubled to Rs55.3cr in Q4FY18 (EBIT margin 15.6%).
Digital Factory business (16.6% of sales in Q4FY18) saw a growth of 12.1% yoy to Rs680.7cr during the current quarter. EBIT for the segment increased by 38.4% yoy to Rs50.5cr, however EBIT margin declined to 7.4% (from 9.4% in Q4FY17).
Revenues from Process Industries and Drives business increased by 20.4% yoy to Rs695.9cr, while EBIT surged 84.1% yoy to Rs44cr for the September quarter of FY18. However, EBIT margin was low at 2.7% (vs. 6.2% in Q4FY17). The segment contributed 17.4% to the top-line for the quarter.
The company’s new orders saw strong growth of 38.1% to Rs3,720cr compared to Rs2,694cr in same quarter last year.
Siemens Ltd ended at Rs. 966.60, up by 33.75 points or 3.62% from its previous closing of Rs. 932.85 on the BSE.
The scrip opened at Rs. 935 and touched a high and low of Rs. 978 and Rs. 921.90 respectively. A total of 11,62,059 (NSE+BSE) shares were traded on the counter. The stock traded below its 200 DMA.
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