Siemens Energy Q3 Review — Motilal Oswal Maintains 'Buy', Revises Target Price  

Siemens Energy India reported a strong set of financials for Q3 FY25 with 80% YoY improvement in PAT. Revenue growth improved 20% YoY, and Ebitda margin was strong at 19.1% for the quarter, driven by strong margins in the power transmission segment.

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Motilal Oswal Report

Siemens Energy India Ltd. reported a strong set of results in Q3 FY25. Revenue for Q3 FY25 stood at Rs 17.8 billion (+20% YoY), largely due to strong YoY growth in power transmission and a strong and healthy order backlog. Ebitda stood at Rs 3.9 billion, growing 14% YoY/29% QoQ, while Ebitda margin expanded 470 bp YoY to 19.1%.

During 9mFY25, the company recorded a provision of Rs 546 million for stamp duty and related charges on property transfers from its parent company (Siemens Ltd.).

Adjusting for that, margins were in line with the normalized margin. The company has receivables from Siemens Ltd., which would aid the other income once received. PAT surged 80% YoY to Rs 2.6 billion, while PAT margin expanded 490 bp YoY to 14.7%.

Order inflows increased 94% YoY to Rs 32.9 billion, while for the nine months, it stood at Rs 107.7 billion.

For 9M FY25, revenue/Ebitda/PAT stood at Rs 51.8 billion/Rs 10.3 billion/Rs 7.4 billion, while Ebitda margin stood at 20% (margin of 21% after adjusting the provision for stamp duty and related charges).

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