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Prabhudas Lilladher Report
We revise our SY24E/SY25E earnings per share estimates upwards by 11.9%/14.1%, owing to a strong outlook on order inflows and benefits of operating leverage. Siemens Ltd. reported strong quarterly performance with consolidated revenue up ~27.8% YoY. Ebitda margin expanded 44 basis points YoY, owing to lower other expenses.
We believe that strong traction is likely to continue in high growth verticals such as data centers, railways, chemicals and pharma, emobility, waste heat recovery, smart infra, intralogistics, building automation, decarbonisation etc.
Furthermore, the large order win in railways for 1,200 electric locomotives (9000 HP) worth ~Rs 255 billion (including operations and maintenance) will act as a sustainable long-term revenue contributor.
We remain positive on Siemens from a long-term perspective given-
its strong and diversified presence across industries through focus on electrification, digitisation and automation products,
product localisation,
strong balance sheet,
healthy public and private capex,
focus on cost efficiencies and
recent large order wins in mobility business.
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