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Motilal Oswal Report
Siemens Ltd. Q3 FY24 result was weaker than our estimates on revenue/Ebitda/profit after tax as slower-than-expected execution and weak margins in mobility and digital industries weighed on the overall performance.
Siemens reported a revenue/profit after tax miss of 15%/22% versus our estimates for Q3 FY24. Order inflows improved 18% YoY to Rs 62.5 billion, mainly driven by Smart Infrastructure, Mobility, and Energy segments, while the digital industries division continues to witness weak ordering trajectory.
We cut our estimates by 9% each for FY25/26E to factor in lower revenue and near-term weakness in certain segments. However, we continue to expect Siemens to be a key beneficiary of the incremental spending on transmission, HVDC, renewables, and railway projects.
We reiterate our 'Buy' rating with a revised target price of Rs 7,800 (versus Rs8,600 earlier).
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