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Prabhudas Lilladher Report
Siemens Ltd. reported revenue growth of 8.2% YoY led by growth across all segments. During the quarter, revenue and margins were impacted due to supply chain disruption, delay in deliveries and higher commodity and logistics cost.
Order inflow during the quarter stood at Rs 53 billion (up 61% YoY), led by strong growth across all business verticals, reflecting upswing in private as well as public capex.
Siemens' order book stands strong at Rs 172 billion (1.3 times trailing twelve months revenue), providing revenue visibility for coming quarters.
We expect segment such as data center, e-commerce, waste heat recovery, smart infra, digitalisation, automation, tariff-based competitive bidding, hospitals, sub-station, etc. to be key growth drivers.
Order inflow is likely to be driven by central government and private capex, while state government capex is expected to remain muted in near term.
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