Accumulate Siemens; target of Rs 1312: Prabhudas Lilladher

Prabhudas Lilladher's research report onSiemensSiemens (SIEM) reported PAT at Rs 1.3bn, down 22.7% YoY, which was below ours and street estimates due to lower‐than‐expected margins. Order inflow was strong, up 43% YoY, led by Railways and T&D segment. SIEM highlighted that the macro indicators are positive and moving in the right direction. Public capex continues to dominate ordering, while private capex recovery is muted. SIEM will focus on profitable growth and operational excellence. The company believes it is well‐geared up in terms of capacity and technology and is awaiting increase in demand in order to realize its full potential. Maintain “Accumulate”.