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Siemens: Private sector capex still muted - Views on News from Equitymaster
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Siemens: Private sector capex still muted
Aug 8, 2016

Siemens has announced its third quarter results of financial year 2016 (September ending fiscal). Here is our analysis of the results. Sales grew by 10% YoY in 3QFY16, while net profits saw a fall of 23% YoY.

Performance summary
  • Sales grew by 10% YoY in 3QFY16.
  • The company reported a 7.6% YoY fall in operating profits in 3QFY16 largely due to a 1.7% contraction in operating margins.
  • Operating margins contracted from 10.6% in 3QFY15 to 8.9% in 3QFY16.
  • Net profits saw a fall of 23% YoY in the quarter.

    Standalone financial performance
    (Rs m) 3QFY15 3QFY16 Change
    Sales 23,784 26,204 10.2%
    Expenditure 21,253 23,866 12.3%
    Operating profit (EBITDA) 2,531 2,338 -7.6%
    Operating profit margin (%) 10.6% 8.9%
    Other income 555 279 -49.8%
    Finance costs 18 21 16.4%
    Depreciation 564 625 10.7%
    Exceptional items 0 0
    Profit before tax 2,503 1,971 -21.3%
    Tax 821 670 -18.3%
    Profit after tax/(loss) 1,683 1,300 -22.7%
    Net profit margin (%) 7.1% 5.0%
    No of shares (m) 356.1
    Diluted earnings per share* 32.15
    P/E ratio* 41.1

    * On a trailing 12 months earnings.

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