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Siemens: Discontinuing operations mar revenue growth - Views on News from Equitymaster
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  • Dec 1, 2015 - Siemens: Discontinuing operations mar revenue growth

Siemens: Discontinuing operations mar revenue growth
Dec 1, 2015

Siemens has announced its fourth quarter results of financial year 2015 (September ending fiscal). Here is our analysis of the results.

Performance summary

  • Sales grew by 4% YoY in 4QFY15.
  • The company reported a 27% YoY increase in operating profits in 4QFY15 largely due to a 1.6% expansion in operating margins.
  • Operating margins improved from 7.1% in 4QFY14 to 8.7% YoY in 4QFY15.
  • Net profits saw a fall of 50% YoY in the quarter.

Standalone financial performance

(Rs m) 4QFY14 4QFY15 Change FY14 FY15 Change
Sales 31,113 32,313 3.9% 104,483 102,830 -1.6%
Other operating income 806 682 -15.4% 2,300 2,293 -0.3%
Expenditure 29,706 30,178 1.6% 100,840 95,363 -5.4%
Operating profit (EBITDA) 2,213 2,817 27.3% 5,943 9,761 64.2%
Operating profit margin (%) 7.1% 8.7%   5.7% 9.5%  
Other income 624 407 -34.7% 1,039 1,604 54.5%
Finance costs 16 23 43.5% 82 73 -11.1%
Depreciation 570 475 -16.6% 2,291 2,156 -5.9%
Exceptional items 3,665 707 -80.7% 3,827 7,827 104.5%
Profit before tax 5,916 3,433 -42.0% 8,436 16,963 101.1%
Tax 1,548 1,242 -19.8% 2,404 5,131 113.4%
Profit after tax/(loss) 4,368 2,191 -49.8% 6,032 11,833 96.2%
Net profit margin (%) 14.0% 6.8%   5.8% 11.5%  
No of shares (m)         356.1  
Diluted earnings per share         33.23  
P/E ratio#         37.0  

*On a trailing 12 months basis

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