Siemens India (SIEMENS) Q4 23/24 earnings summary

Executive summary

• Achieved double-digit growth in revenue and profits for FY24, marking the fourth consecutive year of strong performance, driven by robust execution, digitalization, and contributions from all business segments.

• Siemens Xcelerator and vertical know-how are central to driving customer value and future growth.

• The Board approved a scheme to demerge the Energy Business into Siemens Energy India Limited, with completion expected in calendar year 2025, pending regulatory and shareholder approvals.

• Annual consolidated and standalone financial results for FY24 were audited and received unmodified opinions from independent auditors, confirming compliance with Indian Accounting Standards.

• A dividend of Rs. 12 per share was recommended for FY24, totaling Rs. 4,273 million.

Financial highlights

• FY24 new orders grew 13.8% year-over-year (excluding large locomotive orders); revenue up 14.4% to Rs. 222,397 million; EBITDA margin improved to 13.7% from 12.7% in FY23.

• Profit before tax increased 17.4% and profit after tax rose to Rs. 27,181 million; EPS at INR 21.8.

• Q4 FY24 new orders up 21% year-over-year; revenue up 11.3% to an all-time high of INR 58.9 billion; Q4 EBITDA margin at 14.6%.

• Cash from operations increased to INR 21.6 billion, up INR 2.3 billion from prior year.

• Standalone revenue for FY24 was Rs. 204,966 million, with standalone net profit at Rs. 26,651 million.

Outlook and guidance

• Expectation of increased government infrastructure spending in H2 and gradual recovery in private sector CAPEX, especially in new-age technologies.

• Digital Industries expected to recover as private investment and inventory destocking improve in coming quarters.

• Management remains confident in India's structural growth story and aims for profitable growth across all segments.

• The demerger of the Energy Business is expected to reshape the group structure, subject to regulatory and shareholder approvals.