Siemens India share price NSE: Shares of Siemens India opened 1.5 per cent on Friday, a day after the technology major reported strong results with net profit jumped nearly 57 per cent. The stock opened at the day's high of Rs 3856.90 apiece on BSE in a weak market. Siemens India net profit in the March quarter (Q2FY23) jumped nearly 57 per cent to Rs 516 crore from Rs 329 crore it had reported a year ago in the corresponding quarter. Zee Business research had estimated a PAT of Rs 401 crore. Siemens Q2FY23 revenue rose 28.5 per cent to Rs 4,465.2 crore on YoY basis. It had reported Rs 3,474.9 crore in the same quarter a year ago. Zee Business had estimated Siemens Q2FY23 revenue at Rs 3,800 crore.

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Siemens India's margin improved on YoY basis to 12.43 per cent against 12.37 per cent it had reported a year ago, but lower than Zee Business estimate of 15 per cent. Siemens India new orders jumped nearly 6 times to Rs 31,151 crore in Q2Fy23 against Rs 5,339 crore it had reported a year ago in the corresponding quarter. The sharp jump in order includes the Rs 25, 455 crore for the 9000 horsepower (HP) locomotive project the company has bagged from Indian Railways, marking the single largest locomotove order in the history of Siemens Mobility and single largest order in the history of Siemens India.

"The state-of-the-art locomotives will be used for freight transport throughout the Indian Railways network and are specified to haul loads of 4,500 tons at a maximum speed of 120 km per hour. Producing 9,000 HP, they will be one of the most powerful freight locomotives in the world," the company had said in a press release in January.

Siemens India Board of Directors also reappointed Sunil Mathur as the Managing Director (MD) and Chief Executive Officer (CEO) for a further period of fie years with effect from January 1, 2024. The Board also approved the re-appointment of Dr Daniel Spindler as the Executive Director and Chief Financial Officer for a further period of one year with effect from
August 1, 2023.

Siemens India share price target: What the brokerages have to say on Siemens Q2FY23 results

Macquarie maintained an 'outperform' rating on Siemens, raising the target to Rs 4,100 from Rs 3,690 per share, citing strong order base and margin performance. Macquarie expects a pick-up in execution and a healthy order backlog to drive a 17 per cent revenue CAGR as large railway orders are a key near-term catalyst. The brokerage raised its PAT estimate for FY23, FY24 and FY25 by 4 per cent, 5 per cent and 6 per cent, respectively.

UBS has maintained a 'buy' rating with target raised to Rs 4,500 per share as the brokerage is bullish on focus on smart infrastrucutre and digital driving P&L and robust orders. The management commentary indicates substantial momentum, including in railway tendering, centra goverment-led infra spending and private capex. Nomura has maintained a 'neutral' rating and target price at Rs 3,008.

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