Siemens Ltd Q1 FY24 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Management growth scorecard
Revenue
Category 3
Margin
Category 3
Fundraise
N/A
Order
Yes
Capex
Yes
2 of 4 growth signals are positive.
Full analysisRevenue guidance
Category 3- Low voltage motors market grew at low single digit in units from 2018 to 2023.
- Future growth expectations are slightly higher than past growth, targeting mid single digit to high single digit growth over the next couple of years (mid-segment growth).
- Growth in sales/revenue is expected to align with market growth given the declining trend in commodity prices.
- The proportion of the low voltage motors business is expected to reduce relative to more rapidly growing segments like locomotives, electrification, signalling, e-vehicles, Smart Infrastructure, and Digital Industries.
- Digital Industries business expects growth driven by automation, digitalization, SaaS models, and higher-value solutions beyond motors.
- Siemens plans to outsource motors moving forward without impacting overall Digital Industries growth and profitability.
See what Siemens Ltd management said on margin guidance — free account, 30 seconds.
Fundraise plans
- No specific mention of current or future new fundraising through debt or equity in the provided transcript.
- The discussion primarily focuses on the divestment of the low voltage motors business and strategic restructuring.
- Siemens Limited plans to distribute the entire sale consideration (after tax) as a special dividend, not indicating new fundraising.
- There is emphasis on optimizing the portfolio and growing core high-growth, synergistic businesses rather than seeking external financing.
- No direct references to plans for raising capital via debt or equity were made during the analyst call on May 19, 2023.
See what Siemens Ltd management said on order book — free account, 30 seconds.
Capex plans
Yes- Siemens Limited has made a significant acquisition of the electric vehicle (EV) division of Mass-Tech Controls, Mumbai, to strengthen its capability in EV charging infrastructure in India (Page 5).
- The EV division's acquisition aims to complete Siemens India's e-mobility solutions portfolio and accelerate growth in the fast-growing e-mobility segment (Page 5).
- Siemens is expanding manufacturing capacities, exemplified by the reopening of the bogie factory in Aurangabad to service metro and export projects, showing commitment to the Mobility market (Page 9).
- New factories are being set up for emerging sectors like semiconductors, battery manufacturing, fuel cells, and solar, to support Digital Industries growth (Page 14).
- Investments are being made into digitalization solutions like cyber security, intra logistics, warehousing, and SaaS models to drive Digital Industries' profitability (Page 17).
- Focus on moving up the value chain from electrification to automation to digitalization, indicating ongoing investments in digital and automation technology (Page 8).
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