Siemens - March 2013 Results Preview - Motilal Oswal

- We expect revenue growth rates to remain muted impacted by delays in offtake by customers, sluggish industrial capex and completion of Qatar/Torrent projects, which supported revenue during last year.

- We expect moderate recovery in orders driven by power/building technology and healthcare segment during CY13.

- Profit margins have been impacted by cost escalations throughout last year. We expect margins to remain under pressure due to pricing pressure in the power business and slower execution, though softening commodity prices should support margins. Weak INR would also have a negative impact on profit margins, particularly in healthcare division. Maintain Neutral.

Source : Equity Bulls

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