Refer to important disclosures at the end of this report Outlook remains strong despite shortterm hiccups Siemens Ltd's (SIEM) Q4FY17 operational performance is below our expectations. Revenue increased by 2% yoy, driven by 11% yoy growth in Energy Management (EM). EBITDAM increased by 120bps to 10.1% and APAT increased by 10.5% yoy. Order intake improved by 10.4% yoy to Rs27bn while order backlog increased by 23% yoy to ~Rs123bn. Government induced investments in Transmission, Railways and...