Siemens reported 14% YoY revenue growth, EBITDA margin improvement of 160bps YoY, EBITDA growth of 33% YoY and PAT growth of 43% YoY in Q3FY23 – all in all a good set of results and in line with consensus estimates. Order inflow growth was muted at 6% YoY. Book to bill ratio came in at 2.6x (vs 1.2x last year) aided by strong order inflow for locomotives.