Siemens' Q1FY17 (Y/E Sep) net profit at Rs 1.6 bn (up 44% YoY) beat both our and consensus expectations of Rs1.3 bn. Revenue at Rs 23 bn (down1% YoY), was broadly in line,but EBITDA at Rs 2.3bn was 15% above our/consensus estimate of Rs 2bn. EBITDA margin was up 200 bps YoY at 10.2%, largely drive..