Siemens witnessed moderation in execution with standalone revenue growing 11.7% y-o-y to Rs 4,300 crore against our expectations of Rs 46,00 crore for Q4FY22. Except mobility, all the segments reported execution below estimates. While gross margin expanded by ~200bps y-o-y to 32.7%, increase in ‘other expenses’ impacted the Ebitda margin,…