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Siemens Ltd. — Audit Report / Information 2022
Nov 22, 2022
58989_rns_2022-11-22_5ccec42d-50aa-4106-bfd9-c3cf86b00419.pdf
Audit Report / Information
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22[nd] November, 2022
National Stock Exchange of India Limited BSE Limited
Scrip Code –
National Stock Exchange of India Limited: SIEMENS EQ BSE Limited: 500550
Information pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)
Dear Sir / Madam,
Pursuant to Regulation 30, 33 and other applicable Regulations of the Listing Regulations, this is to inform you that, the Board of Directors of the Company, at its Meeting held today, inter-alia, took the following decisions:
-
Approved the Audited Financial Results (standalone and consolidated) for the year ended 30[th] September, 2022. Please find enclosed a copy of the same alongwith the Auditor’s Report thereon which gives an unmodified opinion.
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Financial Year ended 30[th] September, 2022. The dividend, as recommended by the Board of Directors, if declared at the ensuing Annual General Meeting (AGM) of the Company, would be paid from Friday, 17[th] February, 2023.
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Mr. Johannes Apitzsch (DIN: 05259354), has tendered his resignation as Director of the Company, with effect from 1[st] January, 2023, due to other commitments.
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As informed earlier, Mr. Deepak S. Parekh’s second term as an Independent Director of the Company is upto 29[th] January, 2023.
The Board of Directors of the Company, based on the recommendation of the Nomination and Remuneration Committee, recommends the appointment of Mr. Deepak S. Parekh (DIN: 00009078) as a Director (Non-Executive Non-Independent; liable to retire by rotation) with effect from 30[th] January, 2023, to the Members for their approval.
Mr. Parekh is not related to any Director of the Company and is not debarred from holding the office of Director by virtue of any order of the Securities and Exchange Board of India or any other such authority.
Brief profile of Mr. Parekh is enclosed.
Siemens Limited Management: Sunil Mathur CIN: L28920MH1957PLC010839
Birla Aurora, Level 21, Plot No. 1080, Tel.: +91 22 6251 7000 Dr. Annie Besant Road, Worli, Website: www.siemens.co.in Mumbai – 400030 E-mail- CorporateIndia [email protected]
Registered Office: Birla Aurora, Level 21, Plot No. 1080, Dr. Annie Besant Road, Worli, Mumbai – 400030. Telephone +91 22 6251 7000. Fax +91 22 24362403. Sales Offices: Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Coimbatore, Gurgaon, Hyderabad, Jaipur, Jamshedpur, Kharghar, Kolkata, Lucknow, Kochi, Mumbai, Nagpur, Navi Mumbai, New Delhi, Puducherry, Pune, Vadodara, Visakhapatnam.
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- The Board of Directors of the Company, based on the recommendation of the Nomination and Remuneration Committee, recommends the appointment of Mr. Shyamak R. Tata (DIN: 07297729) as an Independent Director of the Company, for a term of 5 (five) years, with effect from 30[th] January, 2023, to the Members for their approval.
Mr. Tata is not related to any Director of the Company and is not debarred from holding the office of Director by virtue of any order of the Securities and Exchange Board of India or any other such authority.
Brief profile of Mr. Tata is enclosed.
The Board Meeting commenced at 2.38 p.m. (IST) and concluded at 6.32 p.m. (IST).
Kindly take the same on record.
Yours faithfully, For Siemens Limited KETAN Digitally signed by KETAN NANDKISHOR NANDKISHOR THAKER Date: 2022.11.22 18:34:13 THAKER +05'30'
Ketan Thaker Company Secretary
Encl.: as above
Siemens Limited Management: Sunil Mathur CIN: L28920MH1957PLC010839
Birla Aurora, Level 21, Plot No. 1080, Tel.: +91 22 6251 7000 Dr. Annie Besant Road, Worli, Website: www.siemens.co.in Mumbai – 400030 E-mail- CorporateIndia [email protected]
Registered Office: Birla Aurora, Level 21, Plot No. 1080, Dr. Annie Besant Road, Worli, Mumbai – 400030. Telephone +91 22 6251 7000. Fax +91 22 24362403. Sales Offices: Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Coimbatore, Gurgaon, Hyderabad, Jaipur, Jamshedpur, Kharghar, Kolkata, Lucknow, Kochi, Mumbai, Nagpur, Navi Mumbai, New Delhi, Puducherry, Pune, Vadodara, Visakhapatnam.
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Profile of Mr. Deepak S. Parekh
Mr. Deepak S. Parekh, 78 years, is a Fellow Member of The Institute of Chartered Accountants in England and Wales.
He is the Chairman of Housing Development Finance Corporation Limited. He is / has been a Director on the boards of prominent companies in India. Mr. Parekh is on the international boards of DP World – UAE, Fairfax Financial Holdings Corporation – Canada and Economic Zones World FZE, UAE. He is also on the international advisory boards of Investcorp International Ltd and Warburg Pincus LLC. Mr. Parekh is associated with Indo US CEO Forum, City of London - Finance Committee, Indo - German Chamber of Commerce (IGCC), India-UK Financial Partnership (IUKFP), etc., in an advisory capacity. He played a key role as Special Director on the Satyam Board in 2009 to revive the company and a crucial role during the restructuring of UTI in the late 90’s, which helped regain investors’ confidence. He has been a member of various high-powered economic groups, advisory committees and task forces which include infrastructure, housing, financial services and capital markets.
Government and Industry impressed by Mr. Parekh's performance and sobriety, have honored him with several awards. Some of the most important ones are; the Padma Bhushan in 2006, 'Bundesverdienstkreuz' Germany's Cross of the Order of Merit one of the highest distinction by the Federal Republic of Germany in 2014, “Knight in the Order of the Legion of Honour” one of the highest distinction by the French Republic in 2010, First international recipient of the Outstanding Achievement Award by The Institute of Chartered Accountants in England and Wales, in 2010.
Siemens Limited Management: Sunil Mathur CIN: L28920MH1957PLC010839
Birla Aurora, Level 21, Plot No. 1080, Tel.: +91 22 6251 7000 Dr. Annie Besant Road, Worli, Website: www.siemens.co.in Mumbai – 400030 E-mail- CorporateIndia [email protected]
Registered Office: Birla Aurora, Level 21, Plot No. 1080, Dr. Annie Besant Road, Worli, Mumbai – 400030. Telephone +91 22 6251 7000. Fax +91 22 24362403. Sales Offices: Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Coimbatore, Gurgaon, Hyderabad, Jaipur, Jamshedpur, Kharghar, Kolkata, Lucknow, Kochi, Mumbai, Nagpur, Navi Mumbai, New Delhi, Puducherry, Pune, Vadodara, Visakhapatnam.
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Profile of Mr. Shyamak R. Tata
Mr. Tata, 59 years is a Fellow Member of the Institute of Chartered Accountants of India. He is also a Certified Information Systems Auditor, a Company Secretary and a Commerce graduate from Mumbai University.
Mr. Tata was the Chairperson of Deloitte India from 2019 to 2021 and has over 35 years of experience serving large Indian and multinational companies. In his executive roles, Mr. Tata has previously led the Audit & Assurance (A&A) practice of Deloitte India (2015-2019) at the critical time of India's first ever mandatory auditor rotation transition and was responsible for its performance and execution of the strategy including the build out of Assurance in A&A. Prior to this, he was Deloitte India's Consumer Business Industry Leader (2007-2015) responsible for focusing on opportunities and growth across the multi-disciplinary practice. At the beginning of his professional journey, on completion of his articleship with Kapadia Damania & Co. in 1985,
Mr. Tata joined A F Ferguson & Co. as a chartered accountant. Within a couple of years at A F Ferguson & Co, Mr. Tata was managing large and prestigious client audit and audit-related engagements of principally listed companies and other multinational corporations. Mr. Tata was inducted into the partnership in 1998. In 2002, as an outcome of US regulations having worldwide implications, Mr. Tata set up the Firm's Sarbanes readiness practice and led engagements both within India and across continents. A F Ferguson & Co became part of the Deloitte India network in 2004, when Mr. Tata took on the integration responsibility for talent and of audit learning.
Mr. Tata has been a committee member with the Confederation of Indian Industry (CII) on Financial Reporting, on Regulatory and on Governance. He was the Chairperson of Cll's Financial Reporting Committee for two years till 2021-22.
Siemens Limited Management: Sunil Mathur CIN: L28920MH1957PLC010839
Birla Aurora, Level 21, Plot No. 1080, Tel.: +91 22 6251 7000 Dr. Annie Besant Road, Worli, Website: www.siemens.co.in Mumbai – 400030 E-mail- CorporateIndia [email protected]
Registered Office: Birla Aurora, Level 21, Plot No. 1080, Dr. Annie Besant Road, Worli, Mumbai – 400030. Telephone +91 22 6251 7000. Fax +91 22 24362403. Sales Offices: Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Coimbatore, Gurgaon, Hyderabad, Jaipur, Jamshedpur, Kharghar, Kolkata, Lucknow, Kochi, Mumbai, Nagpur, Navi Mumbai, New Delhi, Puducherry, Pune, Vadodara, Visakhapatnam.
B S R & Co. LLP
Chartered Accountants
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400 063, India
Telephone: +91 22 6257 1000 Fax: +91 22 6257 1010
Independent Auditor’s Report
To the Board of Directors of Siemens Limited
Report on the audit of the Standalone Annual Financial Results
Opinion
We have audited the accompanying standalone annual financial results of Siemens Limited (hereinafter referred to as the “Company”) for the year ended 30 September 2022, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone annual financial results:
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a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
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b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the year ended 30 September 2022.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results section of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our opinion on the standalone annual financial results.
Management’s and Board of Directors’ Responsibilities for the Standalone Annual Financial Results
These standalone annual financial results have been prepared on the basis of the standalone annual financial statements.
The Company’s Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Registered Office:
B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063
B S R & Co. LLP
Independent Auditor’s Report (Continued) Siemens Limited
In preparing the standalone annual financial results, the Management and the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the standalone annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone annual financial results made by the Management and Board of Directors.
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Conclude on the appropriateness of the Management and Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the standalone annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
B S R & Co. LLP
Independent Auditor’s Report (Continued)
Siemens Limited
Other Matter
- a. The standalone annual financial results include the results for the quarter ended 30 September 2022 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
For B S R & Co. LLP
Chartered Accountants
Firm’s Registration No.:101248W/W-100022
FARHAD
HOSHEDER BAMJI
Digitally signed by FARHAD HOSHEDER BAMJI Date: 2022.11.22 17:44:51 +05'30'
Farhad Bamji
Partner
New Delhi
22 November 2022
Membership No.: 105234 UDIN:22105234BDTIYS5027
SIEMENS
.
Statement of Standalone audited financial results for the quarter and year ended 30 September 2022
(Rs. in millions)
| SIEMENS . |
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|---|---|---|---|---|---|---|
| Statement of Standalone audited financial results for the quarter and year ended 30 September 2022 (Rs. in millions) |
||||||
| No. | Particulars | Quarter ended | Year ended | |||
| 30 September | 30 June | 30 September | 30 September | |||
| 2022 (Audited) (Refer note 7) |
2022 (Unaudited) |
2021 (Audited) (Refer note 7) |
2022 (Audited) |
2021 (Audited) |
||
| 1 a) b) 2 3 4 a) b) c) d) e) f) g) h) 5 6 a) b) 7 8 9 10 a) b) 11 12 13 14 |
Revenue from operations Revenue from contracts with customers Other operating revenue Total revenue from operations (a+b) Other income Total income Expenses Cost of materials consumed Purchases of stock-in-trade Changes in inventories of finished goods, work-in-progress and stock-in-trade Project bought outs and other direct costs Employee benefits expense (refer note 4) Finance costs Depreciation and amortisation expense (refer note 4) Other expenses, net (refer note 4) Total expenses Profit before tax from continuing operations (3-4) Tax expense Current tax Deferred tax expense / (credit) Net Profit after tax for the period from continuing operations (5-6) Discontinued operations (refer note 1 & 5) Profit / (Loss) before tax from discontinued operations Gain from sale of discontinued operations Tax expense / (credit) on discontinued operations / divestment Profit / (Loss) after tax for the period from discontinued operations Profit for the period (7+8) Other comprehensive (loss) / income Items that will not be reclassified to profit or loss Re-measurement of defined benefit plans, net Income tax effect Items that will be reclassified to profit or loss Fair value changes on derivatives designated as cash flow hedges, net Income tax effect Total other comprehensive income / (loss) Total comprehensive income (including other comprehensive income/ (loss)) [9+10] Paid-up equity share capital (Face Value of equity shares : Rs. 2 each fully paid up) Other Equity Earnings Per Share (EPS) of Rs. 2 each (in Rupees) - Basic and diluted EPS from continuing operations - Basic and diluted EPS from discontinued operations - Basic and diluted EPS from total operations not annualised exceptyear end EPS |
42,367 947 43,314 1,206 44,520 8,256 10,520 937 9,456 4,385 139 523 5,064 39,280 5,240 1,629 (311) 1,318 3,922 - 3,559 853 2,706 6,628 41 (10) 9 (3) 37 6,665 712 - 11.01 7.60 18.61 |
38,647 501 39,148 746 39,894 6,218 12,728 764 6,921 4,098 37 519 4,629 35,914 3,980 1,099 (74) 1,025 2,955 (24) - (6) (18) 2,937 231 (58) 102 (26) 249 3,186 712 - 8.30 (0.05) 8.25 |
38,228 544 38,772 615 39,387 8,762 8,377 1,589 8,154 4,196 58 537 3,459 35,132 4,255 1,082 (19) 1,063 3,192 49 - 11 38 3,230 225 (57) (102) 25 91 3,321 712 - 8.96 0.11 9.07 |
145,881 2,434 148,315 3,161 151,476 28,675 44,965 (1,722) 28,683 16,582 333 2,096 15,062 134,674 16,802 4,610 (305) 4,305 12,497 141 3,559 889 2,811 15,308 (30) 8 109 (28) 59 15,367 712 115,247 35.09 7.89 42.98 |
123,280 1,944 125,224 2,189 127,413 25,235 36,863 (3,131) 26,486 15,516 195 2,250 9,944 113,358 14,055 3,601 14 3,615 10,440 623 487 520 590 11,030 368 (93) (5) 1 271 11,301 712 102,725 29.32 1.65 30.97 |
Statement of Standalone Assets and Liabilities
| Statement of Standalone Assets and Liabilities | Statement of Standalone Assets and Liabilities | Statement of Standalone Assets and Liabilities | Statement of Standalone Assets and Liabilities |
|---|---|---|---|
| (Rs. in millions) | |||
| No. | Particulars | As at | As at |
| 30 September | 30 September | ||
| 2022 (Audited) |
2021 (Audited) |
||
| A 1 a) b) c) d) e) f) g) h) i) 2 a) b) c) d) e) B 1 a) b) 2 a) b) c) a) b) c) d) e) |
ASSETS Non-current assets Property, plant and equipment Capital work-in-progress Right-of-Use assets Investment property Other intangible assets Financial assets (i) Investments (refer note 2 and 3) (ii) Trade receivables (iii) Loans (iv) Other financial assets Deferred tax assets (net) Income tax assets (net) Other non-current assets Non-current assets Current assets Inventories Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balances other than cash and cash equivalents (iv) Loans (v) Other financial assets Contract assets Other current assets Asset classified as held for sale Current assets TOTAL ASSETS EQUITY AND LIABILITIES Equity Equity share capital Other equity Equity Liabilities Non-current liabilities Financial liabilities (i) Lease liabilities (ii) Trade payables Total outstanding dues of micro and small enterprises Total outstanding dues of creditors other than micro and small enterprises (iii) Other financial liabilities Long term provisions Other non-current liabilities Non-current liabilities Current liabilities Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables Total outstanding dues of micro and small enterprises Total outstanding dues of creditors other than micro and small enterprises (iv) Other financial liabilities Contract liabilities Other current liabilities Short term provisions Current tax liabilities (net) Liabilities TOTAL EQUITY AND LIABILITIES |
8,118 493 1,361 753 7 22,201 1,243 3,832 606 2,392 6,830 2,845 |
8,470 304 1,675 972 4 22,120 908 2,125 2,518 2,059 6,522 2,891 |
| 50,681 | 50,568 | ||
| 19,238 35,462 9,024 53,739 3,280 2,628 17,193 3,688 |
15,847 34,352 3,372 45,116 6,058 1,973 13,193 3,343 |
||
| 144,252 192 |
123,254 - |
||
| 144,444 | 123,254 | ||
| 195,125 | 173,822 | ||
| 712 115,247 |
712 102,725 |
||
| 115,959 | 103,437 | ||
| 856 27 694 2,972 - |
1,368 388 2,736 3,178 31 |
||
| 4,549 | 7,701 | ||
| - 740 1,870 36,860 7,482 15,969 1,139 9,233 1,324 |
25 570 1,460 33,207 3,928 12,451 1,259 9,386 398 |
||
| 74,617 | 62,684 | ||
| 79,166 | 70,385 | ||
| 195,125 | 173,822 | ||
SIEMENS
Statement of Cash flow for the year ended 30 September 2022
| SIEMENS Statement of Cash flow for the year ended 30 September 2022 |
SIEMENS Statement of Cash flow for the year ended 30 September 2022 |
SIEMENS Statement of Cash flow for the year ended 30 September 2022 |
|---|---|---|
| (Rs. in millions) | ||
| Particulars | Year ended | |
| 30 September 2022 (Audited) |
30 September 2021 (Audited) |
|
| Cash flow from operating activities Profit before tax from continuing operations Profit/ (loss) before tax from discontinued operations Adjustments for: Finance costs Bad debts Provision for doubtful debts / advances, net Depreciation and amortisation expense (Profit) / loss on sale of assets, net Profit on sale of discontinued operations (refer note 1 & 5) Liabilities written back Unrealised exchange loss / (gain), net Interest income Dividend from subsidiary Operating profit before working capital changes Working capital adjustments (Increase) / decrease in inventories (Increase) / decrease in trade and other receivables Increase / (decrease) in trade payables and other liabilities Increase / (decrease) in provisions Net change in working capital Cash generated from operations Direct taxes paid, net Net cash generated from operating activities Cash flow from investing activities Purchase of property, plant and equipments Proceeds from sale of property, plant and equipments Proceeds from sale of discontinued operations (refer note 1 & 5) Investment in subsidiary (C&S Electric Limited) (refer note 3) Investment in associate (Sunsole Renewables Private Limited) (refer note 2) Dividend received from subsidiary company Interest received Inter corporate deposits given Refund of inter corporate deposits given Deposits (with original maturity of more than 3 months) with banks matured / (placed) Net cash generated from / (used in) investing activities Cash flow from financing activities Interest paid Payment of principal of lease liabilities Payment of interest of lease liabilities Dividend paid (including tax thereon) Proceeds/ (repayment) from short-term borrowings Net cash used in financing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the year Effect of exchange gain / (loss) on cash and cash equivalents Cash and cash equivalents at the end of theyear |
16,802 3,700 333 53 573 2,096 (232) (3,559) (50) 11 (2,316) (264) |
14,055 1,110 196 58 (246) 2,282 (21) (487) (125) 140 (1,993) - |
| 17,147 | 14,969 | |
| (3,803) (7,848) 8,913 (196) |
(4,869) (1,455) 7,242 901 |
|
| (2,934) 14,213 (4,929) |
1,819 16,788 (3,450) |
|
| 9,284 | 13,338 | |
| (1,256) 247 4,400 - (14) 264 2,140 (9,450) 10,470 (6,627) |
(1,097) 103 3,759 (19,588) - - 2,043 (4,720) 4,340 (9,911) |
|
| 174 | (25,071) | |
| (239) (599) (115) (2,849) (25) |
(98) (517) (122) (2,493) 25 |
|
| (3,827) | (3,205) | |
| 5,631 3,372 21 |
(14,938) 18,311 (1) |
|
| 9,024 | 3,372 |
SIEMENS
Segmentwise Revenue, Results, Assets & Liabilities for the quarter and year ended 30 September 2022
(Rs. in millions)
| SIEMENS | SIEMENS | SIEMENS | SIEMENS | SIEMENS | SIEMENS |
|---|---|---|---|---|---|
| Segmentwise Revenue, Results, Assets & Liabilities for thequarter andyear ended 30 September 2022 | |||||
| (Rs. in millions) | |||||
| Standalone | |||||
| Quarter ended | Year ended | ||||
| 30 September | 30 June | 30 September | 30 September | ||
| 2022 (Audited) (Refer note 7) |
2022 (Unaudited) |
2021 (Audited) (Refer note 7) |
2022 (Audited) |
2021 (Audited) |
|
| 1. Segment Revenue Energy Smart Infrastructure Mobility Digital Industries Others Less : Inter segment revenue Total revenue from operations Discontinued operation (refer note 1 & 5) |
16,316 13,848 3,971 9,444 402 |
14,544 11,922 3,614 9,962 184 |
15,710 12,609 2,811 7,839 340 |
53,710 47,792 12,919 36,055 1,040 |
47,341 40,515 8,282 30,293 1,033 |
| 43,981 667 |
40,226 1,078 |
39,309 537 |
151,516 3,201 |
127,464 2,240 |
|
| 43,314 - |
39,148 1,411 |
38,772 1,225 |
148,315 4,243 |
125,224 5,822 |
|
| 2. Segment Results Energy Smart Infrastructure Mobility Digital Industries Others Profit from continuing operations Add : a) Other Income Less : a) Finance costs Profit before tax from continuing operations Profit / (Loss) before tax from discontinued operations (refer note 1 & 5) Gain from sale of discontinued operations (refer note 1 & 5) |
1,550 1,283 190 1,114 36 |
1,243 1,118 73 828 9 |
2,072 908 259 527 (68) |
5,648 3,918 727 3,600 81 |
5,918 2,982 817 2,330 14 |
| 4,173 1,206 139 |
3,271 746 37 |
3,698 615 58 |
13,974 3,161 333 |
12,061 2,189 195 |
|
| 5,240 - 3,559 |
3,980 (24) - |
4,255 49 - |
16,802 141 3,559 |
14,055 623 487 |
|
| 3. Segment Assets Energy Smart Infrastructure Mobility Digital Industries Others Unallocated (including cash and bank balances) Discontinued operations (refer note 1 & 5) Total Assets |
42,957 45,605 11,685 10,072 2,672 82,134 - |
41,150 45,393 11,776 11,498 2,634 70,083 2,348 |
38,500 43,818 8,572 8,263 2,367 69,948 2,354 |
42,957 45,605 11,685 10,072 2,672 82,134 - |
38,500 43,818 8,572 8,263 2,367 69,948 2,354 |
| 195,125 | 184,882 | 173,822 | 195,125 | 173,822 | |
| 4. Segment Liabilities Energy Smart Infrastructure Mobility Digital Industries Others Unallocated Discontinued operations (refer note 1 & 5) Total Liabilities |
33,841 20,627 8,201 8,520 1,688 6,289 - |
29,930 19,498 7,655 10,058 1,527 5,474 1,428 |
28,402 19,739 5,306 7,948 1,058 5,864 2,068 |
33,841 20,627 8,201 8,520 1,688 6,289 - |
28,402 19,739 5,306 7,948 1,058 5,864 2,068 |
| 79,166 | 75,570 | 70,385 | 79,166 | 70,385 |
Notes :
1 On 1 July 2022, the Company divested its Large Drives Applications (LDA) business (Portfolio Companies Segment) as a going concern on a slump sale basis to Siemens Large Drives India Private Limited (a subsidiary of Siemens Large Drives GmbH, which in turn is a subsidiary of Siemens AG), for a cash consideration of Rs. 4,400 million. The gain on the sale transaction is Rs. 3,559 million for the quarter and year ended 30 September 2022. The tax expense on this transaction is Rs. 853 million (including write-off of deferred tax assets of Rs. 49 million) for the quarter and year ended 30 September 2022.
The results of LDA business included in the above financial results and segment results, disclosed as discontinued operations, are as follows:
| (Rs. in million) | (Rs. in million) | (Rs. in million) | (Rs. in million) | (Rs. in million) | |
|---|---|---|---|---|---|
| Particulars | Quarter ended | Year ended | |||
| 30 Sept 2022 |
30 June 2022 |
30 Sept 2021 |
30 September 2022 |
30 September 2021 |
|
| Total income Total expenses Profit/(loss) before tax from discontinued operations Gain from sale of discontinued operations Tax expense/(credit)on discontinued operations / divestment |
- - - 3,559 853 |
1,411 1,435 (24) - (6) |
1,225 1,176 49 - 11 |
4,243 4,102 141 3,559 889 |
4,408 4,157 251 - 64 |
| Profit/(loss) after tax from discontinued operations | 2,706 | **(18) ** | 38 | 2,811 | 187 |
-
2 During the year, the Company has executed a Power Purchase Agreement and entered into a Share Subscription and Shareholders Agreement for the subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited (Sunsole). On 28 February 2022, Sunsole has allotted 26% of its paid-up equity share capital to the Company as first tranche allotment for a consideration of Rs. 2.7 million and Rs. 11.4 million as second tranche allotment on 5 August 2022 . The Company has accounted for the investment at cost as per under IND AS 28 'Investments in Associates and Joint Ventures'.
-
3 During the previous year, on 1 March 2021, the Company acquired 99.22% equity share capital of C&S Electric Limited from its promoters for a preliminary sale share consideration of Rs. 21,588 million, payable in cash, on cash free/debt free basis on terms and conditions that are mutually agreed between the parties to the transaction. Considering post Closing amendments to the Share Purchase Agreement, the investment value is Rs. 21,637 million.
-
4 During the previous year, the operations for the year ended 30 September 2021 were impacted due to the second wave of COVID-19. The expenses incurred in respect of continuing operations were as under:
| During the previous year, the operations for the year ended 30 September 2021 were impacted due to the second wave of COVID-19. The expenses continuing operations were as under: |
incurred in respect of |
|---|---|
| (Rs. in million) | |
| Particulars | Year ended |
| 30 September 2021 |
|
| Employee benefits expense Depreciation and amortisation expense Other expenses |
164 23 64 |
| Total | 251 |
| The total expenses incurred in respect of discontinued operations were Rs. 11 million. |
- 5 During the previous year, on 1 January 2021, the Company divested its Mechanical Drives (MD) business to Flender Drives Private Limited for a final consideration of Rs. 3,759 million. The gain on the sale transaction for the year ended 30 September 2021 was Rs. 487 million. The tax expense on this transaction for the year ended 30 September 2021 was Rs. 362 million (including write-off of deferred tax assets of Rs. 302 million).
The results of the MD business included in the above financial results and segment results, disclosed as discontinued operations, are as follows:
| The results of the MD business included in the above financial results and segment results, disclosed as discontinued operations, are as follows: | |
|---|---|
| (Rs. in million) | |
| Particulars | Year ended |
| 30 September 2021 |
|
| Total income Total expenses Profit before tax from discontinued operations Gain from sale of discontinued operations Tax expense on discontinued operations / divestment |
1,414 1,042 372 487 456 |
| Profit after tax from discontinued operations | 403 |
-
6 The Board of Directors have recommended a dividend of Rs. 10 per share for the year ended 30 September 2022 amounting to Rs.3,561 million.
-
7 The figures for the quarter ended 30 September 2022 and 30 September 2021 are the balancing figures between the audited figures in respect of the full financial year and the unaudited nine months figures as reported by the Company.
-
8 The above Standalone financial results were reviewed and approved by the Audit Committee and Board of Directors at their meetings held on 22 November 2022.
For Siemens Limited Digitally signed by SUNIL DASS SUNIL DASS MATHUR MATHUR Date: 2022.11.22 17:30:34 +05'30' Sunil Mathur Managing Director and Chief Executive Officer
Place : New Delhi Date : 22 November 2022
Siemens Limited
Registered office : Birla Aurora, Level 21, Plot No. 1080, Dr. Annie Besant Road, Worli, Mumbai - 400030 Corporate Identity Number: L28920MH1957PLC010839 Tel.: +91 22 6251 7000; Fax: +91 22 2436 2404 Email / Contact : [email protected] / www.siemens.co.in/contact Website: www.siemens.co.in
B S R & Co. LLP
Chartered Accountants
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400 063, India
Telephone: +91 22 6257 1000 Fax: +91 22 6257 1010
Independent Auditor’s Report
To the Board of Directors of Siemens Limited
Report on the audit of the Consolidated Annual Financial Results
Opinion
We have audited the accompanying consolidated annual financial results of Siemens Limited (hereinafter referred to as the “Holding Company”) and its subsidiaries (Holding Company and its subsidiaries together referred to as “the Group”), and its associate for the year ended 30 September 2022, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to usand based on the consideration of report of the other auditor on separate audited financial statements of the subsidiary referred to in "Other Matters" section below, the aforesaid consolidated annual financial results:
- a. include the annual financial results of the following entities:
| Name of component Siemens Rail Automation Private Limited C&S Electric Limited Sunsole Renewables Private Limited |
Relationship |
|---|---|
| Wholly owned subsidiary | |
| Subsidiary (w.e.f. 1 March 2021) | |
| Associate (w.e.f. 28 February 2022) |
-
b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
-
c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of consolidated net profit and other comprehensive income and other financial information of the Group for the year ended 30 September 2022.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results section of our report. We are independent of the Group and its associate in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of report of the other auditor referred to in sub paragraph no. (a) of the “Other Matters” paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.
Management’s and Board of Directors’ Responsibilities for the Consolidated Annual Financial Results
These consolidated annual financial results have been prepared on the basis of the consolidated annual financial statements.
Registered Office:
B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063
B S R & Co. LLP
Independent Auditor’s Report (Continued) Siemens Limited
The Holding Company’s Management and the Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the consolidated net profit/ loss and other comprehensive income and other financial information of the Group including its associate in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies included in the Group and the respective Management and Board of Directors of its associate are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated annual financial results by the Management and the Board of Directors of the Holding Company, as aforesaid.
In preparing the consolidated annual financial results, the respective Management and the Board of Directors of the companies included in the Group and the respective Management and Board of Directors of its associate are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and the Board of Directors of its associate is responsible for overseeing the financial reporting process of each company.
Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the consolidated annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated annual financial results made by the Management and Board of Directors.
-
Conclude on the appropriateness of the Management and Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated annual financial
B S R & Co. LLP
Independent Auditor’s Report (Continued) Siemens Limited
results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its associate to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
-
Obtain sufficient appropriate audit evidence regarding the financial statements of the entities within the Group and its associate to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of financial statements of such entities included in the consolidated annual financial results of which we are the independent auditors. For the other entities included in the consolidated annual financial results, which have been audited by other auditor, such other auditor remain responsible for the direction, supervision and performance of the audit carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in sub paragraph no. (a) of the “Other Matters” paragraph in this audit report.
We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated annual financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance with the circular No CIR/CFD/CMD1/44/2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
Other Matters
- a. The consolidated annual financial results include the audited financial results of one subsidiary, whose financial statements reflect total assets (before consolidation adjustments) of Rs. 3,499.02 million as at 30 September 2022, total revenue (before consolidation adjustments) of Rs. 1,604.06 million and total net profit after tax (before consolidation adjustments) of Rs. 434.30 million and net cash inflows (before consolidation adjustments) of Rs. 167.67 million for the year ended on that date, as considered in the consolidated annual financial results, which has been audited by its independent auditor. The independent auditor’s report on financial statements of this entity has been furnished to us by the management.
Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of this entity, is based solely on the report of such auditor and the procedures performed by us are as stated in paragraph above.
Our opinion on the consolidated annual financial results is not modified in respect of the above matter with respect to our reliance on the work done and the report of the other auditor.
- b. The consolidated annual financial results include the Group's share of net loss after tax of Rs. 0.23 million for the year ended 30 September 2022, as considered in the consolidated annual financial results, in respect of one associate. These unaudited financial statements have been furnished to us by the Board of Directors.
Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of this associate is based solely on such financial statements. In our opinion and according to the information and explanations given to us by the Board of Directors, these unaudited financial statements are not material to the Group.
Our opinion on the consolidated annual financial results is not modified in respect of the above matter with respect to the unaudited financial statements certified by the Board of Directors.
B S R & Co. LLP
Independent Auditor’s Report (Continued)
Siemens Limited
- c. The consolidated annual financial results include the results for the quarter ended 30 September 2022 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
For B S R & Co. LLP
Chartered Accountants
Firm’s Registration No.:101248W/W-100022
FARHAD HOSHEDER BAMJI
Digitally signed by FARHAD HOSHEDER BAMJI Date: 2022.11.22 17:46:16 +05'30'
Farhad Bamji
Partner
New Delhi
22 November 2022
Membership No.: 105234 UDIN:22105234BDTKBN1937
SIEMENS
Statement of Consolidated audited financial results for the quarter and year ended 30 September 2022
| SIEMENS | SIEMENS | SIEMENS | SIEMENS | SIEMENS | SIEMENS | SIEMENS |
|---|---|---|---|---|---|---|
| Statement of Consolidated audited financial results for the quarter and year ended 30 September 2022 | ||||||
| (Rs. in million) | ||||||
| No. | Particulars | Quarter ended | Year ended | |||
| 30 September | 30 June | 30 September | 30 September | |||
| 2022 (Audited) (Refer note 7) |
2022 (Unaudited) |
2021 (Audited) (Refer note 7) |
2022 (Audited) |
2021 (Audited) |
||
| 1 a) b) 2 3 4 a) b) c) d) e) f) g) h) 5 6 7 8 a) b) 9 10 11 12 a) b) 13 14 15 16 |
Revenue from operations Revenue from contracts with customers Other operating revenue Total revenue from operations (a+b) Other income Total income Expenses Cost of materials consumed Purchases of stock-in-trade Changes in inventories of finished goods, work-in-progress and stock-in-trade Project bought outs and other direct costs Employee benefits expense (refer note 4) Finance costs Depreciation and amortisation expense (refer note 4) Other expenses, net (refer note 4) Total expenses Profit before share of loss of associate (3-4) Share of loss of associate (refer note 3) Profit before tax from continuing operations (5+6) Tax expense Current tax Deferred tax expense / (credit) Net Profit after tax for the period from continuing operations (7-8) Discontinued operations (refer note 2 & 5) Profit/(loss) before tax from discontinued operations Gain from sale of discontinued operations Tax expense / (credit) on discontinued operations / divestment Profit /(loss) after tax for the period from discontinued operations Profit for the Period (9+10) Other comprehensive (loss) / income Items that will not be reclassified to profit or loss Re-measurement of defined benefit plans, net Income tax effect Items that will be reclassified to profit or loss Fair value changes on derivative designated as cash flow hedges, net Income tax effect Total other comprehensive income Total comprehensive income (including other comprehensive income/(loss)) [11+12] Profit for the period attributable to: - Owners of the Company - Non controlling interest Other comprehensive income / (loss) attributable to: - Owners of the Company - Non controlling interest Total comprehensive income (including other comprehensive income / (loss))attributable to: - Owners of the Company - Non controlling interest Paid-up equity share capital (Face Value of equity shares : Rs. 2 each fully paid up) Other Equity Earnings Per Share (EPS) of Rs. 2 each (in Rupees) - Basic and diluted EPS from continuing operations - Basic and diluted EPS from discontinued operations - Basic and diluted EPS from Total operations not annualised exceptyear end EPS |
45,641 930 46,571 1,028 47,599 10,054 10,316 1,219 9,672 4,781 132 798 5,370 42,342 5,257 5,257 1,714 (274) 1,440 3,817 - 3,559 853 2,706 6,523 19 (5) 9 (3) 20 6,543 6,523 20 6,543 712 - 10.72 7.60 18.32 |
41,980 603 42,583 787 43,370 8,440 12,619 632 7,186 4,454 44 787 5,130 39,292 4,078 4,078 1,218 (165) 1,053 3,025 (24) - (6) (18) 3,007 231 (58) 102 (26) 249 3,256 3,007 249 - 3,256 * 712 - 8.49 (0.05) 8.44 |
41,146 590 41,736 622 42,358 10,634 8,214 1,569 8,535 4,550 70 849 3,785 38,206 4,152 - 4,152 1,119 (129) 990 3,162 49 - 11 38 3,200 227 (57) (102) 25 93 3,293 3,200 93 3,293 * 712 - 8.88 0.10 8.98 |
158,738 2,640 161,378 3,078 164,456 36,707 44,490 (1,706) 29,772 18,057 363 3,171 16,485 147,339 17,117 17,117 4,884 (386) 4,498 12,619 141 3,559 889 2,811 15,430 (52) 13 109 (28) 42 15,472 15,429 1 42 15,471 1 712 115,390 35.44 7.89 43.33 |
129,946 2,039 131,985 2,264 134,249 28,890 36,726 (3,016) 27,241 16,392 243 2,974 10,872 120,322 13,927 - 13,927 3,816 (187) 3,629 10,298 623 487 520 590 10,888 367 (92) (5) 1 271 11,159 10,887 1 271 * 11,158 1 712 102,763 28.92 1.65 30.57 |
- denotes figures less than a million
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----- Start of picture text -----
Statement of Consolidated Assets and Liabilities (Rs. In million)
As at As at
No. Particulars 30 September 30 September
2022 2021
(Audited) (Audited)
A ASSETS
1 Non-current assets
a) Property, plant and equipment 9,846 10,184
b) Capital work-in-progress 510 338
c) Right-of-Use assets 2,473 2,821
d) Investment property 754 972
e) Goodwill 12,354 12,354
f) Other intangible assets 5,642 6,304
g) Intangible assets under development 7 12
h) Investment accounted using equity method 14 -
i) Financial assets
(i) Trade receivables 1,334 887
(ii) Loans 3,832 2,125
(iii) Other financial assets 666 2,569
j) Deferred tax assets (net) 975 554
k) Income tax assets (net) 6,917 6,604
l) Other non-current assets 2,916 2,977
Non-current assets 48,240 48,701
2 Current assets
a) Inventories 21,650 17,867
b) Financial assets
(i) Investments - 34
(ii) Trade receivables 37,860 36,827
(iii) Cash and cash equivalents 10,006 4,484
(iv) Bank balances other than cash and cash equivalents 55,835 47,107
(v) Loans 3,281 6,060
(vi) Other financial assets 2,706 2,077
c) Contract assets 17,350 13,323
d) Other current assets 3,970 3,672
Current assets 152,658 131,451
Asset classified as held for sale 192 -
TOTAL ASSETS 201,090 180,152
B EQUITY AND LIABILITIES
1 Equity
a) Equity share capital 712 712
b) Other equity 115,390 102,763
Equity attributable to the owners of the Company 116,102 103,475
Non controlling interest 76 75
Equity 116,178 103,550
2 Liabilities
Non-current liabilities
a) Financial liabilities
(i) Lease liabilities 1,016 1,551
(ii) Trade payables
Total outstanding dues of creditors other than micro and small enterprises 27 388
(iii) Other financial liabilities 739 2,778
b) Non-current liabilities 3,231 3,412
c) Other non-current liabilities - 31
Non-current liabilities 5,013 8,160
Current liabilities
a) Financial liabilities
(i) Borrowings - 25
(ii) Lease liabilities 805 627
(iii) Trade payables
Total outstanding dues of micro and small enterprises 2,207 1,761
Total outstanding dues of creditors other than micro and small enterprises 38,194 34,954
(iv) Other financial liabilities 7,769 4,275
b) Contract liabilities 18,319 14,596
c) Other current liabilities 1,284 1,554
d) Short term provisions 9,899 10,148
e) Current tax liabilities (Net) 1,422 502
79,899 68,442
TOTAL EQUITY AND LIABILITIES 201,090 180,152
----- End of picture text -----
SIEMENS
Statement of Consolidated Cash flow for the year ended 30 September 2022
| Cash flow from operating activities Profit before tax from continuing operations Profit / (Loss) before tax from discontinued operations Share of loss on associate Adjustments for: Finance costs Bad debts Provision for doubtful debts / advances, net Depreciation and amortisation expense (Profit) / loss on sale of assets, net Profit on sale of Discontinued operations Unrealised exchange loss / (gain), net Liabilities written back Interest income Operating profit before working capital changes Working capital adjustments (Increase) / decrease in inventories (Increase) / decrease in trade and other receivables Increase / (decrease) in trade payables and other liabilities Increase / (decrease) in provisions Net change in working capital Cash generated from operations Direct taxes paid, net Net cash generated from operating activities Cash flow from investing activities Purchase of property, plant and equipment Proceeds from sale of property, plant and equipments Sale of investments Proceeds from sale of discontinued operation Investment in subsidiary Investment in associate Interest received Inter corporate deposits given Refund of inter corporate deposits Deposits (with original maturity of more than 3 months) with banks matured / (placed) Net cash generated from /(used) from investing activities Cash flow from financing activities Interest paid Payment of principal of lease liabilities Payment of interest of lease liabilities Dividend paid (including tax thereon) Proceeds/ (repayment) from short-term borrowings Net cash used in financing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the year Effect of exchange gain / (loss) on cash and cash equivalents Cash and cash equivalents at the end of the year Particulars |
17,117 13,927 3,700 1,110 * - 363 243 53 76 580 (184) 3,171 3,007 (232) (24) (3,559) (487) (12) 144 (138) (154) (2,424) (2,063) 18,619 15,595 (4,194) (4,737) (8,503) (1,629) 9,369 7,758 (291) 975 (3,619) 2,367 15,000 17,962 (5,215) (3,740) 9,785 14,222 (1,560) (1,174) 247 103 33 51 4,400 3,759 - (17,433) (14) - 2,255 2,095 (9,449) (380) 10,470 - (6,735) (10,911) (353) (23,890) (248) (143) (664) (568) (136) (122) (2,849) (2,493) (25) (1,695) (3,922) (5,021) 5,510 (14,689) 4,484 19,173 12 - 10,006 4,484 (Rs. in million) Year ended 30 September 2022 (Audited) 30 September 2021 (Audited)** |
|---|---|
SIEMENS
Segmentwise Revenue, Results, Assets & Liabilities for the quarter and year ended 30 September 2022
| 1. Segment Revenue Energy Smart Infrastructure Mobility Digital Industries Others Less : Inter segment revenue Total revenue from operations Discontinued operation (refer note 2 & 5) 2. Segment Results Energy Smart Infrastructure Mobility Digital Industries Others Profit from continuing operations Add : a) Other Income Less : a) Finance costs Profit before tax from continuing operations Profit / (Loss) before tax from discontinued operations (refer note 2 & 5) Gain from sale of discontinued operations (refer note 2 & 5) 3. Segment Assets Energy Smart Infrastructure Mobility Digital Industries Others Unallocated (including cash and bank balances) Discontinued operations (refer note 2 & 5) Total Assets 4. Segment Liabilities Energy Smart Infrastructure Mobility Digital Industries Others Unallocated Discontinued operations (refer note 2 & 5) Total Liabilities |
30 September 30 June 30 September 2022 (Audited) (Refer note 7) 2022 (Unaudited) 2021 (Audited) (Refer note 7) 2022 (Audited) 2021 (Audited) 16,316 14,544 15,710 53,710 47,341 16,658 15,060 15,268 59,488 46,308 4,418 3,911 3,116 14,286 9,250 9,444 9,962 7,839 36,055 30,293 402 184 340 1,040 1,033 47,238 43,661 42,273 164,579 134,225 667 1,078 537 3,201 2,240 46,571 42,583 41,736 161,378 131,985 - 1,411 1,225 4,243 5,822 1,550 1,243 2,072 5,648 5,918 1,283 1,072 705 3,842 2,524 378 183 364 1,231 1,120 1,114 828 527 3,600 2,330 36 9 (68) 81 14 4,361 3,335 3,600 14,402 11,906 1,028 787 622 3,078 2,264 132 44 70 363 243 5,257 4,078 4,152 17,117 13,927 - (24) 49 141 623 3,559 - - 3,559 487 42,957 41,150 38,500 42,957 38,500 48,409 49,186 47,481 48,409 47,481 14,846 14,807 11,239 14,846 11,239 10,072 11,498 8,263 10,072 8,263 2,672 2,634 2,367 2,672 2,367 82,134 70,083 69,948 82,134 69,948 - 2,348 2,354 - 2,354 201,090 191,706 180,152 201,090 180,152 33,841 29,930 28,402 33,841 28,402 23,830 23,708 23,737 23,830 23,737 10,744 9,956 7,525 10,744 7,525 8,520 10,058 7,948 8,520 7,948 1,688 1,527 1,058 1,688 1,058 6,289 5,474 5,864 6,289 5,864 - 1,428 2,068 - 2,068 84,912 82,081 76,602 84,912 76,602 30 September (Rs. in millions) Consolidated Quarter ended Year ended |
|---|---|
Notes:
1 During the previous year on 1 March 2021, Siemens Limited ("The Holding Company") acquired 99.22% equity share capital of C&S Electric Limited from its promoters for a preliminary sale share consideration of Rs. 21,588 million, payable in cash, on cash free/debt free basis on terms and conditions that are mutually agreed between the parties to the transaction.
The fair value of assets and liabilities acquired have been determined in accordance with IND AS 103 'Business Combinations'. The purchase price has been allocated to the assets acquired and liabilities assumed based on the estimated fair values at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired has been allocated to goodwill. The Group has completed the purchase price allocation during the quarter ended 31 March 2022. The fair value of net identifiable assets acquired has been finalised at Rs. 9,640 million, net of deferred tax impact after measurement period adjustments due to revision in fair valuation of intangible and tangible assets, financial assets, contingent liabilities and inventories on refinement in key assumptions and valuation methods. As a result, goodwill is Rs.12,072 million. The comparative figures have been restated wherever necessary.
Subsequent changes in the sale share consideration post measurement period has been accounted in the statement of profit and loss for the year ended 30 September 2022 amounting to Rs. 227 million.
Details of amounts paid and payable, including allocation based on Purchase Price Accounting in accordance with Ind AS 103 are summarised below:
| Details of amounts paid and payable, including allocation based on Purchase Price Accounting in accordance with Ind AS 103 are summarised below: | |
|---|---|
| (Rs. in million) | |
| Particulars | As at 30 September 2022 |
| Final Purchase consideration Provisions Add/ (Less): Purchase price adjustments Less: Fair Value of Net identifiable assets acquired: Total fair value of net identifiable assets acquired Non-controllinginterest Property plant and equipment and right of use assets Capital work in progress Other Intangible assets and intangible assets under development Other assets and liabilities (net) Purchase consideration |
21,588 49 |
| 21,637 2,936 36 6,844 (939) 763 9,640 75 |
|
| Goodwill | 12,072 |
2 On 1 July 2022, the Holding Company divested its Large Drives Applications (LDA) business (Portfolio Companies Segment) as a going concern on a slump sale basis to Siemens Large Drives India Private Limited (a subsidiary of Siemens Large Drives GmbH, which in turn is a subsidiary of Siemens AG), for a cash consideration of Rs. 4,400 million. The gain on the sale transaction is Rs. 3,559 million for the quarter and year ended 30 September 2022. The tax expense on this transaction is Rs. 853 million (including write-off of deferred tax assets of Rs. 49 million) for the quarter and year ended 30 September 2022.
The results of LDA business included in the above financial results and segment results, disclosed as discontinued operations, are as follows:
| (Rs. in million) | (Rs. in million) | (Rs. in million) | (Rs. in million) | (Rs. in million) | |
|---|---|---|---|---|---|
| Particulars | Quarter ended | Year ended | |||
| 30 Sept 2022 |
30 June 2022 |
30 Sept 2021 |
30 September 2022 |
30 September 2021 |
|
| Total income Total expenses Profit/(loss) before tax from discontinued operations Gain from sale of discontinued operations Taxexpense/(credit) ondiscontinued operations / divestment |
- - - 3,559 853 |
1,411 1,435 (24) - (6) |
1,225 1,176 49 - 11 |
4,243 4,102 141 3,559 889 |
4,408 4,157 251 - 64 |
| Profit/(loss) after tax from discontinued operations | 2,706 | **(18) ** | 38 | 2,811 | 187 |
3 During the year, the Holding Company has executed a Power Purchase Agreement and entered into a Share Subscription and Shareholders Agreement for the subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited (Sunsole). On 28 February 2022, Sunsole has allotted 26% of its paid-up equity share capital to the Company as first tranche allotment for a consideration of Rs. 2.7 million and Rs. 11.4 million as second tranche allotment on 5 August 2022 . The Group has accounted for the investment as per Equity Method under IND AS 28 'Investments in Associates and Joint Ventures'.
4 During the previous year, the operations for the year ended 30 September 2021 were impacted due to the second wave of COVID-19. The expenses incurred in respect of continuing operations were as under:
| (Rs. in million) | (Rs. in million) |
|---|---|
| Particulars | Year ended 30 September 2021 |
| Employee benefits expense Depreciation and amortisation expense Otherexpenses |
164 23 64 |
| Total | 251 |
The total expenses incurred in respect of discontinued operations were Rs. 11 million.
5 During the previous year, on 1 January 2021, the Holding Company divested its Mechanical Drives (MD) business to Flender Drives Private Limited for a final consideration of Rs. 3,759 million. The gain on the sale transaction for the year ended 30 September 2021 was Rs. 487 million. The tax expense on this transaction for the year ended 30 September 2021 was Rs. 362 million (including write-off of deferred tax assets of Rs. 302 million).
The results of the MD business included in the above financial results and segment results, disclosed as discontinued operations, are as follows:
| (Rs. in million) | (Rs. in million) |
|---|---|
| Particulars | Year ended 30 September 2021 |
| Total income Total expenses Profit before tax from discontinued operations Gain from sale of discontinued operations Tax expense on discontinued operations / divestment |
1,414 1,042 372 487 456 |
| Profit after tax from discontinued operations | 403 |
- 6
The Board of Directors of the Holding Company have recommended a dividend of Rs. 10 per share for the year ended 30 September 2022 amounting to Rs. 3,561 million.
7 The figures for the quarter ended 30 September 2022 and 30 September 2021 are the balancing figures between the audited figures in respect of the full financial year and the unaudited nine months figures as reported by the Group.
- 8 The above Consolidated financial results were reviewed and approved by the Audit Committee and Board of Directors at their meetings held on 22 November 2022.
For Siemens Limited SUNIL DASS Digitally signed by SUNIL DASS MATHUR MATHUR Date: 2022.11.22 17:31:23 +05'30' Place : New Delhi Sunil Mathur Date : 22 November 2022 Managing Director and Chief Executive Officer Siemens Limited Registered office : Birla Aurora, Level 21, Plot No. 1080, Dr. Annie Besant Road, Worli, Mumbai - 400030 Corporate Identity Number: L28920MH1957PLC010839 Tel.: +91 22 6251 7000; Fax: +91 22 2436 2404 Email / Contact : [email protected] / www.siemens.co.in/contact Website: www.siemens.co.in
Press
New Delhi, November 22, 2022
Siemens Limited announces Q4 FY 2022 results; 11% increase in Revenue and 23% increase in PAT from continuing operations
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Board recommends dividend of Rs. 10/- per share (500%)
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Strong growth across all businesses
For the fourth quarter of Financial Year 2022 ended September 30, 2022, Siemens Limited registered a Revenue from continuing operations of Rs. 4,237 crore, an 11% increase over the same quarter in the preceding year. New Orders from continuing operations stood at Rs. 4,009 crore, registering a 25% increase over the same period last year. The Company’s Order Backlog from continuing operations is Rs. 17,183 crore. Profit after Tax from continuing operations of Rs. 392 crore, increased by 23% over the same period last year.
For the Financial Year 2022, Siemens Limited reported an increase of 43% in New Orders, 18% in Revenue and 20% in Profit after Tax from continuing operations over the previous financial year.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, “The Company’s strong performance showed the resilience of all our businesses which performed remarkably well. We continue to see an increased pace of tendering for Capex by both public and private sectors with increasing interest in digital and sustainability solutions.”
Contact for journalists:
Siemens Limited, Media Relations Praneet Mendon / Bijesh Kamath, phone: +91 22 6251 7000
E-mail: [email protected] / [email protected] Follow Siemens India on Twitter: www.twitter.com/siemensindia
Siemens Limited Birla Aurora, Level 21, Plot No. 1080, Dr. Annie Besant Road, Worli, Mumbai – 400030 , India Tel. : (022) 6251 7000 Head, Communications: Ramya Rajagopalan Corporate Identity Number: L28920MH1957PLC010839 Reference number: CM/PR/2/CORP 11 2022
Siemens Limited is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, to transform the everyday for people. Siemens Limited is the flagship listed company of Siemens AG in India. As of September 30, 2022, Siemens Limited had Revenue from continuing operations of Rs. 14,832 crore and 8,317 employees. Further information is available on the Internet at www.siemens.co.in.
Forward-looking statements : “This document contains forward-looking statements based on beliefs of Siemens' management. The words 'anticipate', ‘believe’, ‘estimate’, ‘forecast’, ‘expect’, ‘intend’, ‘plan’, ‘should’, and ‘project’ are used to identify forward looking statements. Such statements reflect the company's current views with respect to the future events and are subject to risks and uncertainties. Many factors could cause the actual result to be materially different, including, amongst others, changes in the general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products, lack of acceptance of new products or services, and changes in business strategy. Actual results may vary materially from those projected here. Siemens does not intend to assume any obligation to update these forward-looking statements.”