Siemens Ltd. — Interim / Quarterly Report 2021

May 11, 2021

SIEMENS

11th May, 2021

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

Dear Sir/ Madam,

Pursuant to Regulation 30, 33 and other applicable Regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that the Board of Directors of the Company at its Meeting held today, inter-alia, approved the Un-audited Financial Results (Standalone and Consolidated) (with limited review) for the Second Quarter I Half-year ended 31 st March, 2021 (copy enclosed).

Please also find enclosed the Press Release issued by the Company in this regard.

The Board meeting commenced at 2.00 p.m. and concluded at 4.00 p.m.

Kindly take the same on record.

Yours faithfully, For Siemens Limited

KETAN NANDKISHOR THAKER

Digitally signed by KETAN NANDKISHOR THAKER DN: cnaKETAN NANDKISHOR THAKER, c=IN, o=Personal Date: 2021.05.11 16:02:48 +05'30'

Ketan Thaker Company Secretary

Encl.: as above

Siemens Limited Management: Sunil Mathur CIN: L28920MH1957PLC010839 Birla Aurora, Level 21, Plot No. 1080, Tel.: +91226251 7000 Dr. Annie Besant Road, Worli, Website: www.siemens.co.in Mumbai -400030 E-mail- Corporate-

India Secretariat.in@siemens.com

Registered Office: Birla Aurora, Level 21, Plot No. 1080, Dr. Annie Besant Road, Worli, Mumbai-400030. Telephone +91226251 7000. Fax +9122 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 SR & 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

Telephone: +91 22 6257 1000 Fax: +9122 6257 1010

Limited review report on unaudited quarterly standalone financial results and standalone year-to-date financial results under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors of Siemens Limited

• 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Siemens Limited ("the Company") for the quarter ended 31 March 2021 and year-to-date results for the period from 1 October 2020 to 31 March 2021 ("the Statement").
• 1. This Statement, which is the responsibility of the Company's management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with applicable accounting standards and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

ForB SR& Co. LLP Chartered Accountants Firm's Registration No. 101248W/W-100022

FARHAD HOSHEDER BAMJI

Digitally signed by FARHAD HOSHEDER BAMJI Date: 2021.05.11 15:20:43 +05'30'

Farhad Bamji Partner Membership Number: 105234 ICAI UDIN: 21105234AAAAAX6878

Mumbai 11 May 2021

Registered Office:

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063

SIEMENS
	Statement of Standalone unaudited financial results for the quarter and six months ended 31 March 2021						(Rs. in millions)
			Quarter ended			Six months ended
		31 March	31 December	31 March	31 March	31 March	Year ended30 September
No.	Particulars	2021	2020	2020	2021	2020	2020
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1	Revenue from operationsa) Income from operations	32,983	28,582	25,440	61,565	50,092	95,808
	b) Other operating income	560	429	784	989	1,338	2,886
	Total income from operations (a+b)	33,543	29,011	26,224	62,554	51,430	98,694
2	Other income	540	570	805	1,110	1,660	3,099
3	Total income	34,083	29,581	27,029	63,664	53,090	101,793
4	Expenses
	a) Cost of materials consumed	6,612	4,540	6,715	11,152	11,519	17,762
	b) Purchases of stock-in-trade	9,705	10,964	6,046	20,669	14,261	21,637
	c) Changes in inventories of finished goods, work-in-progress and	(983)	(1,322)	(2,586)	(2,305)	(4,840)	1,054
	stock-in-trade
	d) Project bought outs and other direct costs	7,673	5,620	6,103	13,293	11,117	22,754
	e) Employee benefits expense (refer note 2)	3,681	3,968	4,154	7,649	7,969	15,404
	f) Finance costs	47	35	109	82	186	292
	g) Depreciation and amortisation expense (refer note 2)	581	616	653	1,197	1,209	2,504
	h) Other expenses, net (refer note 2)	2,441	1,630	3,614	4,071	6,022	10,180
	Total expenses	29,757	26,051	24,808	55,808	47,443	91,587
5	Profit before tax from continuing operations (3-4)	4,326	3,530	2,221	7,856	5,647	10,206
6	Tax expense
	a) Current tax	1,105	927	649	2,032	1,506	2,668
	b) Deferred tax expense I (credit)	63	(19)	(75)	44	(54)	(36)
		1,168	908	574	2,076	1,452	2,632
7	Net Profit after tax for the period from continuing operations(5-6)	3,158	2,622	1,647	5,780	4,195	7,574
	Discontinued operations (refer note 3)
	Profit/ (Loss) before tax from discontinued operations	-	372	102	372	208	(13)
	Gain from sale of discontinued operations	487	-	-	487	-	-
	Tax expense I (credit) on discontinued operations/ divestment	362	94	28	456	55	(4)
8	Profit/ (Loss) after tax for the period from discontinued	125	278	74	403	153	(9)
	operations
9	Profit/ (loss) for tihe period (7+8)	3,283	2,900	1,721	6,183	4,348	7,565
10	Other comprehensive (loss) I income
	a) Items that will not be reclassified to profit or loss
	Re-measurement of defined benefit plans, net	143	-	(572)	143	(572)	(371)
	Income tax effect	(36)	-	143	(36)	143	93
	b) Items that will be reclassified to profit or lossFair value changes on derivatives designated as cash flow	103	67	(9)	170	3	149
	hedges, net
	Income tax effect	(26)	(17)	2	(43)	(1)	(38)
	Total other comprehensive income I (loss)	184	50	(436)	234	(427)	(167)
11	Total comprehensive income I (loss) (including othercomprehensive income) [9+10]	3,467	2,950	1,285	6,417	3,921	7,398
12	Paid-up equity share capital	712	712	712	712	712	712
	(Face Value of equity shares: Rs. 2 each fully paid up)
13	Earnings Per Share (EPS) of Rs. 2 each (in Rupees)
	- Basic and diluted EPS from continuing operations
	- Basic and diluted EPS from discontinued operations	8.870.35	7.360.78	4.620.21	16.231.13	11.780.43	21.27(0.03)
	- Basic and diluted EPS from total operations•• not annualised except year end EPS	9.22	8.14	4.83	17.36	12.21	21.24

Statement of Standalone Assets and Liabilitie

	Statement of Standalone Assets and Liabilities		(Rs. in millions)
		As at	As at
	No. Particulars	31 March	30 September
		2021!Unaudited)	2020!Audited!
A	ASSETS
1	Non-current assets
	a) Property, plant and equipment	9,788	9,783
	b) Capital work-in-progress	3801,808	8801,860
	c) Right-of-Use assetsd) Investment property	1	1
	e) Other intangible assets	5	7
	f) Financial assets(i) Investments (refer note 1)	22,138	550
	(ii) Trade receivables	1,261	824
	(iii) Loans	4,437	5,060
	(iv) Other financial assetsg) Deferred tax assets (net)	2,518	446
	h) Income tax assets (net)	2,0446,523	2,4816,608
	i) Other non-current assets	2,966	3,025
	Non-current assets	53,869	31,525
2	Current assetsa) Inventories	15,302	11,064
	b) Financial assets
	(i) Trade receivables	37,191	31,239
	(ii) Cash and cash equivalents(iii) Other Bank balances	2,60341,704	18,31137,206
	(iv) Loans	2,476	2,722
	(v) other financial assets	2,310	2,748
	c) Contract assetsd) Other current assets	11,0662,793	13,1072,809
		115,445	119,206
	e) Asset classified as held for sale (refer note 3)	-	5,925
	Current assets	115,445	125,131
	TOTAL ASSETS	169,314	156,656
B	EQUITY AND LIABILITIES
1	Equitya) Equity share capital	712	712
	b) Other equity	97,841	94,028
	Equity	98,553	94,740
2	Liabilities
	Non-current liabilitiesa) Financial liabilities
	(i) Trade payables
	Total outstanding dues of creditors other than micro and small enterprises	503	157
	(ii) Lease liabilities	1,150	1,196
	(iii) Other financial liabilitiesb) Long term provisions	2,5823,045	4163,270
	c) Other non-current liabilities	31	31
	Non-current liabilities	7,311	5,070
	Current liabilities
	a) Financial liabilities
	(i) Trade payablesTotal outstanding dues of micro and small enterprises	1,029	1,393
	Total outstanding dues of creditors other than micro and small enterprises	34,401	26,340
	(ii) Lease liabilities	904	861
	(iii) Other financial liabilitiesb) Contract liabilities	3,06514,193	2,58413,653
	c) Other current liabilities	1,349	1,217
	d) Short term provisions	8,379	8,681
	e) Current tax liabilities (net)	13063,450	13054,859
	f) Liabilities classified as held for sale (refer note 3)	-	1,987
	Liabilities	70,761	61,916
	TOTAL EQUITY AND LIABILITIES	169,314	156,656

		{Rs. in millions)
	Six months Ended
Particulars	31 March 2021{Unaudited)	31 March 2020(Unaudited)
Cash flow from operating activities
Profit before tax from continuing operationsProfit before tax from discontinued operations	7,856859	5,647208
Adjustments for:
Finance costs	82	185
Bad debtsProvision for doubtful debts / advances, net	10(189)	2537
Depreciation and amortisation expense	1,197	1,208
(Profit) / loss on sale of assets, net	(13)	2
Gain on sale of Mechanical Drives (MD) business (refer note 3)	(487)
Liabilities written back	(24)	(39)
Unrealised exchange loss / (gain), net	246	869
Interest income	(1,076)	(1,625)
Operating profit before working capital changes	8,461	6,517
Working capital adjustments
(Increase)/ decrease in inventories	(4,323)	(4,797)
(Increase)/ decrease in trade and other receivables	(2,453)	3,585
Increase/ (decrease) in trade payables and other liabilities	8,183	(4,689)
Increase/ (decrease) in provisions	(464)	355
Net change in working capital	943	{5,546)
Cash generated from operations	9,404	971
Direct taxes paid, net	(2,087)	(1,514)
Net cash generated from/ {used in) operating activities	7,317	(543)
Cash flow from investing activities
Purchase of property, plant and equipments	(573)	(1,042)
Proceeds from sale of property, plant and equipments	27	*
Proceeds from sale of Mechanical Drives (MD) business (refer note 3)	3,759
Investment in subsidiary Company (refer note 1)	(18,952)
Interest received	1,195	1,637
Inter corporate deposits given	(1,380)	(7,022)
Refund of inter corporate deposits given	2,240	6,042
Deposits (with original maturity more than 3 months) with banks matured I
(placed)Net cash generated from/ {used in) investing activities	(6,501){20,185)	3,4073,022
Cash flow from financing activities
Interest paid	(29)	(80)
Payment of Principal of lease liabilities	(252)	(218)
Payment of interest of lease liabilitiesDividend paid (including tax thereon)	(64)(2,493)	(70)(3,005)
Net cash used in financing activities	{2,838)	{3,373)
Net increase / {decrease) in cash and cash equivalents	(15,706)	(894)
Cash and cash equivalents at beginning of the year	18,311	7,101
Effect of exchange gain / {loss) on cash and cash equivalents	(2)	(13)
Cash and cash equivalents at the end of the period	2,603	6,194

SIEMENS
Segmentwise Revenue, Results, Assets & Liabilities for the quarter and six months ended 31 March 2021
						(Rs. in millions}
				Standalone
		Quarter ended		Six months ended		Year ended
	31 March	31 December	31 March	31 March	31 March	30 September
	2021(Unaudited)	2020(Unaudited)	2020(Unaudited)	2021(Unaudited)	2020(Unaudited)	2020(Audited)
1. Segment Revenue
Energy	11,913	10,169	10,267	22,082	19,153	40,529
Smart InfrastructureMobility	10,4552,341	8,8211,864	7,7452,378	19,2764,205	15,3354,463	27,6358,443
Digital Industries	7,917	7,699	5,267	15,616	11,268	19,415
Portfolio Companies *	1,305	936	933	2,241	1,935	3,843
Others	293	184	243	477	400	966
	34,224	29,673	26,833	63,897	52,554	100,831
Less : Inter segment revenue	681	662	609	1,343	1,124	2,137
Total income from operations	33,543	29,011	26,224	62,554	51,430	98,694
Discontinued operation (refer note 3)	-	1,414	1,977	1,414	3,457	6,713
2. Segment Resu Its
Energy	1,804	1,277	887	3,081	1,861	4,014
Smart InfrastructureMobility	952237	663168	26271	1,615405	770507	1,013953
Digital Industries	686	802	263	1,488	893	1,156
Portfolio Companies *	125	50	71	175	97	200
Others	29	35	7	64	45	63
Profit/ (loss) from continuing operations	3,833	2,995	1,525	6,828	4,173	7,399
Add:
a) Other Income	540	570	805	1,110	1,660	3,099
Less:
a) Finance costs	47	35	109	82	186	292
Profit before tax from continuing operations	4,326	3,530	2,221	7,856	5,647	10,206
Profit/ (Loss) before tax from discontinued operations (refer note 3)		372	102	372	208	(13)
Gain from sale of discontinued operations (refer note 3)	487			487
3. Segment Assets
Energy	39,402	40,081	37,757	39,402	37,757	36,272
Smart Infrastructure (refer note 1)Mobility	42,7378,958	19,7829,323	20,2128,775	42,7378,958	20,2128,775	18,6838,827
Digital Industries	9,052	9,960	7,780	9,052	7,780	7,075
Portfolio Companies *	2,542	2,434	2,113	2,542	2,113	2,325
OthersUnallocated (including cash and bank balances)	2,14264,481	1,98880,893	2,27866,897	2,14264,481	2,27866,897	2,22575,324
Asset classified as held for sale (refer note 3)	-	4,949	6,334	-	6,334	5,925
Total Assets	169,314	169,410	152,146	169,314	152,146	156,656
4. Segment Liabilities
Energy	27,765	29,916	26,345	27,765	26,345	26,966
Smart Infrastructure (refer note 1)	19,733	15,105	14,190	19,733	14,190	13,148
Mobility	5,871	5,544	5,424	5,871	5,424	5,746
Digital IndustriesPortfolio Companies *	9,5811,807	10,2501,696	6,1611,898	9,5811,807	6,1611,898	6,5941,841
Others	1,074	1,016	998	1,074	998	1,151
UnallocatedLiabillties classified as held for sale (refer note 3)	4,930-	6,7231,580	3,5092,359	4,930-	3,5092,359	4,4831,987
Total Liabilities	70,761	71,830	60,884	70,761	60,884	61,916

* Portfolio Companies segment constitutes Large Drive Applications.

Notes:

On 1 March 2021, the Company acquired 99.22% equity share capital of C&S Electric Limited from its promoters for a consideration of Rs. 21,588 million, on cash free / debt free basis on terms and conditions that are mutually agreed between the parties to the transaction.

2 During the previous year, the Company's operations and financial results were adversely impacted by the lockdown imposed to contain the spread of Coronavirus (COVID-19) since last week of March 2020. The operations gradually resumed with requisite precautions during the quarter ended 30 June 2020 with limited availability of workforce and disrupted supply chain. Consequently, the results for quarter and six months ended 31 March 2020 and year ended 30 September 2020 were affected.

The expenses incurred during shutdown and partial shutdown in respect of factories and project sites relating to continuing operations were as under:

		(Rs. in millions)
	Quarter and Sixmonths ended	Year ended
Particulars	31 March2020	30 September2020
Employee benefits expense	83	1,689
Depreciation and amortisation expense	28	609
Other expenses	70	549
Total	181	2,847

3 On 1 January 2021, the Company divested its Mechanical Drives (MD) business as a going concern on a slump sale basis to Flender Drives Private Lim�ed for a final consideration of Rs. 3,759 million (after adjusting the consideration of Rs 4,400 million for changes in net current assets and capital expenditure as per the terms and conditions agreed between the parties). The gain on the sale transaction is Rs. 487 million for the quarter and six months ended 31 March 2021. The tax expense on this transaction is Rs. 362 million (including write-off of deferred tax asset of Rs. 302 million) for the quarter and six months ended 31 March 2021.

The results of the MD business included in the above financial results and segment results for previous periods, disclosed as discontinued operations, are as follows:

					(Rs. in millions)
		Quarter ended	Six months ended	Year ended
Particulars	31 December	31 March	31 March	31 March	30 September
	2020	2020	2021	2020	2020
Total income	1,414	1,977	1,414	3,459	6,715
Total expenses	1,042	1,875	1,042	3,251	6,728
Profit/ (Loss) before tax from discontinued operations	372	102	372	208	(13)
Gain from sale of discontinued operations	-	-	487	-	-
Tax expense/ (credit) on discontinued operations/ divestment	94	28	456	55	(4)
Profit/ ILossl after tax from discontinued ooerations	278	74	403	153	19

4 Previous period figures have been regrouped/ reclassified wherever necessary, to conform to current period classification.

5 The above Standalone financial results were reviewed and approved by the Audit Committee and Board of Directors at their meeting held on 11 May 2021.

For Siemens Limited SUNIL DASS Digitallysignedby SUNIL DASS MATHUR MATHUR Date: 2021.0S.11 14:S6:46 +05'30'

Sunil Mathur

Managing Director and Chief Executive Officer

Place : Mumbai Date : 11 May 2021 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 : Corporate-Secretariat.in@siemens.com / www.siemens.co.in/contact

Website: www.siemens.co.in

B SR & 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

Telephone: +91 22 6257 1000 Fax: +9122 6257 1010

Limited review report on unaudited quarterly consolidated financial results and consolidated year-to-date financial results under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors of Siemens Limited

• 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Siemens Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter ended 31 March 2021 and year-to-date results for the period from 1 October 2020 to 31 March 2021 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
• 1. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

1. The Statement includes the results of the following entities:

Name of the entity	Relationship
Siemens Rail Automation Private Limited	Wholly owned subsidiary
C&S Electric Limited	Subsidiary (w.e.f 1 March 2021)

Limited review report on unaudited quarterly consolidated financial results and consolidated year-to-date financial results under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Continued)

Siemens Limited

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review report of the other auditor referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We did not review the interim financial results of one wholly owned subsidiary included in the Statement, whose interim financial results reflect total assets (before consolidation adjustments) of Rs 2,810.59 million as at 31 March 2021 and total revenues (before consolidation adjustments) of Rs 284.05 million and Rs.556.29 million, total net profit after tax (before consolidation adjustment) of Rs 46.70 million and Rs 100.08 million and total comprehensive income (before consolidation adjustment) ofRs 0.71 million and Rs 0.71 million, for the quarter ended 31 March 2021 and for the period from 1 October 2020 to 31 March 2021, respectively, and cash outflow (net) (before consolidation adjustment) of Rs 158.90 million for the period from 1 October 2020 to 31 March 2021, as considered in the consolidated unaudited financial results. These interim financial results have been reviewed by other auditor whose report has been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the wholly owned subsidiary is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of the above matter.

ForB SR & Co. LLP Chartered Accountants Firm's Registration No. 101248W/W-100022

FARHAD Digitally signed by HOSHEDER BAMJI

FARHAD HOSHEDER BAMJ I Date: 2021.05.11 15:21 :56 +05'30'

Farhad Bamji Partner Membership Number: 105234 ICAI UDIN: 21105234AAAAA W5608

Mumbai 11 May 2021

							(Rs. in millions)
			Quarter ended		Six months ended		Year ended
No.	Particulars	31 March	31 December	31 March	31 March	31 March	30 September
		2021(Unaudited)	2020(Unaudited)	2020(Unaudited)	2021(Unaudited)	2020(Unaudited)	2020(Audited)
1	Revenue from operations
	a) Income from operations	34,277	28,823	25,628	63,100	50,449	96,606
	b) other operating income	560	429	774	989	1,323	2,859
	Total Income from operations (a+b)	34,837	29,252	26,402	64,089	51,772	99,465
2	Other income	563	581	819	1,144	1,688	3,149
3	Total income	35,400	29,833	27,221	65,233	53,460	102,614
4	Expenses
	a) Cost of materials consumed	7,148	4,540	6,715	11,688	11,519	17,762
	b) Purchases of stock-in-trade	9,706(861)	10,964(1,322)	6,046(2,586)	20,670(2,183)	14,261(4,840)	21,6371,054
	) Changes in inventories of finished goods, work-in-progressc and stock-in-trade
	d) Project bought outs and other direct costs	7,822	5,744	6,191	13,566	11,296	23,171
	e) Employee benefits expense (refer note 2)	3,810	3,982	4,164	7,792	7,994	15,465
	f) Finance costsg) Depreciation and amortisation expense (refer note 2)	58656	35619	110657	931,275	1861,217	2952,521
	h) Other expenses, net (refer note 2)	2,634	1,668	3,656	4,302	6,091	10,340
	Total expenses	30,973	26,230	24,953	57,203	47,724	92,245
5	Profit before tax from continuing operations (3-4)	4,427	3,603	2,268	8,030	5,736	10,369
6	Tax expense
	a) Current taxb) Deferred tax expense / ( credit)	1,15850	945(19)	664(79)	2,10331	1,532(58)	2,722(48)
		1,208	926	585	2,134	1,474	2,674
7	Net Profit after tax for the period from continuingoperations (5-6)	3,219	2,677	1,683	5,896	4,262	7,695
	Discontinued operations (refer note 3)
	Profit/ (Loss) before tax from discontinued operations	-	372	102	372	208	(13)
	Gain from sale of discontinued operations	487	-	-	487	-	-
	Tax expense/ (credit) on discontinued operations I divestment	362	94	28	456	55	(4)
8	Profit/ (Loss) after tax for the period from discontinuedoperations	125	278	74	403	153	(9)
9	Profit/ (Loss) for the period (7+8)	3,344	2,955	1,757	6,299	4,415	7,686
10	other comprehensive (loss) / Income
	a) Items that will not be reclasslfled to profit or loss
	Re-measurement of defined benefit plans, net	140	-	(573)	140	(573)	(370)
	Income tax effect	(35)	-	143	(35)	143	93
	b) Items that will be reclassified to profit or loss
	Fair value changes on derivative designated as cash flowhedges, net	103	67	(9)	170	3	149
	Income tax effect	(26)	(17)	2	(43)	(1)	(38)
	Total other comprehensive income/ (loss)	182	50	(437)	232	(428)	(166)
11	Total comprehensive income/ (loss) (including other	3,526	3,005	1,320	6,531	3,987	7,520
	comprehensive Income) [9+10]
	Profit/ (Loss) for the period attributable to:
	- owners of the Company	3,344	2,955	1,757	6,299	4,415	7,686
	- Non controlling interest		-	-		-	-
	other comprehensive income/ (loss) attributable to:
	- owners of the Company- Non controlling interest	182	50-	(437)-	232	(428)-	(166)-
	Total comprehensive Income/ (loss) (Including other
	comprehensive income)attributable to:- owners of the Company	3,526	3,005	1,320	6,531	3,987	7,520
	- Non controlling interest		-	-		-	-
12	Paid-up equity share capital(Face Value of equity shares : Rs. 2 each fully paid up)	712	712	712	712	712	712
	Earnings Per Share (EPS) of Rs. 2 each (In Rupees) -
13	attributable to owners of the Company
	- Basic and diluted EPS from continuing operations	9.04	7.52	4.73	16.56	11.97	21.62
	- Basic and diluted EPS from discontinued operations	0.35	0.78	0.21	1.13	0.43	(0.03)
	- Basic and diluted EPS from Total operations	9.39	8.30	4.94	17.69	12.40	21.59

• denotes figure less than a million

•• not annualised except year end EPS

	Statement of Consolldated Assets and Llabllltles		(Rs. in millions)
		As at	As at
	No. Particulars	31 March	30 September
		2021(Unaudited)	2020(Audited)
A	ASSETS
1	Non-current assets
	a) Property, plant and equipment	11,401	9,784
	b) Capital work-in-progressc) Right-of-Use assets	4112,070	8801,887
	d) Investment property	1	1
	e) Goodwill on consolidation (refer note 1)	12,868	282
	f) Other intangible assets	5,578	7
	(i) Trade receivables(ii) Loans	1,3014,437	8245,060
	(iii) Other financial assets	2,571	457
	g) Deferred tax assets (net)	680	2,524
	h) Income tax assets (net)i) Other non-current assets	6,5983,057	6,6403,096
	Non-current assets	50,973	31,442
2	Current assets
	a) Inventories	17,367	11,152
	b) Financial assets(i) Trade receivables	40,682	31,402
	(ii) Cash and cash equivalents	3,779	19,174
	(iii) other bank balances	44,167	37,922
	(iv) Loans	2,478	2,722
	(v) other financial assetsc) Contract assets	2,40611,217	2,75113,300
	d) Current tax assets (net)	20	-
	e) other current assets	2,976	2,812
	f) Asset classified as held for sale (refer note 3)	125,092-	121,2355,925
	Current assets	125,092	127,160
	TOTAL ASSETS	176,065	158,602
B	EQUITY AND LIABILITIES
1	Equity
	a) Equity share capitalb) Other equity	71298,133	71294,208
	Equity attributable to Owners of the Company	98,845	94,920
	Non controlling interest	71	-
	Equity	98,916	94,920
2	Llabllltles
	Non-current llabllltlesa) Financial liabilities
	(i) Borrowings	192	-
	(ii) Trade payables
	Total outstanding dues of creditors other than micro and small enterprises(iii) Lease liabilities	5031,304	1571,213
	(iv) Other financial liabilities	2,623	416
	b) Long term provisions	3,253	3,277
	c) other non-current liabilitiesNon-current llabllltles	317,906	315,094
	Current liabilitiesa) Financial liabilities
	(i) Borrowings	5	-
	(ii) Trade payables
	Total outstanding dues of micro and small enterprises	1,491	1,429
	Total outstanding dues of creditors other than micro and small enterprises(iii) Lease liabilities	36,357959	26,442871
	(iv) Other financial liabilities	3,958	2,589
	b) Contract liabilities	16,332	15,118
	c) other current liabilitiesd) Short term provisions	1,5408,459	1,2878,735
	e) Current tax liabilities (net)	142	130
		69,243-	56,601
	f) Liabilities classified as held for sale (refer note 3)		1,987
	Liabilities	77,149	63,682
	TOTAL EQUITY AND LIABILITIES	176,065	158,602

SIEMENS
	Statement of Consolidated Cash flow for the period ended 31 March 2021		(Rs. in millions)
		Six months Ended
		31 March	31 March
No.	Particulars	2021	2020
		(Unaudited)	(Unaudited)
1	Cash flow from operating activities
	Profit before tax from continuing operations	8,030	5,736
	Profit before tax from discontinued operations	859	208
	Adjustments for:
	Finance costs	93	186
	Bad debts	13	25
	Provision for doubtful debts / advances, net	(175)	40
	Depreciation and amortization expense	1,275	1,217
	(Profit) / loss on sale of assets, net	(16)	2
	Gain on sale of Mechanical Drives (MD) business (refer note 3)	(487)	-
	Liabilities written back	(33)	(39)
	Unrealised exchange loss/ (gain), net	235	869
	Interest income	(1,100)	(1,653)
	Operating profit before working capital changes	8,694	6,591
	Working capital adjustments
	(Increase)/ decrease in inventories	(4,266)	(4,708)
	(Increase)/ decrease in trade and other receivables	(2,489)	3,410
	Increase I (decrease) in trade payables and other liabilities	8,804	(4,599)
	Increase/ (decrease) in provisions	(450)	361
	Net change in working capital	1,599	(5,536)
	Cash generated from operations	10,293	1,055
	Direct taxes paid, net	(2,166)	(1,551)
	Net cash generated from / (used in) operating activities	8,127	(496)
2	Cash flow from investing activities
	Purchase of property, plant and equipments	(599)	(1,042)
	Proceeds from sale of property, plant and equipments	52	*
	Proceeds from sale of Mechanical Drives (MD) business (refer note 3)	3,759	-
	Payment made towards acquisition of C&S Electric Limited [Group's subsidiary]
	(refer note 1)	(18,952)	-
	Proceeds from redemption of mutual funds	51	-
	Interest received	1,215	1,665
	Inter corporate deposits given	(1,380)	(7,022)
	Refund of inter corporate deposits given	2,240	6,042
	Deposits (with original maturity more than 3 months) with banks matured I (placed)	(7,988)	3,585
	Net cash generated from/ (used in) investing activities	(21,602)	3,228
3	Cash flow from financing activities
	Interest paid	(46)	(80)
	Repayment of borrowings	(1,190)	-
	Payment of principal of lease liabilities	(278)	(224)
	Payment of interest of lease liabilities	(66)	(70)
	Dividend paid (including tax thereon)	(2,493)	(3,005)
	Net cash used in financing activities	(4,073)	(3,379)
	Net increase/ (decrease) in cash and cash equivalents	(17,548)	(647)
	Cash and cash equivalents at beginning of the year	21,329	7,125
	Effect of exchange (loss)/ gain on cash and cash equivalents	(2)	(13)
	Cash and cash equivalents at the end of the year	3,779	6,465
	* denotes figure less than a million

SIEMENS
Segmentwise Revenue, Results, Assets & Liabilities for the quarter and six months ended 31 March 2021
						(Rs. In millions)
				Consolidated
		Quarter anded			Six months anded	Yaar andad
	31 March	31 December	31 March	31 March	31 March	30 September
	2021(Unaudited)	2020(Unaudited)	2020(Unaudited)	2021(Unaudited)	2020(Unaudited)	2020(Audited)
1. Segment Ravanua
Energy	11,913	10,169	10,267	22,082	19,153	40,529
Smart Infrastructure (refer note 1)	11,501	8,821	7,745	20,322	15,335	27,635
MobilityDigital Industries	2,5897,917	2,1057,699	2,5565,267	4,69415,616	4,80511,268	9,21419,415
Portfolio Companies •	1,305	936	933	2,241	1,935	3,843
Others	293	184	243	477	400	966
	35,518	29,914	27,011	65,432	52,896	101,602
Less : Inter segment revenue	681	662	609	1,343	1,124	2,137
Total Income from operations	34,837	29,252	26,402	64,089	51,772	99,465
Discontinued operation (refer note 3)	-	1,414	1,977	1,414	3,457	6,713
2. Segment Results
Energy	1,804	1,277	887	3,081	1,861	4,014
Smart Infrastructure (refer note 1)	988	663	26	1,651	770	1,013
MobilityDigital Industries	290686	230802	305263	5201,488	569893	1,0691,156
Portfolio Companies •	125	50	71	175	96	200
Others	29	35	7	64	45	63
Profit/ (loss) from continuing operations	3,922	3,057	1,559	6,979	4,234	7,515
Add:
a) Other Income	563	581	819	1,144	1,688	3,149
Less:
a) Finance costs	58	35	110	93	186	295
Profit before tax from continuing operations	4,427	3,603	2,268	8,030	5,736	10,369
Profit/ (Loss) before tax from discontinued operations (refer note 3)	-	372	102	372	208	(13)
Gain from sale of discontinued operations	487		-	487	-	-
3. Segment Assets
Energy	39,402	40,081	37,757	39,402	37,757	36,272
Smart Infrastructure (refer note 1)	46,958	19,782	20,212	46,958	20,212	18,683
MobilityDigital Industries	11,4889,052	11,3549,960	10,4627,780	11,4889,052	10,4627,780	10,7737,075
Portfolio Companies •	2,542	2,434	2,113	2,542	2,113	2,325
Others	2,142	1,988	2,278	2,142	2,278	2,225
Unallocated (including cash and bank balances)Asset classified as held for sale (refer note 3)	64,481-	80,8934,949	66,8976,334	64,481	66,8976,334	75,3245,925
Total Assets	176,065	171,441	153,833	176,065	153,833	158,602
4. Segment Llabllltlas
EnergySmart Infrastructure (refer note 1)	27,76523,872	29,91615,105	26,34514,190	27,76523,872	26,34514,190	26,96613,148
Mobility	8,120	7,342	6,986	8,120	6,986	7,512
Digital Industries	9,581	10,250	6,161	9,581	6,161	6,594
Portfolio Companies •Others	1,8071,074	1,6961,016	1,898998	1,8071,074	1,898998	1,8411,151
Unallocated	4,930	6,723	3,509	4,930	3,509	4,483
Liabilities classified as held for sale (refer note 3)	-	1,580	2,359		2,359	1,987
Total Llabllltlas	77,149	73,628	62,446	77,149	62,446	63,682

• Portfolio Companies segment constitutes Large Drive Applications.

• Notes:
• 1 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 consideration of Rs. 21,588 million, 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 provisionally in accordance with IND AS 103 'Business Combinations'. The excess of consideration paid over the provisional fair value of net assets acquired has resulted in Goodwill amounting to Rs.12,586 million. The Group believes that the information provides a reasonable basis for estimating the fair values of assets and liabilities acquired, but the potential for measurement period adjustments exists based on a continuing review of matters related to the acquisition. The purchase price allocation is expected to be completed within one year.

The above financial results for the quarter and six months ended 31 March 2021 include the results for C&S Electric Limited for the period starting from 1 March 2021 and hence are not comparable with previous periods.

2 During the previous year, the Group's operations and financial results were adversely impacted by the lockdown imposed to contain the spread of Coronavirus (COVID-19) since last week of March 2020. The operations gradually resumed with requisite precautions during the quarter ended 30 June 2020 with limited availability of workforce and disrupted supply chain. Consequently, the results for quarter and six months ended 31 March 2020 and year ended 30 September 2020 were affected. The expenses incurred during shutdown and partial shutdown in respect of factories and project sites relating to continuing operations were as under:

Quarter and Six Year ended Particulars months ended 31 March 30 September 2020 2020 Employee benefits expense 83 1,689 Depreciation and amortisation expense 28 609 Other expenses 70 549 Total 181 2,847

3 On 1 January 2021, The Holding Company has divested its Mechanical Drives (MD) business as a going concern on a slump sale basis to Flender Drives Private Limited for a final consideration of Rs. 3,759 million (after adjusting the consideration of Rs 4,400 million for changes in net current assets and capital expenditure as per the terms and conditions agreed between the parties). The gain on the sale transaction is Rs. 487 million for the quarter and six months ended 31 March 2021. The tax expense on this transaction is Rs. 362 million (including write-off of deferred tax asset of Rs. 302 million) for the quarter and six months ended 31 March 2021.

The results of the MD business included in the above financial results and segment results for previous periods, disclosed as discontinued operations, are as follows:

/Rs. in millions)
	Quarter ended		Six months ended		Year ended
Particulars	31 December	31 March	31 March	31 March	30 September
	2020	2020	2021	2020	2020
Total Income	1,414	1,977	1,414	3,459	6,715
Total expenses	1,042	1,875	1,042	3,251	6,728
Profit/ (Loss) before tax from discontinued operations	372	102	372	208	(13)
Gain from sale of discontinued operations	-		487
Tax expense/ (credit) on discontinued operations/ divestment	94	28	456	55	(4)
Profit/ (Loss) after tax from discontinued operations	278	74	403	153	(9)

4 Previous period figures have been regrouped/ reclassified wherever necessary, to conform to current period classification.

5 The above Consolidated financial results were reviewed and approved by the Audit Committee and Board of Directors at their meeting held on 11 May 2021.

For Siemens Limited SUNIL DASS Digitallysignedby SUNIL DASS MATHUR MATHUR Date: 2021.05.11 14:57:30 +05'30'

/Rs. in millions)

Sunil Mathur Managing Director and Chief Executive Officer

Place Date : Mumbai 11 May 2021 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 3967 7000; Fax: +91 22 2436 2403

Email/ Contact : Cornorate-Secretariat.in@siemens.com / www.siemens.co.in/contact Website: www.siemens.co.in

Press

Mumbai, May 11, 2021

Siemens Limited announces Q2 FY 2021 results; 29.6% increase in Revenue and 94.8% increase in Profit before Tax from continuing operations (13.1% to revenue)

Robust growth in new orders, revenue and profitability across all businesses

For the second quarter of Financial Year 2021 ended March 31, 2021, Siemens Limited registered New Orders from continuing operations of Rs. 3,309 crore, registering a 16.9% increase over the same period last year. Revenue from continuing operations was Rs. 3,298 crore, a 29.6% increase over the same quarter in the preceding year. The Company reported Profit before Tax from continuing operations of Rs. 433 crore, an increase by 94.8% over the same period last year. The Company's Order Backlog stands at a healthy Rs. 12,677 crore.

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, "Order growth has been robust across all our businesses. There has been increased demand in our power transmission, digital grid and distribution systems businesses. Our digital industries segment saw growth in the machine tool and process automation businesses. The March-end quarter demonstrated a steady revival in the economy with both private and public sectors beginning to invest in anticipation of future growth."

"The second surge of the pandemic has impacted human lives in an unprecedented manner. A cross-functional Siemens India Task Force Team has been working since March 2020 to coordinate the implementation of concrete measures to support our employees at this difficult time. In addition, the Company is providing testing kits, oxygen concentrators, oxygen generators etc. to hospitals around the country as our small contribution to society," added Sunil Mathur.

Contact for journalists:

Siemens Limited, Media Relations Praneet Mendon / Bijesh Kamath, phone: +91 22 6251 7000 E-mail: praneet.mendon@siemens.com / bijesh.kamath@siemens.com Follow Siemens India on Twitter: www.twitter.com/siemensindia

Siemens Limited focuses on intelligent infrastructure for buildings and distributed energy systems and on automation and digitalization in the process, discrete & hybrid manufacturing industries. The Company brings together the digital and physical worlds to benefit customers and society. It offers broad expertise across the entire energy value chain, along with a comprehensive portfolio for utilities, independent power producers, transmission system operators, the oil and gas industry, and other energy-intensive industries. With its products, solutions, systems, and services, it addresses the needs of energy transition, including storage and sector-coupling solutions. It is also a supplier and service provider of intelligent mobility solutions for rail, road and inter-modal transport for passenger and freight services. Siemens Limited is the flagship listed company of Siemens AG in India. As of September 30, 2020, Siemens Limited had Revenue from continuing operations of INR 9,581 crore and 9,258 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."