Siemens Ltd. — Interim / Quarterly Report 2021

May 11, 2021

SIEMENS

11[th ] 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 Digitally signed by KETAN NANDKISHOR THAKER NANDKISHOR DN: cnaKETAN NANDKISHOR THAKER, c[=] IN, o[=] Personal THAKER Date: 2021.05.11 16:02:48 +05'30' Ketan Thaker Company Secretary Encl.: as above

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

2. 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.

3. 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.

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

Mumbai 11 May 2021

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

Registered Office:

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. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP la Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

SIEMENS

Statement of Standalone unaudited financial results for the quarter and six months ended 31 March 2021

								(Rs.in millions)
			Quarerended			Six months	ended	Year ended
No.	Pariculars	31 March 2021	31 December 2020	31 March 2020		31 March 2021	31 March 2020	30 September 2020
		(Unaudited)	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)	(Audited)
1	Revenue from operations
a)	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 expenseI(credit)	63	(19)		(75)	44	(54)	(36)
		1,168	908		574	2,076	1,452	2,632
7	Net Profit afer tax for the period from continuing operations	3,158	2,622		1,647	5,780	4,195	7,574
	(5-6)
	Discontinued operations (refer note 3)
	Profit/ (Loss) befre tax from discontinued operations	-	372		102	372	208	(13)
	Gain from sale of discontinued operations	487	-		-	487	-	-
	Tax expenseI(credit) on discontinued operations/ divestment	362	94		28	456	55	(4)
8	Profit/ (Loss) afer tax for the period from discontinued	125	278		74	403	153	(9)
	operations
9	Profit/ (loss) for tie 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 efect	(36)	-		143	(36)	143	93
b)	Items that will be reclassified to profit or loss
	Fair value changes on derivatives designated as cash flow	103	67		(9)	170	3	149
	hedges, net
	Income tax efect	(26)	(17)		2	(43)	(1)	(38)
	Total other comprehensive incomeI(loss)	184	50		(436)	234	(427)	(167)
11	Total comprehensive incomeI(loss) (including other	3,467	2,950		1,285	6,417	3,921	7,398
	comprehensive income) [9+10]
12	Paid-up equity share capital	712	712		712	712	712	712
	(Face Value_of_equit shars: Rs._2_each flly paid up)
13	Earnings Per Share (EPS) of Rs. 2 each (in Rupees) .
	- Basic and diluted EPS from continuing operations	8.87	7.36		4.62	16.23	11.78	21.27
	- 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	9.22	8.14		4.83	17.36	12.21	21.24
	•• not annualised except year end EPS

Statement of Standalone As ets and Liabilities

Statement of Standalone A ets and Liabilities
No. Paricular A A ETS 1 Non-current assets a) Property, plant and equipment b) Capital work-in-progress c) Right-of-Use assets d) Investment property e) Other intangible assets f) Financial assets (i) Investments (refer note 1) (ii) Trade receivables (iii) Loans (iv) Other financial assets g) Deferred tax assets (net) h) Income tax assets (net) i) Other non-current assets Non-current assets 2 Current assets a) Inventories b) Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Other Bank balances (iv) Loans (v) other financial assets c) Contract assets d) Other current assets e) Asset classified as held for sale (refer note 3) Current assets TOTAL A ETS B EQUITY AND LIABILITIES 1 Equity a) Equity share capital b) Other equity Equity 2 Liabilities Non-current liabilities a) Financial liabilities (i) Trade payables Total outstanding dues of creditors other than micro and small enterprises (ii) Lease liabilities (iii) Other financial liabilities b) Long term provisions c) Other non-current liabilities Non-current liabilities Current liabilities a) Financial liabilities (i) Trade payables Total outstanding dues of micro and small enterprises Total outstanding dues of creditors other than micro and small enterprises (ii) Lease liabilities (iii) Other financial liabilities b) Contract liabilities c) Other current liabilities d) Short term provisions e) Current tax liabilities (net) f) Liabilities classified as held fr sale (refer note 3) Liabilities TOTAL EQUITY AND LIABILITIES	(Rs. in millions) A at A at 31 March 30 September 2021 2020 !Unaudited) !Audited! 9,788 9,783 380 880 1,808 1,860 1 1 5 7 22,138 550 1,261 824 4,437 5,060 2,518 446 2,044 2,481 6,523 6,608 2,966 3,025
	53,869 31,525 15,302 11,064 37,191 31,239 2,603 18,311 41,704 37,206 2,476 2,722 2,310 2,748 11,066 13,107 2,793 2,809 115,445 119,206 - 5,925 115,445 125,131 169,314 156,656 712 712 97,841 94,028 98,553 94,740 503 157 1,150 1,196 2,582 416 3,045 3,270 31 31 7,311 5,070 1,029 1,393 34,401 26,340 904 861 3,065 2,584 14,193 13,653 1,349 1,217 8,379 8,681 130 130 63,450 54,859 - 1,987 70,761 61,916 169,314 156,656

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SIEMENS
Statement of Cash flow for the period ended 31 March 2021
{Rs. in millions)
Six months Ended
Particulars 31 March 2021 31 March 2020
{Unaudited) (Unaudited)
Cash fow from operating activities
Profit before tax from continuing operations 7,856 5,647
Profit before tax from discontinued operations 859 208
Adjustments for:
Finance costs 82 185
Bad debts 10 25
Provision for doubtful debts / advances, net (189) 37
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 fow 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) (6,501) 3,407
Net cash generated from/ {used in) investing activities {20,185) 3,022
Cash fow from fnancing activities
Interest paid (29) (80)
Payment of Principal of lease liabilities (252) (218)
Payment of interest of lease liabilities (64) (70)
Dividend paid (including tax thereon) (2,493) (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
denotes figure less than a million
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SIEMENS

Segmentwise Revenue, Results, As ets & Liabilities for the quarter and six months ended 31 March 2021

						(Rs.inmillions}
			Standalone
		Quarer ended		Six months	ended	Year ended
	31 March	31 December	31 March 31	March	31 March	30 September
	2021	2020	2020 2021		2020	2020
	(Unaudited)	(Unaudited)	(Unaudited) (Unaudited)		(Unaudited)	(Audited)
1.Segment Revenue
Energy	11,913	10,169	10,267	22,082	19,153	40,529
Smart Infrastructure	10,455	8,821	7,745	19,276	15,335	27,635
Mobility	2,341	1,864	2,378	4,205	4,463	8,443
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 : Intr segment revenue	681	662	609	1,343	1,124	2,137
Total income from operations	33,53	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 Infrastructure	952	663	26	1,615	770	1,013
Mobility	237	168	271	405	507	953
Digital Industries	686	802	263	1,488	893	1,156
Porolio 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)	42,737	19,782	20,212	42,737	20,212	18,683
Mobility	8,958	9,323	8,775	8,958	8,775	8,827
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
Others	2,142	1,988	2,278	2,142	2,278	2,225
Unallocated (including cash and bank balances)	64,481	80,893	66,897	64,481	66,897	75,324
Asset classified as held for sale (refer note 3)	-	4,949	6,334	-	6,334	5,925
Total Asset	169,314	169,410	152,146	169,314	152,146	156,656
4. Segment Liabilities
Energy Smart Infrstructure (refer note 1)	27,765 19,733	29,916 15,105	26,345 14,190	27,765 19,733	26,345 14,190	26,966 13,148
Mobility	5,871	5,544	5,424	5,871	5,424	5,746
Digital Industries	9,581	10,250	6,161	9,581	6,161	6,594
Portfolio Companies *	1,807	1,696	1,898	1,807	1,898	1,841
Others	1,074	1,016	998	1,074	998	1,151
Unallocated	4,930	6,723	3,509	4,930	3,509	4,483
Liabillties classified as held for sale (refer note 3)	-	1,580	2,359	-	2,359	1,987
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 Six months ended		Year ended
Pariculars	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 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)
Pariculars	Quarer 31 December	ended 31 March	Six months 31 March	ended 31 March	Year ended 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 Gain from sale of discontinued operations	372 -	102-	372 487	208 -	(13) -
Tax expense/ (credit) on discontinued operations/ divestment	94	28	456	55	(4)
Profit/ ILossl afer 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 SUNIL DASS MATHUR Digitallysignedby 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 / ww.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').

2. 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.

3. 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 a lying 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

Siemens Rail Automation Private Limited C&S Electric Limited

Relationship Wholly owned subsidiary Subsidiary (w.e.f 1 March 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

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP la Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

B S R&Co. LLP

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.

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

Mumbai 11 May 2021

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

SIEMENS

Statement of Consolidated unaudited financial results for the quarter and six months ended 31 March 2021

							(Rs.inmillions)
			Quarter ended		Six months	ended	Year ended
No.	Pariculars	31 March 2021	31 December 2020	31 March 2020	31 March 2021	31 March 2020	30 September 2020
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(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	10,964	6,046	20,670	14,261	21,637
) c	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(861)	(1,322)	(2,586)	(2,183)	(4,840)	1,054
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 costs	58	35	110	93	186	295
g)	Depreciation and amortisation expense (refer note 2)	656	619	657	1,275	1,217	2,521
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 tax	1,158	945	664	2,103	1,532	2,722
b)	Deferred tax expense / ( credit)	50	(19)	(79)	31	(58)	(48)
		1,208	926	585	2,134	1,474	2,674
7	Net Profit afer tax for the period from continuing	3,219	2,677	1,683	5,896	4,262	7,695
	operations (5-6)
	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) afer tax for the period from discontinued	125	278	74	403	153	(9)
	operations
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 flow	103	67	(9)	170	3	149
	hedges, net
	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	182	50	(437)	232	(428)	(166)
	- Non controlling interest	.	-	-	.	-	-
	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 equi shars : Rs. 2 each fully paid up)	712	712	712	712	712	712
13	Earnings Per Share (EPS) of Rs. 2 each(InRupees) -
	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
	•• not annualised except year end EPS

• denotes figure less than a million

Statement of Consolldated Assets and Llabllltles

tatement of Consolldated Assets and Llabllltles
No. Pariculars A ASSETS 1 Non-current assets a) Property, plant and equipment b) Capital work-in-progress c) Right-of-Use assets d) Investment propery e) Goodwill on consolidation (refer note 1) f)Other intangible assets (i) Trade receivables (ii) Loans (iii) Other financial assets g) Deferred tax assets (net) h) Income tax assets (net) i) Other non-current assets Non-current assets 2 Current assets a) Inventories b) Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) other bank balances (iv) Loans (v) other financial assets c) Contract assets d) Current tax assets (net) e) other current assets f)Asset classified as held for sale (refer note 3) Current assets TOTAL ASSETS B EQUITY AND LIABILITIES 1 Equity a) Equity share capital b) Other equity Equity attributable to Owners of the Company Non controlling interest Equity 2 Llabllltles Non-current llabllltles a) Financial liabilities (i) Borrowings (ii) Trade payables Total outstanding dues of creditors other than micro and small enterprises (iii) Lease liabilities (iv) Other financial liabilities b) Long term provisions c) other non-current liabilities Non-current llabllltles Current liabilities a) Financial liabilities (i) Borrowings (ii) Trade payables Total outstanding dues of micro and small enterprises Total outstanding dues of creditors other than micro and small enterprises (iii) Lease liabilities (iv) Other financial liabilities b) Contract liabilities c) other current liabilities d) Short term provisions e) Current tax liabilities (net) f)Liabilities classified as held for sale (refer note 3) Liabilities TOTAL EQUITY AND LIABILITIES	(Rs. in millions) As at As at 31 March 30 September 2021 2020 (Unaudited) (Audited) 11,401 9,784 411 880 2,070 1,887 1 1 12,868 282 5,578 7 1,301 824 4,437 5,060 2,571 457 680 2,524 6,598 6,640 3,057 3,096
	50,973 31,442 17,367 11,152 40,682 31,402 3,779 19,174 44,167 37,922 2,478 2,722 2,406 2,751 11,217 13,300 20 - 2,976 2,812 125,092 121,235 - 5,925 125,092 127,160 176,065 158,602 712 712 98,133 94,208 98,845 94,920 71 - 98,916 94,920 192 - 503 157 1,304 1,213 2,623 416 3,253 3,277 31 31 7,906 5,094 5 - 1,491 1,429 36,357 26,442 959 871 3,958 2,589 16,332 15,118 1,540 1,287 8,459 8,735 142 130 69,243 56,601 - 1,987 77,149 63,682 176,065 158,602

SIEMENS

Statement of Consolidated Cash flow for the period ended 31 March 2021

			(Rs. in millions)
		Six months	Ended
No.	Pariculars	31 March 2021	31 March 2020
		(Unaudited)	(Unaudited)
1	Cash fow frmoperating 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 fr 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 fow frominvesting 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 fow frmfnancing 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
	Efect 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, As ets & Liabilities for the quarter and six months ended 31 March 2021

(Rs. In millions)

	(Rs. Inmillions)
1. Segment Ravanua Energy Smart Infrastructure (refer note 1) Mobility Digital Industries Porolio Companies • Others Less : Inter segment revenue Total Income from operations Discontinued operation (refrnote 3)	Consolidated Quarer anded Six months anded Yaar andad
	31 March 31 December 31 March 31 March 31 March 30 September
	2021 2020 2020 2021 2020 2020 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 11,913 10,169 10,267 22,082 19,153 40,529 11,501 8,821 7,745 20,322 15,335 27,635 2,589 2,105 2,556 4,694 4,805 9,214 7,917 7,699 5,267 15,616 11,268 19,415 1,305 936 933 2,241 1,935 3,843 293 184 243 477 400 966 35,518 29,914 27,011 65,432 52,896 101,602 681 662 609 1,343 1,124 2,137 34,837 29,252 26,402 64,089 51,772 99,465 - 1,414 1,977 1,414 3,457 6,713
2. Segment Results Energy Smart Infrastructure (refer note 1) Mobility Digital Industries Porolio Companies • Others Profit/ (loss) from continuing operations Add: a) Other Income Less: a) Finance costs Profit before tax from continuing operations Profit/ (Loss) before tax from discontinued operations (refr note 3) Gain from sale of discontinued operations 3. Segment Assets Energy Smart Infrastructure (refer note 1) Mobility Digital Industries Portfolio Companies • Others Unallocated (including cash and bank balances) Asset classified as held for sale (refer note 3) Total Assets 4. Segment Llabllltlas Energy Smart Infrastructure (refer note 1) Mobility Digital Industries Portfolio Companies • Others Unallocated Liabilities classifed as held fr sale (refr note 3) Total Llabllltlas	1,804 1,277 887 3,081 1,861 4,014 988 663 26 1,651 770 1,013 290 230 305 520 569 1,069 686 802 263 1,488 893 1,156 125 50 71 175 96 200 29 35 7 64 45 63 3,922 3,057 1,559 6,979 4,234 7,515 563 581 819 1,144 1,688 3,149 58 35 110 93 186 295 4,427 3,603 2,268 8,030 5,736 10,369 - 372 102 372 208 (13) 487 - 487 - - 39,402 40,081 37,757 39,402 37,757 36,272 46,958 19,782 20,212 46,958 20,212 18,683 11,488 11,354 10,462 11,488 10,462 10,773 9,052 9,960 7,780 9,052 7,780 7,075 2,542 2,434 2,113 2,542 2,113 2,325 2,142 1,988 2,278 2,142 2,278 2,225 64,481 80,893 66,897 64,481 66,897 75,324 - 4,949 6,334 6,334 5,925 176,065 171,441 153,833 176,065 153,833 158,602 27,765 29,916 26,345 27,765 26,345 26,966 23,872 15,105 14,190 23,872 14,190 13,148 8,120 7,342 6,986 8,120 6,986 7,512 9,581 10,250 6,161 9,581 6,161 6,594 1,807 1,696 1,898 1,807 1,898 1,841 1,074 1,016 998 1,074 998 1,151 4,930 6,723 3,509 4,930 3,509 4,483 - 1,580 2,359 2,359 1,987 77,149 73,628 62,446 77,149 62,446 63,682

• Portfolio Companies segment constitutes Large Drive Applications.

2

3

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.

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:

		/Rs. in millions)
Pariculars	Quarer and Six months ended 31 March	Year ended 30 September
	2020	2020
Employee benefits expense	83	1,689
Depreciation and amortisation expense	28	609
Other expenses	70	549
Total	181	2,847

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:

Pariculars Total Income Total expenses Profit/ (Loss) before tax from discontinued operations Gain from sale of discontinued operations Tax expense/ (credit) on discontinued operations/ divestment Profit/ (Loss) afer tax from discontinued operations	/Rs. in millions) Quarter ended Six months ended Year ended
	31 December 31 March 31 March 31 March 30 September 2020 2020 2021 2020 2020 1,414 1,977 1,414 3,459 6,715 1,042 1,875 1,042 3,251 6,728 372 102 372 208 (13) - . 487 . . 94 28 456 55 (4) 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 Digitallysignedby SUNIL DASS SUNIL DASS MATHUR MATHUR Date: 2021.05.11 14:57:30 +05'30'

Sunil Mathur

Place Mumbai Date : 11 May 2021

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 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.

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/7/CORP 05 2021

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.”