Siemens Ltd. — Interim / Quarterly Report 2022

Feb 4, 2022

==> picture [119 x 27] intentionally omitted <==

4[th] February, 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

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 you 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 first quarter ended 31[st] December, 2021 (copy enclosed).

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

The Board Meeting commenced at 2.04 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 NANDKISHOR THAKER Date: 2022.02.04 16:01:45 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 Secretariat.in@siemens.com

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.

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

B SR & Co. LLP Chartered Accountants

Limited Review Report on unaudited standalone financial results of Siemens Limited for the quarter ended 31 December 2021 pursuant to Regulation 33 of Securities and Exchange Board of India (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 December 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 Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. 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. Attention is drawn to the fact that the figures for the three months ended 30 September 2021 as reported in these unaudited standalone financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit.

5. 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 Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022

Digitally signed by FARHAD FARHAD HOSHEDER BAMJI HOSHEDER BAMJI[Date: 2022.02.0415:17:37 ] +05'30'

Mumbai 04 February 2022

Farhad Bamji Partner Membership No.: 105234 UDIN:22105234AAJGNL2222

Registered Office:

B SR & Co. (a partnership firm with Registration No. BA61223) converted into B SR & 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

SIEMENS

Statement of Standalone unaudited financial results for the quarter ended 31 December 2021

							(Rs. in millions)
			Quarer ended				Year ended
		31 December	30 September			31 December	30 September
No.	Particulars	2021	2021			2020	2021
		(Unaudited)	(Audited)			(Unaudited)	(Audited)
			(Refer note		5)
1	Revenue from operations
a)	Revenue from contracts with customers	31,965		39,411		28,582	127,559
b)	Other operating revenue	434			586	429	2,072
	Total revenue from operations (a+b)	32,399		39,997		29,011	129,631
2	Other income	571			616	570	2,190
3	Total income	32,970		40,613		29,581	131,821
4	Expenses
a)	Cost of materials consumed	5,539		8,762		4,540	25,235
b)	Purchases of stock-in-trade	12,254		8,634		10,964	39,244
c)	Changes in inventories of finished goods, work-in-progress and	(1,589)		1,575		(1,322)	(3,122)
	stock-in-trade
d)	Project bought outs and other direct costs	6,016		8,797		5,620	27,399
e)	Employee benefits expense (refer note 2)	4,311		4,353		3,968	16,041
f)	Finance costs	54			59	35	196
g)	Depreciation and amortisation expense (refer note 2)	538			540	616	2,282
h)	Other expenses, net (refer note 2)	2,549		3,589		1,630	10,240
	Total expenses	29,672		36,309		26,051	117,515
5	Profit before tax from continuing operations (3-4)	3,298		4,304		3,530	14,306
6	Tax expense
a)	Currenttax	837		1,094		927	3,665
b)	Deferred tax expense/ (credit)	8			(20)	(19)	14
		845		1,074		908	3,679
7	Net Profit afer tax for the period from continuing operations	2,453		3,230		2,622	10,627
	(5-6)
	Discontinued operations (refr note 3)
	Profit before tax from discontinued operations	-			-	372	372
	Gain from sale of discontinued operations	-			-	-	487
	Tax expense on discontinued operations/ divestment	-			-	94	456
8	Profit afer tax for the period from discontinued operations	-			-	278	403
9	Profit for the period (7 +8)	2,453		3,230		2,900	11,030
10	Other comprehensive income/ (loss)
a)	Items that will not be reclassified to profit or loss
	Re-measurement of defined benefit plans, net	27			225	-	368
	Incometaxefect	(7)			(57)	-	(93)
b)	Items that will be reclassified to profit or loss
	Fair value changes on derivatives designated as cash flow	20			(102)	67	(5)
	hedges, net
	Incometaxefect	(5)			25	(17)	1
	Total other comprehensive income/ (loss)	35			91	50	271
11	Total comprehensive income (including other	2,488		3,321		2,950	11,301
	comprehensive income/ (loss)) [9+10]
12	Paid-up equity share capital	712			712	712	712
	(Face Valueofequit shars :Rs.2eachfly paid up)
13	Reseres (excluding revaluation reserve) as shown in the	-			-	-	102,725
	Audited Balance sheet of the previous year
14	Earnings Per Share (EPS) of Rs. 2 each (in Rupees) -
	- Basic and diluted EPS from continuing operations	6.89			9.07	7.36	29.84
	- Basic and diluted EPS from discontinued operations	-			-	0.78	1.13
	- Basic and diluted EPS from total operations	6.89			9.07	8.14	30.97
	•• not annualised except year end EPS

SIEMENS

Segmentwise Revenue, Results, As ets & Liabilities for the quarter ended 31 December 2021

(Rs. in millions)

	(Rs. in millions)
1. Segment Revenue Energy Smart Infrastructure Mobility Digital Industries Porlio Companies• Others Less : Inter segment revenue Total revenue from operations Discontinued operation (refer note 3) 2. Segment Results Energy Smart Infrastructure Mobility Digital Industries Porolio Companies• Others Profit from continuing operations Add: a) Other Income Less: a) Finance costs Profit before tax from continuing operations Profit before tax from discontinued operations (refer note 3) Gain from sale of discontinued operation (refer note 3) 3. Segment A ets Energy Smart Infrastructure (refer note 1) Mobility Digital Industries Porlio Companies• Others Unallocated (including cash and bank balances) Asset classified as held for sale (refer note 3) Total A ets 4. Segment Liabilities Energy Smart Infrastructure (refer note 1) Mobility Digital Industries Porolio Companies• Others Unallocated Liabilities classified as held for sale (refer note 3) Total Liabilities	Standalone Quarter ended Year ended 31 December 30 September 31 December 30 September 2021 2021 2020 2021 (Unaudited) (Audited) (Unaudited) (Audited) (Refer note 5) 10,892 15,710 10,169 47,341 9,967 12,609 8,821 40,515 2,805 2,812 1,864 8,282 7,910 7,839 7,699 30,293 1,301 1,233 936 4,437 162 339 184 1,033
	33,037 40,542 29,673 131,901 638 545 662 2,270
	32,399 39,997 29,011 129,631 - - 1,414 1,414 1,232 2,072 1,277 5,918 615 908 663 2,982 230 260 168 817 666 527 802 2,330 30 49 50 251 8 (69) 35 14 2,781 3,747 2,995 12,312 571 616 570 2,190 54 59 35 196 3,298 4,304 3,530 14,306 - - 372 372 - - - 487 40,307 38,500 40,081 38,500 44,891 43,818 19,782 43,818 10,089 8,572 9,323 8,572 9,859 8,263 9,960 8,263 2,681 2,354 2,434 2,354 2,470 2,367 1,988 2,367 66,328 69,948 80,893 69,948 - - 4,949 - 176,625 173,822 169,410 173,822 27,835 28,402 29,916 28,402 19,070 19,739 15,105 19,739 5,646 5,306 5,544 5,306 8,531 7,948 10,250 7,948 2,152 2,068 1,696 2,068 1,208 1,058 1,016 1,058 6,255 5,864 6,723 5,864 - - 1,580 - 70,697 70,385 71,830 70,385

• Portfolio Companies segment constitutes Large Drive Applications.

Notes:

• 1 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 as on 31 December 2021.

• 2 The operations during the previous 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:

==> picture [468 x 208] intentionally omitted <==

----- Start of picture text -----

(Rs. in millions)
Year ended
Particulars 30 September
2021
Employee benefits expense 171
Depreciation and amortisation expense 25
Other expenses 66
Total 262
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 was Rs. 487 million for the year ended 30 September 2021. The tax expense on this
transaction was Rs. 362 million (including write-off of deferred tax assets of Rs. 302 million) for the year ended 30 September 2021.
The results of the MD business included in the above financial results and segment results, disclosed as discontinued operations, are as follows:
(Rs. in millions)
Particulars Quarter ended Year ended
31 December 30 September
2020 2021
Total income 1,414 1,414
Total expenses 1,042 1,042
Profit before tax from discontinued operations 372 372
Gain from sale of discontinued operations - 487
Tax expense on discontinued operations / divestment 456
Profit after tax from discontinued operations 278 403
94
----- End of picture text -----

• 3 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 was Rs. 487 million for the year ended 30 September 2021. The tax expense on this transaction was Rs. 362 million (including write-off of deferred tax assets of Rs. 302 million) for the year ended 30 September 2021.

• 4 The Company has executed a Power Purchase Agreement and entered into a Share Subscription and Shareholders Agreement on 22 October 2021, for the subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited, subject to fulfilment of conditions precedent as agreed between the parties.

• 5 The figures for the quarter ended 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.

• 6 The above Standalone financial results were reviewed and approved by the Audit Committee and Board of Directors at their meetings held on 4 February 2022.

For Siemens Limited

SUNIL DASS Digitally signed by SUNIL DASS MATHUR MATHUR +05'30' Date: 2022.02.04 15:01 :37

Sunil Mathur

Managing Director and Chief Executive Officer

Place : Mumbai

Date : 04 February 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 : Corgorate-Secretariat.in@siemens.com / www.siemens.co.in/contact Website: www.siemens.co.in

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400 063, India

B SR & Co. LLP Chartered Accountants

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

Limited Review Report on unaudited consolidated financial results of Siemens Limited for the quarter ended 31 December 2021 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

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 December 2021 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (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 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 Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

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

Sr. No	Name of component	Relationship
1	Siemens Rail Automation Private Limited	Wholly owned subsidiary
2	C&S Electric Limited	Subsidiary (w.e.f. 1 March 2021)

1. Attention is drawn to the fact that the figures for the three months ended 30 September 2021 as reported in these unaudited consolidated financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit.

Registered Office:

B SR & Co. (a partnership firm with Registration No. BA61223) converted into B SR & 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 SR & Co. LLP

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 7 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 subsidiary included in the Statement, whose interim financial results reflects total revenues (before consolidation) of Rs. 242 million, total net profit after tax (before consolidation) of Rs. 92 million and total comprehensive income (before consolidation) of Rs. 69 million, for the quarter ended 31 December 2021, as considered in the unaudited consolidated financial results. These interim financial results have been reviewed by other auditor whose report has been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this 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 is not modified in respect of this matter.

For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022

Mumbai 04 February 2022

Digitally signed by FARHAD FARHAD HOSHEDER BAMJI HOSHEDER BAMJI[oate:2022.02.041s:1s,3s ] +05'30' Farhad Bamji Partner Membership No.: 105234 UDIN:22105234AAJIBB3149

(Rs. in millions)

SIEMENS

Statement of Consolidated unaudited financial results for the quarter ended 31 December 2021

						(Rs. in millions)
			Quarter ended			Year ended
		31 December	30 September		31 December	30 September
No.	Pariculars	2021	2021		2020	2021
		(Unaudited)	(Audited)		(Unaudited)	(Audited)
			(Refer Note	5)
1	Revenue from operations
a)	Revenue from contracts with customers	35,001	42,330		28,823	134,226
b)	Other operating revenue	503		631	429	2,166
	Total revenue from operations (a+b)	35,504	42,961		29,252	136,392
2	other income	596		622	581	2,265
3	Total income	36,100	43,583		29,833	138,657
4	Expenses
a)	Cost of materials consumed	7,439	10,597		4,540	28,874
b)	Purchases of stock-in-trade	12,212	8,503		10,964	39,114
c)	Changes in inventories of finished goods, work-in-progress and	(1,513)	1,589		(1,322)	(3,025)
	stock-in-trade
d)	Project bought outs and other direct costs	6,245	9,179		5,744	28,154
e)	Employee benefits expense (refer note 2)	4,675	4,721		3,982	16,917
f)	Finance costs	61		72	35	246
g)	Depreciation and amortisation expense (refer note 2)	806		800	619	3,005
h)	other expenses, net (refer note 2)	2,800	3,900		1,668	11,173
	Total expenses	32,725	39,361		26,230	124,458
5	Profit before tax from continuing operations (3-4)	3,375	4,222		3,603	14,199
6	Tax expense
a)	Current tax	907	1,131		945	3,880
b)	Deferred tax expense/ (credit)	(40)		(125)	(19)	(182)
		867	1,006		926	3,698
7	Net Profit afer tax for the period from continuing operations	2,508	3,216		2,677	10,501
	(5-6)
	Discontinued operations (refer note 3)
	Profit before tax from discontinued operations				372	372
	Gain from sale of discontinued operations					487
	Tax expense on discontinued operations/ divestment				94	456
8	Profit afer tax for the period from discontinued operations				278	403
9	Profit for the period (7+8)	2,508	3,216		2,955	10,904
10	Other comprehensive (loss) / income
a)	Items that will not be reclassified to profit or loss
	Re-measurement of defined benefit plans, net	27		227		367
	Income tax efect	(7)		(57)		(92)
b)	Items that will be reclassified to profit or loss
	Fair value changes on derivative designated as cash flow	20		(102)	67	(5)
	hedges, net
	Income tax efect	(5)		25	(17)
	Total other comprehensive income / (loss)	35		93	50	271
11	Total comprehensive income (including other comprehensive	2,543	3,309		3,005	11,175
	income/ (loss)) [9+10]
	Profit for the period attributable to:
	- Owners of the Company	2,507	3,216		2,955	10,903
	- Non controlling interest	1				1
	Other comprehensive income / (loss) attributable to:
	- Owners of the Company	35		93	50	271
	- Non controlling interest
	Total comprehensive income (including other comprehensive
	income/ (loss)) attributable to:
	- Owners of the Company	2,542	3,309		3,005	11,174
	- Non controlling interest	1				1
12	Paid-up equity share capital	712		712	712	712
	(Face Value of equitshars_:_Rs. 2 each fuly paid up)
13	Reserves (excluding revaluation reserve) as shown in the					102,778
	Audited Balance sheet of the previous year
14	Earnings Per Share (EPS) of Rs. 2 each(inRupees) ""
	- Basic and diluted EPS from continuing operations	7.04		9.03	7.52	29.49
	- Basic and diluted EPS from discontinued operations				0.78	1.13
	- Basic and diluted EPS from Total operations	7.04		9.03	8.30	30.62
	•• not annualised except year end EPS

• denotes figure less than a million

SIEMENS

Segmentwise Revenue, Results, Assets & Liabilities for the quarter ended 31 December 2021

(Rs. in millions)

				(Rs. in millions)
		Consolidated
		Quarer ended		Year ended
	31 December	30 September	31 December	30 September
	2021	2021	2020	2021
	(Unaudited)	(Audited)	(Unaudited)	(Audited)
		(Refer note 5)
1. Segment Revenue
Energy	10,892	15,710	10,169	47,341
Smart Infrastructure (refer note 1)	12,870	15,268	8,821	46,308
Mobility	3,007	3,117	2,105	9,250
Digital Industries	7,910	7,839	7,699	30,293
Portfolio Companies•	1,301	1,233	936	4,437
Others	162	339	184	1,033
	36,142	43,506	29,914	138,662
Less : Inter segment revenue	638	545	662	2,270
Total revenue from operations	35,504	42,961	29,252	136,392
Discontinued operation (refer note 3)	-	-	1,414	1,414
2. Segment Results
Energy	1,232	2,072	1,277	5,918
Smart Infrastructure (refer note 1)	600	729	663	2,547
Mobility	304	364	230	1,120
Digital Industries	666	527	802	2,330
Portfolio Companies•	30	49	50	251
Others	8	(69)	35	14
Profit from continuing operations	2,840	3,672	3,057	12,180
Add:
a) Other Income	596	622	581	2,265
Less:
a) Finance costs	61	72	35	246
Profit before tax from continuing operations	3,375	4,222	3,603	14,199
Profit before tax from discontinued operations (refer note 3)	-	-	372	372
Gain from sale of discontinued operation (refer note 3)	-	-	-	487
3. Segment A ets
Energy	40,307	38,500	40,081	38,500
Smart Infrastructure (refer note 1)	50,810	46,905	19,782	46,905
Mobility	12,888	11,239	11,354	11,239
Digital Industries	9,859	8,263	9,960	8,263
Portfolio Companies•	2,681	2,354	2,434	2,354
Others	2,470	2,367	1,988	2,367
Unallocated (including cash and bank balances)	66,328	69,948	80,893	69,948
Asset classified as held for sale (refer note 3)	-	-	4,949	-
Total A ets	185,343	179,576	171,441	179,576
4. Segment Llabllltles
Energy	27,835	28,402	29,916	28,402
Smart Infrastructure (refer note 1)	24,687	23,140	15,105	23,140
Mobility	7,929	7,525	7,342	7,525
Digital Industries	8,531	7,948	10,250	7,948
Portfolio Companies•	2,152	2,068	1,696	2,068
Others	1,208	1,058	1,016	1,058
Unallocated	6,255	5,864	6,723	5,864
Liabilities classified as held for sale (refer note 3)	-	-	1,580	-
Total Llabllltles	78,597	76,005	73,628	76,005

• Portfolio Companies segment constitutes Large Drive Applications.

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 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.11,477 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 include the results for C&S Electric Limited from the period starting 1 March 2021 and hence are not comparable with results for the quarter ended 31 December 2020.

• 2 The operations during the previous 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:

respect of continuing operations were as under:
	(Rs. in millions)
	Year ended
Pariculars	30 September
	2021
Employee benefits expense	171
Depreciation and amortisation expense	25
Other expenses	66
Total	262

• 3 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 was Rs. 487 million for the year ended 30 September 2021. The tax expense on this transaction was Rs. 362 million (including write-off of deferred tax assets of Rs. 302 million) for the year ended 30 September 2021. The results of the MD business included in the above financial results and segment results, disclosed as discontinued operations, are as follows:

		(Rs. in millions)
Pariculars	Quarer ended 31 December	Year ended 30 September
	2020	2021
Total income	1,414	1,414
Total expenses	1,042	1,042
Profit before tax from discontinued operations	372	372
Gain from sale of discontinued operations	-	487
Tax expense on discontinued operations / divestment	94	456
Profit afer tax from discontinued operations	278	403

• 4 The Holding Company has executed a Power Purchase Agreement and entered into a Share Subscription and Shareholders Agreement on 22 October 2021, for the subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited, subject to fulfilment of conditions precedent as agreed between the parties.

• 5 The figures for the quarter ended 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.

6 The above Consolidated financial results were reviewed and approved by the Audit Committee and Board of Directors at their meeting held on 4 February 2022.

Place : Mumbai Date : 04 February 2022

For Siemens Limited Digitally signed by SUNIL SUNIL DASS MATHUR[DASS MATHUR ] Date: 2022.02.04 15:00:53 +05'30' Sunil Mathur 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 : Cori;iorate-Secretariat.in@siemens.com / www.siemens.co.in/contact Website: www.siemens.co.in

Press

Mumbai, February 04, 2022

Siemens Limited announces Q1 FY 2022 results; New Orders grow by 65.3%; All businesses record very strong growth

• Rs. 900 crore order income booked for Pune Metro Rail Line 3 corridor from Hinjewadi to Shivajinagar

• Healthy Revenue growth of 11.8%

For the first quarter of Financial Year 2022 ended December 31, 2021, Siemens Limited registered Revenue from continuing operations of Rs. 3,197 crore, a 11.8 % increase over the same quarter in the preceding year. New Orders from continuing operations stood at Rs. 5,300 crore, a 65.3% increase over the same period last year. The Company’s Order Backlog stands at a healthy Rs. 15,575 crore. Profit after Tax from continuing operations of Rs. 245 crore, decreased by 6.5% over the same period last year.

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, "All our businesses demonstrated very strong growth. New Orders booked in the quarter included approximately Rs. 900 crore booked for the electrical and mechanical system works of the Pune Metro Rail Line 3 corridor from Hinjewadi to Shivajinagar. The Company is executing this order as part of a consortium, together with Siemens AG, Siemens Mobility GmbH and Alstom Transport India Limited. While Revenues were marginally impacted due to delays in offtake by customers on account of COVID-19 and supply chain challenges resulting from global shortage of semiconductors, profit was impacted due to continuing increases in commodity prices and lower Forex gains than in the previous year. However, we continue to be cautiously optimistic about the increase in demand across all our businesses."

On Budget 2022, Mr Mathur commented, "We welcome the increased Capex outlay of Rs. 7.50 lakh crore. With the continued focus on driving infrastructure growth in the country, a commitment to energy transition and sustainability and a clear direction on adopting technologies of the future, the Budget is directionally consistent and represents steadiness, continuity and predictability in Government policy making."

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/1/CORP 02 2022

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 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, 2021, Siemens Limited had Revenue from continuing operations of INR 12,756 crore and 8,608 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 forwardlooking statements.”