Siemens Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2023

1)During the quarter ended 30 June 2023, the Company has entered into definitive agreements for the acquisition of Electric Vehicle division of Mass-Tech Controls Private Limited on a going concern basis by way of slump sale, for a consideration of Rs. 380 million, subject to adjustments mutually agreed between the parties to the transaction. Subsequently, the Company has completed the acquisition on 1 July 2023 and it will be part of the Company's Smart Infrastructure Segment.



2) During the previous year, on 1 July 2022, the Company divested its Large Drives Applications (LDA) business as a going concern on a slump sale basis to Siemens Large Drives India Private Limited for a cash consideration of Rs. 4,400 million. The gain on the sale transaction was Rs. 3,559 million for the year ended 30 September 2022. The tax expense on this transaction was Rs. 853 million (including write-off of deferred tax assets of Rs. 49 million) for the year ended 30 September 2022. The results of LDA business included in the financial results and segment results, disclosed as discontinued operations, are Rs. 2,811 million for the year ended 30 September 2022, Rs. (18) million and Rs. 105 million for the quarter and nine months ended 30 June 2022, respectively.



3) During the previous year, the Company executed a Power Purchase Agreement and entered into a Share Subscription and Shareholders Agreement for the subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited (Sunsole). On 28 February 2022, Sunsole had allotted 26% of its paid-up equity share capital to the Company as first tranche allotment for a consideration of Rs. 2.7 million and Rs. 11.4 million as second tranche allotment on 5 August 2022. The Company has accounted for the investment at cost as per IND AS 28 'Investments in Associates and Joint Ventures'.



4) The above Standalone financial results were reviewed and approved by the Audit Committee and Board of Directors at their meetings held on 8 August 2023.