Siemens Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2023

1) During the previous year, On 1 July 2023, the Company acquired Electric Vehicle division of Mass-Tech Controls Private Limited for a cash consideration of Rs. 380 million, subject to adjustments 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 purchase price has been provisionally allocated to the assets acquired and liabilities assumed based on the estimated fair values at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired has been allocated to goodwill. The Company 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 provisional goodwill on the above transaction is Rs 327 million and Rs. 332 million for the quarter ended 31 December 2023 and quarter and year ended 30 September 2023 respectively.



2) On 7 February 2024, a wholly owned subsidiary, Siemens Energy India Limited, has been incorporated. Arising from the Board of Directors authorisation on 18 December 2023 to the Company’s management, to commence exploratory steps as may be required to examine a potential demerger of the Company’s energy business.



3)The figures for the quarter ended 30 September 2023 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.



4)The above Standalone financial results were reviewed and approved by the Audit Committee and Board of Directors at their meetings held on 13 February 2024.