Siemens Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2024

1) The Board of Directors of the Company, at its meeting held on 14 May 2024, basis the recommendations of the Audit Committee and Committee of Independent Directors, has approved a scheme of arrangement amongst the Company, Siemens Energy India Limited (“SEIL”) (a wholly owned subsidiary of the Company, which was incorporated on 7 February 2024) and their respective shareholders and creditors, providing for the demerger of the Company's energy business to SEIL ("Proposed Transaction") in compliance with Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. The Proposed Transaction is, inter alia, subject to receipt of requisite approvals from the statutory and regulatory authorities, including the approval from BSE Limited, National Stock Exchange of India Limited, the Securities and Exchange Board of India, the respective shareholders and creditors of the Company and SEIL and National Company Law Tribunal.



2) Other income includes the following:

(Rs. in million)

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Quarter ended Six months ended Year ended

Particulars 31/03/24 31/12/23 31/03/23 31/03/24 31/03/23 30/09/23

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Gain on sale of properties 1,923 256 62 2,179 62 243

(including assets held for sale)

Dividend received from subsidiaries 1,462 - 782 1,462 782 782

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3) On 1 July 2023, the Company acquired Electric Vehicle division of Mass-Tech Controls Private Limited ("Mass-Tech") 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 as at 31 March 2024 and 30 September 2023, respectively.



4) Previous period figures have been reclassified to conform the current year’s classification wherein, "Contract liabilities" amounting to Rs. 4,142 million have been netted off with "Contract assets-Current"; “Contract assets – Current” amounting to Rs. 1,493 million has been reclassed to “Contract assets - Non-current” and "Non-current provisions" amounting Rs. 728 million has been reclassed to "Current provisions".



5) The above standalone financial results were reviewed and approved by the Audit Committee and Board of Directors at their meetings held on 14 May 2024.