Interim report
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Price Waterhouse Chartered Accountants LLP Independent Auditor's Report To the Board of Directors of Siemens Limited Report on the audit of consolidated financial results Opinion 1. We have audited the annual consolidated financial results of Siemens Limited (hereinafter referred to as the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), for the year ended September 30, 2024, the statement of consolidated assets and liabilities and the statement of consolidated cash flows as at and for the year ended on that date (together hereinafter referred to as the 'consolidated financial results'), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations'), which has been initialled by us for identification purposes. 2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated financial results: (i) include the annual financial results of the Holding Company and the following entities; Subsidiaries: C&S Electric Limited Siemens Rail Automation Private Limited Siemens Energy India Limited (w.e.f. February 7, 2024) (ii) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and (iii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the "Act") and other accounting principles generally accepted in India, of net profit and other comprehensive loss and other financial information of the Group for the year ended September 30, 2024, the statement of consolidated assets and liabilities and the statement of consolidated cash flows as at and for the year ended on that date. Basis for Opinion 3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the 'Auditor's responsibilities for the audit of the consolidated financial results' section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the consolidated financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion. Price Waterhouse Chartered Accountants LLP, 252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai-400 028 T: +91 (22) 66697510 Registered office and Head office: 11-A, Vishnu Oigamber Marg, Suchela Bhawan, New Delhi -110002 Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)
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Price Waterhouse Chartered Accountants LLP Independent Auditor's Report To the Board of Directors of Siemens Limited Report on the audit of consolidated financial results Page 2 of 4 Board of Directors' responsibilities for the consolidated financial results 4. These consolidated financial results have been prepared on the basis of the annual consolidated financial statements. The Holding Company's Board of Directors is responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit and other comprehensive loss and other financial information of the Group, the statement of consolidated assets and liabilities and the statement of consolidated cash flows in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; malting judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Holding Company, as aforesaid. 5. Iri preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability ofthe Group and to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. 6. The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group. Auditor's responsibilities for the audit of the consolidated financial results 7. Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.
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Price Waterhouse Chartered Accountants LLP Independent Auditor's Report To the Board of Directors of Siemens Limited Report on the audit of consolidated financial results Page 3 of 4 8. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such controls (Refer paragraph 13 below). • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors. • Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation. • Obtain sufficient appropriate audit evidence regarding the financial statements of the entities within the Group to express an opinion on the consolidated financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. 9. We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. ~==~
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Price Waterhouse Chartered Accountants LLP Independent Auditor's Report To the Board of Directors of Siemens Limited Report on the audit of consolidated financial results Page 4 of 4 10. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board oflndia under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable. Other Matters 11. The consolidated financial results include the results for the quarter ended September 30, 2024, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which are neither subject to limited review nor audited by us. 12. The consolidated financial results of the Group for the year ended September 30, 2023, were audited by another firm of chartered accountants under the Act who, vide their report dated November 28, 2023, expressed an unmodified opinion on those consolidated financial results. 13. The consolidated financial results dealt with by this report have been prepared for the express purpose of filing with Stock Exchanges. These results are based on and should be read with the audited consolidated financial statements of the Group for the year ended September 30, 2024, on which we have issued an unmodified audit opinion vide our report dated November 26, 2024. For Price Waterhouse Chartered Accountants LLP Firm Registration Nu ber: 012754N/N500016 Partner Place: Mumbai Membership No.: 105869 Date: November 26, 2024 UDIN: 24105869BKFWWH2415
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SIEMENS LIMITED Statement of consolidated audited financial results for the year ended 30 September 2024 No. Particulars 1 Revenue from operations a) Revenue from contracts with customers b) Other operating revenue Total revenue from operations (a+b) 2 Other income (refer note 3) 3 Total income (1+2) 4 Expenses a) Cost of materials consumed b) Purchases of stock-in-trade c) Changes in inventories of finished goods, work-in-progress and stock-in-trade d) Project bought outs and other direct costs e) Employee benefits expense f) Finance costs g) Depreciation and amortisation expense h) Other expenses, net Total expenses 5 Profit before tax for the period/ year (3-4) 6 Tax expense a) Current tax b) Deferred tax expense/ (credit) Total tax expense 7 Profit for the period / year (5-6) 8 Other comprehensive income I (loss) a) Items that will not be reclassified to profit or loss Re-measurement gains /(losses) on defined benefit plans, net Income tax effect credit/ (expense) b) Items that will be reclassified to profit or loss Fair value changes on derivatives designated as cash flow hedge, net Income tax effect credit/ (expense) Total other comprehensive income I (loss) for the period / year 9 Total comprehensive income [including other comprehensive income/(loss)) for the period/ year (7+8) Profit for the period attributable to: -Owners of the Company -Non controlling interest Other comprehensive income I (loss) attributable to: -Owners of the Company -Non controlling interest Total comprehensive income [including other comprehensive income I (loss)) attributable to: -Owners of the Company -Non controlling interest 10 Paid-up equity share capital (Face Value of equity shares: Rs. 2 each fully paid up) 11 Other Equity 12 Earnings Per Share (EPS) of Rs. 2 each (in Rupees) ** -Basic and diluted EPS •• not annualised except year end EPS • denotes figures less than a million cnartere \NAAC-5 V 12754N/N5 Mumbai 30 September 2024 (Refer note 5) 63,736 875 64,611 2,833 67,444 13,983 14,073 1,372 14,273 6,408 205 856 5,121 56,291 11,153 3,586 (745) 2,841 8,312 178 (45) (319) 81 (105) 8,207 8,307 5 (105) . 8,202 5 712 23.35 (Rs. in million) Quarter ended Year ended 30 June 30 September 30 September 30 September 2024 2023 2024 2023 (Unaudited) (Refer note 5) (Audited) (Audited) 51,468 57,210 219,827 192,792 567 867 2,570 2,746 52,035 58,077 222,397 195,538 1,568 1,455 9,253 4,962 53,603 59,532 231,650 200,500 12,808 11,525 50,319 44,056 11,965 13,035 53,632 54,870 (654) 3,443 (542) (2,911) 10,523 13,024 46,517 37,897 5,898 5,141 22,840 20,136 53 49 605 228 855 786 3,296 3,208 4,580 4,908 18,591 16,619 46,028 51,911 195,258 174,103 7,575 7,621 36,392 26,397 1,983 2,019 10,143 7,336 (189) (114) (932) (558) 1,794 1,905 9,211 6,778 5,781 5,716 27,181 19,619 (52) 65 (316) (1,511) 13 (17) 79 380 59 (224) (209) (198) (15) 56 53 50 5 (120) (393) (1,279) 5,786 5,596 26,788 18,340 5,777 5,713 27,166 19,609 4 3 15 10 5 (120) (393) (1,279) . . . . 5,782 5,593 26,773 18,330 4 3 15 10 712 712 712 712 152,855 130,159 16.24 16.05 76.33 55.09
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SIEMENS LIMITED Statement of consolidated assets and liabilities No. Particulars A ASSETS 1 Non-current assets 2 a) Property, plant and equipment b) Capital work-in-progress c) Right-of-Use assets d) Investment properties e) Goodwill (refer note 2) f) Other intangible assets g) Intangible assets under development h) Financial assets (i) Investments (ii) Trade receivables (iii) Loans (iv) Other financial assets i) Contract assets j) Deferred tax assets (net) k) Non-current tax assets (net) I) Other non-current assets Total non-current assets Current assets a) Inventories b) Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balances other than cash and cash equivalents (iv) Loans (v) Other financial assets c) Contract assets d) Other current assets e) Assets classified as held for sale Total current assets TOTAL ASSETS B EQUITY AND LIABILITIES 1 Equity 2 a) Equity share capital b) Other equity Equity attributable to the owners of the Company Non controlling interest Total equity Liabilities Non-current liabilities a) Financial liabilities (i) Lease liabilities (ii) Trade payables Total outstanding dues of creditors other than micro and small enterprises (iii) Other financial liabilities b) Non-current provisions c) Deferred tax liabilities (net) Total non-current liabilities Current liabilities a) Financial liabilities (i) Lease liabilities (ii) Trade payables Total outstanding dues of micro and small enterprises Total outstanding dues of creditors other than micro and small enterprises (iii) Other financial liabilities b) Contract liabilities c) Other current liabilities d) Current provisions e) Current tax liabilities (net) Total current liabilities f) Advances received against assets held for sale Total liabilities TOTAL EQUITY AND LIABILITIES As at 30 September 2024 (Audited) 9,885 1,033 3,508 639 12,576 4,517 1 14 386 - 777 5,171 3,866 6,778 3,361 52,512 26,305 44,098 18,359 77,320 4,618 2,100 25,664 3,107 201,571 - 201,571 254,083 712 152,855 153,567 94 153,661 1,566 41 692 7,912 1,090 11,301 1,228 3,925 43,079 8,372 16,704 3,044 10,772 1,997 89,121 - 100,422 254,083 (Rs. in million) As at 30 Seotember 2023 (Audited) 9,622 496 2,376 654 12,576 5,152 5 14 112 2,071 588 2,086 2,863 7,749 2,679 49,043 25,046 37,890 11,917 64,590 5,217 2,194 19,123 2,305 168,282 371 168,653 217,696 712 130,159 130,871 86 130,957 1,016 12 939 6,940 1,236 10,143 736 3,370 36,672 7,205 14,470 1,753 10,288 1,221 75,715 881 86,739 217,696 6fts l.11-t I*~) * -
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SIEMENS LIMITED Statement of consolidated cash flows for the year ended 30 September 2024 (Rs. in million) Year ended Particulars 30 September 2024 30 September 2023 (Audited) (Audited) Cash flow from operating activities Profit before tax 36,392 26,397 Adjustments for: Finance costs 605 228 Bad debts 106 111 Impairment allowance on financial and contract assets, net 71 542 Depreciation and amortisation expense 3,296 3,208 Profit on sale of property, plant and equipment, investment properties and assets held for sale, net (2,864) (275) Hold back consideration for investment in subsidiary written back (C&S Electric Limited) -(141) Share based payments to employees, net 45 639 Unrealised exchange loss/ (gain), net 386 933 Interest income (6,322) (4,466) Operating profit before working capital changes 31,715 27,176 Working capital adjustments (Increase) / Decrease in inventories (1,259) (3,349) (Increase) / Decrease in trade and other receivables (16,724) (7,490) Increase I (Decrease) in trade payables and other liabilities 10,192 4,171 Increase/ (Decrease) in provisions 1,085 1,525 Net change in working capital (6,706) (5,143) Cash generated from operations 25,009 22,033 Income taxes paid, net (8,314) (8,033) Net cash generated from operating activities 16,695 14,000 Cash flow from investing activities Purchase of property, plant and equipment and other intangible aseets (3,423) (2,020) Proceeds from sale of property, plant and equipment, investment properties and assets held for sale 2,401 1,356 ReceipUpayment on account of acquisition of Mass-Tech (refer note 2) 6 (374) Payment of holdback consideration for investment in subsidairy (C&S Electric Limited) -(1,785) Interest received 6,083 4,169 Inter-corporate deposits given (3,960) (5,490) Refund of inter-corporate deposits given 6,560 5,360 Deposits (with original maturity of more than 3 months) with banks matured / (placed), net (12,719) (8,804) Net cash used in investing activities (5,052) (7,588) Cash flow from financing activities Interest paid (148) (45) Payment of principal of lease liabilities (861) (748) Payment of interest of lease liabilities (156) (145) Recharge for share-based payments (500) - Dividend paid (including tax thereon) (3,568) (3,561) Proceeds from issue of equity shares . - Net cash used in financing activities (5,233) (4,499) Net increase in cash and cash equivalents 6,410 1,913 Cash and cash equivalents at beginning of the year 11,917 10,006 Effect of exchange gain / (loss) on cash and cash equivalents 32 (2) Cash and cash equivalents at the end of the year 18,359 11,917 Non cash transaction from investing and financing activities: Acquisition of Right-of-Use assets 2,164 847 .. • denotes figures less than a million
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SIEMENS LIMITED Segmentwise revenue, results, assets and liabilities for the year ended 30 September 2024 (Rs. in millionl Consolidated Quarter ended Year ended 30 September 30 June 30 September 30 September 30 September Particulars 2024 2024 2023 2024 2023 (refer note 5) (Unaudited) (refer note 5) (Audited) (Audited) 1. Segment Revenue Energy (refer note 1) 20,758 14,865 18,467 63,452 60,803 Smart Infrastructure 22,700 19,700 21,092 82,579 70,744 Mobility 8,824 6,168 7,124 29,161 21,602 Digital Industries 10,519 9,644 9,459 40,961 35,229 Portfolio Companies • 2,606 2,370 2,444 9,366 9,547 Others 384 215 332 1,036 1,172 65,791 52,962 58,918 226,555 199,097 Less : Inter segment revenue 1,180 927 841 4,158 3,559 Total revenue from operations 64,611 52,035 58,077 222,397 195,538 2. Segment Results Energy (refer note 1) 3,701 1,903 2,191 9,098 6,873 Smart Infrastructure 3,045 2,772 2,439 10,879 7,450 Mobility 723 161 236 2,073 1,166 Digital Industries 988 908 1,088 4,930 5,035 Portfolio Companies • 151 278 259 785 1,097 Others 27 38 2 89 42 Profit from operations 8,635 6,060 6,215 27,854 21,663 • Demerger related expenses (refer note 1) 110 -110 Add: a) Other Income (refer note 3) 2,833 1,568 1,455 9,253 4,962 Less: a) Finance costs 205 53 49 605 228 Profit before tax 11,153 7,575 7,621 36,392 26,397 3. Segment Assets Energy (refer note 1) 46,493 42,839 39,656 46,493 39,656 Smart Infrastructure 59,340 56,987 52,100 59,340 52,100 Mobility 22,986 22,310 18,150 22,986 18,150 Digital Industries 11,938 13,351 11,350 11,938 11,350 Portfolio Companies • 2,434 2,057 2,044 2,434 2,044 Others 2,591 2,265 1,839 2,591 1,839 Total Segment Assets 145,782 139,809 125,139 145,782 125,139 Unallocated (including cash and bank balances) 108,301 98,234 92,186 108,301 92,186 Assets classified as held for sale 3 371 -371 Total Assets 254,083 238,046 217,696 254,083 217,696 4. Segment Liabilities Energy (refer note 1) 37,767 35,240 32,318 37,767 32,318 Smart Infrastructure 27,276 24,949 23,842 27,276 23,842 Mobility 14,827 13,931 12,300 14,827 12,300 Digital Industries 6,625 7,292 6,789 6,625 6,789 Portfolio Companies • 3,565 3,005 2,861 3,565 2,861 Others 2,049 993 1,290 2,049 1,290 Total Segment Liabilities 92,109 85,410 79,400 92,109 79,400 Unallocated 8,313 7,650 6,458 8,313 6,458 Advances received against assets held for sale 881 -881 Total Liabilities 100,422 93,060 86,739 100,422 86,739 *From 1 October 2023, there has been a reorganisation in Digital Industries segment, due to which the Low Voltage Motors business is reported under Portfolio Companies segment. Accordingly, the comparative figures for the previous periods have been restated. nartered t,1MC-5 V 12754NI Mumb
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Notes: The Board of Directors of the Holding Company, at its meeting held on 14 May 2024, basis the recommendations of the Audit Committee and Committee of Independent Directors, approved a scheme of arrangement amongst the Holding Company, Siemens Energy India Limited ("SEIL") (a wholly owned subsidiary of the Holding Company, which was incorporated on 7 February 2024) and their respective shareholders and creditors, providing for the demerger of the Group's Energy Business to SEIL ("Proposed Transaction") in compliance with Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. Pursuant to this, the Holding Company has received 'no adverse observations' and 'no objection', from BSE Limited and National Stock Exchange of India Limited, respectively. The Proposed Transaction is, inter alia, subject to receipt of requisite approvals from the statutory and regulatory authorities, including the approval from the shareholders and creditors of the Holding Company, Hon'ble National Company Law Tribunal. 2 During the previous year, on 1 July 2023, the Holding 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 in accordance with IND AS 103 'Business Combinations'. The purchase price has been 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 Holding Company has completed the purchase price allocation during the quarter ended 30 June 2024. Accordingly, the comparative figures have been restated wherever necessary. The fair value of net identifiable assets acquired has been finalised at Rs. 146 million (Provisional fair value as on 30 September 2023 was Rs. 47 million) after measurement period adjustments due to revision in fair valuation of intangible assets and inventories. Accordingly, goodwill of Rs. 222 million has been recognised which has been allocated to Smart Infrastructure segment. Details of purchase consideration, the net assets acquired and goodwill are as follows:- (Rs. in million) As at Particulars 1 July 2023 Purchase consideration 380 Less: Purchase price adjustments (12) Net purchase consideration 368 Less: Fair value of net identifiable assets acquired Property, plant and equipment 5 Other intangible assets 105 Inventories 47 Other assets and liabilities (net) (11) Total fair value of net identifiable assets acquired 146 Goodwill 222 3 Other income includes the following: !Rs in million) Quarter ended Year ended Particulars 30 September·I 30 June 1 30 September 30 September I 30 September 2024 2024 2023 2024 2023 Gain on sale of orooerties (including assets held for sale) 6881 281 2,8951 243 4 The Board of Directors have recommended a dividend of Rs. 12 per share for the year ended 30 September 2024 amounting to Rs. 4,273 million. 5 The figures for the quarter ended 30 September 2024 and 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 Group. 6 Previous year figures have been regrouped/reclassified to conform to current year's classification wherein, Non-current Trade receivables of Rs. 863 million has been reclassified to Non-current Contract assets for Rs. 622 and netting off with Current Contract liabilities for Rs. 241 million; Current Contract assets of Rs. 1,464 million ha_s been reclassified to Non-current Contract Assets; Deferred tax assets (net) of Rs. 1,236 has been reclassified to Deferred tax liabilites (net); Current Trade receivable of Rs. 9,182 million has been reclassified to Current Contract assets; Current Contract assets of Rs. 5,771 million has been netted off with Current Contract liabilities; Non-current Provisions of Rs. 791 million has been reclassified to Current Provisions; Current Provisions of Rs. 4,719 million has been reclassified to Non-current Provisions for Rs. 3,470 and Current Other financial liabilities for Rs. 1,249 million; Current Trade payables of Rs. 2,268 million and Other current liabilities of Rs. 43 million has been reclassified to Current Provisions; Current Trade payables of Rs. 58 million is reclassified to Current Other financial liabilities; Other current liabilities of Rs. 178 million has been netted off against Other current assets. 7 The above consolidated financial results were reviewed and approved by the Audit Committee and Board of Directors at their meetings held on 26 November 2024. Place : Mumbai Date : 26 November 2024 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 / www.siemens.co.in/contact Website: www.siemens.co.in Sunil Mathur Managing Director and Chief Executive Officer
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Price Waterhouse Chartered Accountants LLP Independent Auditor's Report To the Board of Directors of Siemens Limited Report on the audit of standalone financial results Opinion 1. We have audited the annual standalone financial results of Siemens Limited (hereinafter referred to as 'the Company') for the year ended September 30, 2024, the statement of standalone assets and liabilities as on that date and the statement of standalone cash flows as at and for the year ended on that date (together hereinafter referred to as the 'standalone financial results'), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 'Listing Regulations'), which has been initialled by us for identification purposes. 2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial results: (i) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and (ii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the 'Act') and other accounting principles generally accepted in India, of the standalone net profit and other comprehensive loss and other financial information of the Company for the year ended September 30, 2024, and the statement of standalone assets and liabilities and the statement of standalone cash flows as at and for the year ended on that date. Basis for Opinion 3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the 'Auditor's responsibilities for the audit of the standalone financial results' section of our repo1t. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion. Price Waterhouse Chartered Accountants LLP, 252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai -400 028 T: +91 (22) 66697510 Registered office and Head office: 11-A, Vishnu Digamber Marg, Sucheta Bhawan, New Delhi -110002 Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Ar.countants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)
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Price Waterhouse Chartered Accountants LLP Independent Auditor's Report To the Board of Directors of Siemens Limited Report on the audit of standalone financial results Page 2 of 4 Board of Directors' responsibilities for the standalone financial results 4. These standalone financial results have been prepared on the basis of the annual standalone financial statements. The Company's Board of Directors is responsible for the preparation and presentation of these standalone financial results that give a true and fair view of the standalone net profit and other comprehensive loss and other financial information of the Company and the statement of standalone assets and liabilities and the statement of standalone cash flows in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Board of Directors of the Company is responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the standalone financial results by the Directors of the Company, as aforesaid. 5. In preparing the standalone financial results, the Board of Directors of the Company is responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. 6. The Board of Directors of the Company is responsible for overseeing the financial reporting process of the Company. Auditor's Responsibilities for the audit of the standalone financial results 7. Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.
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Price Waterhouse Chartered Accountants LLP INDEPENDENT AUDITOR'S REPORT To the Board of Directors of Siemens Limited Repo1t on the audit of standalone financial results Page 3 of 4 8. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls (refer paragraph 12 below). • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors. • Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material unce1tainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation. 9. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. Other Matters 10. The standalone financial results include the results for the qua1ter ended September 30, 2024, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which are neither subject to limited review nor audited by us.
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Price Waterhouse Chartered Accountants LLP Independent Auditor's Report To the Board of Directors of Siemens Limited Report on the audit of standalone financial results Page 4 of 4 11. The standalone financial results of the Company for the year ended September 30, 2023, were audited by another firm of chartered accountants under the Act who, vide their report dated November 28, 2023, expressed an unmodified opinion on those standalone financial results. 12. The standalone financial results dealt with by this report has been prepared for the express purpose of filing with the Stock Exchanges. These results are based on and should be read with the audited standalone financial statements of the Company for the year ended September 30, 2024, on which we issued an unmodified audit opinion vide our report dated November 26, 2024. Place: Mumbai Date: November 26, 2024 For Price Waterhouse Chartered Accountants LLP Firm Registration Numb r: 012754N/N500016 ship No.: 105869 UDIN: 24105869BKFWWI8903
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SIEMENS LIMITED Statement of standalone audited financial results for the year ended 30 September 2024 (Rs. In million) Quarter ended Year ended 30 September 30 June 30 September 30 September 30 September No. Particulars 2024 2024 2023 2024 2023 (Refer note 5) (Unaudited) (Refer note 5) (Audited) (Audited) 1 Revenue from operations a) Revenue from contracts with customers 58,937 47,142 52,970 202,504 177,007 b) Other operating revenue 848 543 845 2,462 2,644 Total revenue from operations (a+b) 59,785 47,685 53,815 204,966 179,651 2 Other income (refer note 3) 2,729 1,497 1,393 10,389 5,487 3 Total income (1+2) 62,514 49,182 55,208 215,355 185,138 4 Expenses a) Cost of materials consumed 10,978 10,070 9,279 39,526 34,517 b) Purchases of stock-in-trade 14,607 12,301 13,258 55,099 55,673 c) Changes in inventories of finished goods, work-in-progress and 1,139 (570) 2,927 (567) (2,964) stock-in-trade d) Project bought outs and other direct costs 13,874 10,010 12,056 44,892 36,271 e) Employee benefits expense 5,978 5,476 4,734 21,206 18,536 f) Finance costs 204 47 45 582 203 g) Depreciation and amortisation expense 600 604 543 2,301 2,235 h) Other expenses, net 4,742 4,309 5,249 17,139 15,216 Total expenses 52,122 42,247 48,091 180,178 159,687 5 Profit before tax for the period / year (3-4) 10,392 6,935 7,117 35,177 25,451 6 Tax expense a) Current tax 3,430 1,778 1,881 9,302 6,683 b) Deferred tax expense/ (credit) (785) (149) (104) (776) (345) Total tax expense 2,645 1,629 1,777 8,526 6,338 7 Profit for the period / year (5-6) 7,747 5,306 5,340 26,651 19,113 8 Other comprehensive income/ (loss) a) Items that will not be reclassified to profit or loss Re-measurement gains / (losses) on defined benefit plans, net 191 (52) 81 (281) (1,494) Income tax effect credit/ (expense) (48) 13 (20) 71 376 b) Items that will be reclassified to profit or loss Fair value changes on derivatives designated as cash flow hedge, net (319) 59 (224) (209) (198) Income tax effect credit/ (expense) 81 (15) 56 53 50 Total other comprehensive income I (loss) for the period/ year (95) 5 (107) (366) (1,266) 9 Total comprehensive Income [(including other comprehensive income 7,652 5,311 5,233 26,285 17,847 / (loss)] for the period/ year (7+8) 10 Paid-up equity share capital 712 712 712 712 712 (Face Value of equity shares . Rs. 2 each fully paid up) 11 Other Equity 151,758 1,19,533 12 Earnings Per Share (EPS) of Rs. 2 each (in Rupees)•• -Basic and diluted EPS 21.76 14.90 15.00 74.84 53.67 •• not annualised except year end EPS
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SIEMENS LIMITED Statement of standalone assets and liabilities (Rs. in million) As at As at No. Particulars 30 Seotember 30 Seotember 2024 2023 {Audited) (Audited) A ASSETS 1 Non-current assets a) Property, plant and equipment 8,252 7,942 b) Capital work-in-progress 988 476 c) Right-of-Use assets 2,417 1,277 d) Investment properties 639 654 e) Goodwill (refer note 2) 222 222 f) Other intangible assets 105 115 g) Financial assets (i) Investments 22,201 22,201 (ii) Trade receivables 360 78 (iii) Loans -2,071 (iv) Other financial assets 711 506 ·h) Contract assets 5,171 2,086 i) Deferred tax assets (net) 3,812 2,826 j) Non-current tax assets (net) 6,677 7,635 k) Other non-current assets 3,263 2,624 Total non-current assets 54,818 50,713 2 Current assets a) Inventories 23,695 22,605 b) Financial assets (i) Trade receivables 39,970 34,777 (ii) Cash and cash equivalents 14,954 9,826 (iii) Bank balances other than cash and cash equivalents 75,374 62,353 (iv) Loans 4,616 5,213 (v) Other financial assets 2,024 2,126 c) Contract assets 25,408 18,869 d) Other current assets 2,946 2,172 188,987 157,941 e) Assets classified as held for sale -371 Total current assets 188,987 158,312 TOTAL ASSETS 243,805 209,025 B EQUITY AND LIABILITIES 1 Equity a) Equity share capital 712 712 b) Other equity 151,758 129,533 Total equity 152,470 130,245 2 Liabilities Non-current liabilities a) Financial liabilities (i) Lease liabilities 1,452 868 (ii) Trade payables Total outstanding dues of creditors other than micro and small enterprises 41 12 (iii) Other financial liabilities 624 887 b) Non-current provisions 7,603 6,677 Total non-current liabilities 9,720 8,444 Current liabilities a) Financial liabilities (i) Lease liabilities 1,117 656 (ii) Trade payables Total outstanding dues of micro and small enterprises 2,942 2,837 Total outstanding dues of creditors other than micro and small enterprises 41,483 35,325 (iii) Other financial liabilities 7,641 6,635 b) Contract liabilities 14,026 11,913 c) Other current liabilities 2,822 1,582 d) Current provisions 9,775 9,507 e) Current tax liabilities (net) 1,809 1,000 Total current liabilities 81,615 69,455 f) Advances received against assets held for sale -881 Total liabilities 91,335 78,780 TOTAL EQUITY AND LIABILITIES 243,805 209,025
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SIEMENS LIMITED Statement of standalone cash flows for the year ended 30 September 2024 Cash flow from operating activities Profit before tax Adjustments for: Finance costs Bad debts Particulars Impairment allowance on financial and contract assets, net Depreciation and amortisation expense Profit on sale of property, plant and equipment, investment properties and assets held for sale, net Holdback consideration for investment in subsidiary written back (C&S Electric Limited) Unrealised exchange loss, net Share based payments to employees, net Interest income Dividend received from subsidiaries Operating profit before working capital changes Working capital adjustments (Increase)/ decrease in inventories (Increase)/ decrease in trade and other receivables Increase/ (decrease) in trade payables and other liabilities Increase I (decrease) in provisions Net change in working capital Cash generated from operations Income taxes paid, net Net cash generated from operating activities Cash flow from investing activities Purchase of property, plant and equipment and other intangible aseels Proceeds from sale of property, plant and equipment, investment properties and assets held for sale ReceipUpaymenl on account of acquisition of Mass-Tech (refer note 2) Payment of holdback purchase consideration for investment in subsidiary (C&S Electric Limited) Dividend received from subsidiaries Interest received Inter-corporate deposits given Refund of inter-corporate deposits given Deposits (with original maturity more than 3 months) with banks matured/ (placed), net Net cash used in investing activities Cash flow from financing activities Interest paid Payment of principal of lease liabilities Payment of interest of lease liabilities Dividend paid (including tax thereon) Recharge for share-based payments Proceeds from issue of equity shares Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the year Effect of exchange gain/ (loss) on cash and cash equivalents Cash and cash equivalents at the end of the year Non cash transaction from investing and financing activities: Acquisition of Right-of-Use assets * denotes figures less than a million (Rs. in million) Year ended 30 September 2024 30 September 2023 (Audited) (Audited) 35,177 25,451 582 203 99 106 171 368 2,301 2,235 (2,865) (275) -(141) 369 909 37 635 (6,051) (4,254) (1,462) (782) 28,358 24,455 (1,090) (3,319) (15,723) (10,215) 9,160 6,904 863 1,444 (6,790) (5,186) 21,568 19,269 (7,454) (7,475 14,114 11,794 (3,125) (1,788) 2,399 1,350 6 (374) -(1,785) 1,462 782 5,804 3,978 (3,960) (5,490) 6,560 5,360 (13,056) (8,621) (3,910) (6,588) (138) (43) (772) (672) (138) (126) (3,561) (3,561) (500) - . - (5,109) (4,402) 5,095 804 9,826 9,024 33 (2) 14,954 9,826 2,054 769
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SIEMENS LIMITED Segmentwise revenue, results, assets and liabilities for the year ended 30 September 2024 (Rs. in million) Standalone Quarter ended Year ended Particulars 30 September 30 June 30 September 30 Seotember 30 Seotember 2024 2024 2023 2024 2023 (refer note 5) (Unaudited) (refer note 5) (Audited) (Audited) 1. Segment Revenue Energy (refer note 1) 20,758 14,865 18,467 63,452 60,803 Smart Infrastructure 18,308 15,864 17,286 66,898 56,627 Mobility 8,358 5,654 6,668 27,335 19,832 Digital Industries 10,519 9,644 9,459 40,961 35,229 Portfolio Companies• 2,606 2,370 2,444 9,366 9,547 Others 384 215 332 1,036 1,172 60,933 48,612 54,656 209,048 183,210 Less : Inter segment revenue 1,148 927 841 4,082 3,559 Total revenue from operations 59,785 47,685 53,815 204,966 179,651 2. Segment Results Energy (refer note 1) 3,702 1,905 2,191 9,101 6,873 Smart Infrastructure 2,511 2,347 2,142 9,077 6,587 Mobility 598 9 87 1,498 533 Digital Industries 988 908 1,088 4,930 5,035 Portfolio Companies' 151 278 259 785 1,097 Others 27 38 2 89 42 Profit from operations 7,977 5,485 5,769 25,480 20,167 Demerger related expenses (refer note 1) 110 --110 - Add: a) Other Income (refer note 3) 2,729 1,497 1,393 10,389 5,487 Less: a) Finance costs 204 47 45 582 203 Profit before tax 10,392 6,935 7,117 35,177 25,451 3. Segment Assets Energy (refer note 1) 46,493 42,836 39,656 46,493 39,656 Smart Infrastructure 52,586 51,762 47,300 52,586 47,300 Mobility 19,462 19,291 14,279 19,462 14,279 Digital Industries 11,938 13,351 11,350 11,938 11,350 Portfolio Companies' 2,434 2,057 2,044 2,434 2,044 Others 2,591 2,265 1,839 2,591 1,839 Total Segment Assets 135,504 131,562 116,468 135,504 116,468 Unallocated (including cash and bank balances) 108,301 98,234 92,186 108,301 92,186 Assets classified as held for sale -3 371 -371 Total Assets 243,805 229,799 209,025 243,805 209,025 4. Segment Liabilities Energy (refer note 1) 37,765 35,234 32,318 37,765 32,318 Smart Infrastructure 21,210 19,975 18,656 21,210 18,656 Mobility 11,808 11,301 9,527 11,808 9,527 Digital Industries 6,625 7,292 6,789 6,625 6,789 Portfolio Companies' 3,565 3,005 2,861 3,565 2,861 Others 2,049 993 1,290 2,049 1,290 Total Segment Liabilities 83,022 77,800 71,441 83,022 71,441 Unallocated 8,313 7,650 6,458 8,313 6,458 Advances received against assets held for sale --881 -881 Total Liabilities 91,335 85,450 78,780 91,335 78,780 Other income includes dividend received from subsidiaries during the year, amounting to Rs. 878 (2023: Rs. 132) pertaining to Smart Infrastructure segment (C&S Electric Limited) and Rs. 584 (2023: Rs. 650) pertaining to Mobility segment (Siemens Rail Automation Private Limited). The underlying investment in susbidiaries are allocated to the respective segments. 'From 1 October 2023, there has been a reorganisation in Digital Industries segment, due to which the Low Voltage Motors business is reported under Portfolio Companies segment. Accordingly, the comparative figures for the previous periods have been restated.
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Notes: 1 2 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, 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. Pursuant to this, the Company has received 'no adverse observations' and 'no objection', from BSE Limited and National Stock Exchange of India Limited, respectively. The Proposed Transaction is, inter alia, subject to receipt of requisite approvals from the statutory and regulatory authorities, including the approval from the shareholders and creditors of the Company, Hon'ble National Company Law Tribunal. During the previous year, 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 in accordance with IND AS 103 'Business Combinations'. The purchase price has been 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 completed the purchase price allocation during the quarter ended 30 June 2024. Accordingly, the comparative figures have been restated wherever necessary. The fair value of net identifiable assets acquired has been finalised at Rs. 146 million (Provisional fair value as on 30 September 2023 was Rs. 47 million) after measurement period adjustments due to revision in fair valuation of intangible assets and inventories. Accordingly, goodwill of Rs. 222 million has been recognised which has been allocated to Smart Infrastructure segment. Details of purchase consideration, the net assets acquired and goodwill are as follows:- (Rs. in million) As at Particulars 1 July 2023 Purchase consideration 380 Less: Purchase price adjustments (12) Net purchase consideration 368 Less: Fair value of net identifiable assets acquired: Property, plant and equipment 5 Other intangible assets 105 Inventories 47 Other assets and liabilities (net) (11) Total fair value of net identifiable assets acquired 146 Goodwill 222 3 Other income includes the following: (Rs. in million) Quarter ended Year ended Particulars 30 September 30 June 30 September 30 September 30 September 2024 2024 2023 2024 2023 Gain on .sale of properties (including assets held for sale) 688 28 -2,895 243 Dividend received from subsidiaries ---1,462 782 4 The Board of Directors have recommended a dividend of Rs. 12 per share for the year ended 30 September 2024 amounting to Rs. 4,273 million. 5 The figures for the quarter ended 30 September 2024 and 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. 6 Previous year figures have been regrouped/reclassified to conform to current year's classification wherein, Non-current Trade receivables of Rs. 863 million has been reclassified to Non-current Contract assets for Rs. 622 and netting off with Current Contract liabilities for Rs. 241 million; Current Contract assets of Rs. 1,464 million has been reclassified to Non-current Contract assets; Current Trade receivable of Rs. 9,068 million has been reclassified to Current Contract assets; Current Contract assets of Rs. 5,771 million has been netted off with Current Contract liabilities; Non-current Provisions of Rs. 728 million has been reclassified to Current Provisions; Current Provisions of Rs. 4,531 million has been reclassified to Non-current Provisions for Rs. 3,424 and Current Other financial liabilities for Rs. 1,107 million; Current Trade payables of Rs. 2;146 million has been reclassified to Current Provisions. 7 The above standalone financial results were reviewed and approved by the Audit Committee and Board of Directors at their meetings held on 26 November 2024. Place Mumbai Date : 26 November 2024 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.comIwww.siemens.co.in/contact Website: www.siemens.co.in Managing Director and Chief Executive Officer