About Siemens Ltd

Siemens Limited offers products, integrated solutions for industrial applications for manufacturing industries, drives for process industries, intelligent infrastructure and buildings, efficient and clean power generation from fossil fuels and oil & gas applications, transmission and distribution of electrical energy for passenger and freight transportation, including rail vehicles, rail automation and rail electrification systems. It focuses on the areas of electrification, automation and digitization. It is one of the leading producers of technologies for combined cycle turbines for power generation; power transmission and distribution solutions; infrastructure solutions for Smart Cities and transportation; automation and software solutions for industry, and also supplier of healthcare equipments. It has nearly 21 factories located across India and a nation-wide sales and service network. Siemens Ltd was incorporated in the year 1957 as Siemens Engineering and Manufacturing Company of India Pvt Ltd. In March 1957, the company entered into a collaboration agreement with two foreign companies, viz., Siemens & Halske AG and Siemens Schuckertwerke AG of West Germany. In the year 1966, the name of the Siemens & Halske AG was changed to Siemens AG and at the same time, it took over the manufacturing and business activities of Siemens-Schuckertwerke AG and Siemens-Reiniger-Werke AG. The name of the company was changed in the year 1967 from Siemens Engineering & Manufacturing Company of India Ltd to Siemens India Ltd. In the year 1970, Siemens-Reiniger-Werke AG and Siemens-Schuckertwerke AG were merged with Siemens AG. In the year 1985, the company incorporated a subsidiary company, namely Siemens Communication Systems Pvt Ltd to undertake the manufacture of certain items of Telecommunication equipment for export purposes. In the year 1987, the company established a software centre at the head office in Mumbai to cater to the software package requirements of the control and automation systems and also to tap the export market. In the year 1990, the company undertook a project to set up a plant at Waluj in Aurangabad district of Maharashtra for the manufacture of switchgears and miniature circuit breakers. In the year 1991, the Medical engineering division launched a mobile C-arm image intensifier system, saving valuable foreign exchange. Also, the motors, drives and automation division launched the microprocessor based modular drives for AC and DC applications, microprocessor based digital uninterrupted power supply and micro PLC Simatic 90U. The name of Siemens Communication Systems Pvt Ltd was changed to Siemens Information Systems Ltd In the year 1993, the company introduced State-of-the-art advanced process control system at Nashik in order to meet stringent control requirements of chemical and petro-chemical industries. In the year 1994, the company signed an MoU with Asia Chip Card, Singapore and Semiconductor Corp Ltd to enter into the smart card business. In the year 1996, the company suffered by loss due to discontinuous of the operations of the Telecommunications division. In the year 1998, Siemens Public Communications, a 70:30 joint venture company between Siemens Germany and Siemens Ltd India were formed. Siemens Telecom Ltd, a joint venture between Siemens and Bharti Telecom formally launched their Euroset and Emerald series of phones at Bangalore. In the year 1999, the company set up Unisphere Solutions Inc to target leadership in the converged voice and data and Internet networking solutions. In the year 2000, they launched total hotel solutions' for the hospitality industry to cater to the growing needs of the corporate travelers. They launched their new line of information and communication solutions - Hicom 150 E Office and ESL8i - targeted at small and medium enterprises. In the year 2001, Siemens Information Systems Ltd, a wholly owned subsidiary company signed a partnership contract with Avraham Goldratt Institute of USA (AGI). The company introduced different models of mobile phones, which cover various features in each. In the year 2004, the company made a strategic alliance with Aethra Telecomunicazioni, Italy to offer a range of video and audio conferencing solutions in India. In the year 2006, the company made an alliance with Huawei-3Com to offer high performance networks to Indian enterprises. In the year 2007, the company acquired a 77% of stake in iMetrex Technologies Ltd, which is a leading provider of products and solutions in the areas of electronic security, safety and building automation systems. In September 2007, the company acquired the balance 26% stake in Siemens Industrial Turbomachinery Services Pvt. Ltd. (SITS) from Pimac Engineers Pvt. Ltd. In November 2007, the company bagged an order worth of Rs 870 million (Rs 87 crore) from McNally Bharat Engineers Pvt Ltd for supplying electricals for Rashtriya Ispat Nigam Ltd's new Sinter Plant at Vizag. In January 2008, the company and the Government of Maharashtra signed a Letter of Understanding to support company's expansion plans in the State. In April 2008, the company took over Morgan Construction Co., the rolling mill specialist based in Worcester, Massachusetts, USA. In May 2008, the company's Medical Solutions installed Asia's first high definition positron emission tomography (HD PET). This high-end equipment is installed at Piramal Diagnostics (formerly Wellspring), Mumbai. During the year 2009-10, as per the scheme of amalgamation, Flender Ltd, a wholly owned subsidiary of the company was amalgamated with the company with effect from October 1, 2009. In January 8, 2010, the company acquired the balance 13.85% stake Siemens Building Technologies Pvt Ltd, Chennai (SBTPL) comprising of 517,209 Equity Shares of Rs 10 each, from the promoters of SBTPL for a consideration of Rs 702.51 million. With this acquisition, SBTPL became a wholly owned subsidiary of the company. During the year 2010-11, the company created a new Sector 'Infrastructure & Cities' in line with Siemens global strategy and in order to achieve better portfolio synergy. The new sector will offer solutions to the cities for mobility, environmental protection and energy savings. This sector will be having five divisions (Mobility, Rail System, Low & Medium Voltage, Smart Grid and Building Technologies) and these divisions will work closer to their target markets and develop additional business opportunities in the growing market of cities. During the year, as per the scheme of amalgamation, Siemens Building Technologies Pvt Ltd and Vista (a wholly owned subsidiary of SBTPL) were amalgamated with the company with effect from October 1, 2010. Consequent to the amalgamation of SBTPL, the three subsidiaries of SBTPL i.e. iMetrex Technologies Ltd., Ireland (ITL), Europlex Technologies (UK) Ltd., UK (ET UK) and Europlex Technologies (Ireland) Ltd., Ireland (ET IL) became subsidiaries of the company. During the year, ITL, ET UK & ET IL were sold to Siemens Schweiz AG, Switzerland (a subsidiary of Siemens AG) for a total consideration of Euro 2.95 million During the year, as per the scheme of amalgamation Siemens Healthcare Diagnostics Ltd was amalgamated with the company with effect from March 14, 2011. In April 2011, Siemens Rolling Stock Pvt Ltd, a wholly owned subsidiary of the company was amalgamated with the company with effect from October 1, 2009. In September 2011, the company received an order from Siemens AG valued at Rs 294.50 crore for a transmission project of Power Grid of Corporation of Bangladesh. The completion period is 24 months. The company has approved the amalgamation of Siemens VAI Metals Technologies Pvt Ltd, Kolkata (SVAI), a 100% Siemens AG Company and Morgan Construction Company India Pvt Ltd, Mumbai (Morgan) a wholly owned subsidiary of SVAI with the company. The appointed date was fixed as October 1, 2011. In 2012, The Company won contract to modernize electricity distribution system for Maharashtra State Electricity Distribution Company. The company inked contract with PGCIL to construct 765 kV test lab in Bina, MP. The Company started operations in two greenfield factor in Goa. In 2013 Siemens launches SIMATIC S7-1500 with TIA Portal. Siemens installs Asia's first SOMATOM Definition Edge CT scanner at PSG Hospitals, Coimbatore. Siemens Limited wins contract to build first private sector-funded GIS substation in Bangladesh. Siemens wins order to modernize Korba Stage-II plant of NTPC. Siemens wins repeat order for Gurgaon Metro South Extension project. Siemens Corporate Citizenship Film Runner-up at Global Sustainability Awards. Siemens-powered Rapid Metro Rail Gurgaon begins operations. Siemens inaugurates State-of-the-Art Test Center for Motors. Siemens installs SOMATOM Perspective 128 slice CT scanner at SRL Diagnostics-Speedscans, Surat. Siemens introduces cutting-edge patient care technology with two new solutions - Biograph mCT Flow & Symbia Intevo. In 2014, the company launches best-fit controller for mid-sized DCS market.- AS 410 SMART. The company also launches optimized servo drive system for motion control applications. The company installs world's longest lab automation track at Thyrocare. The company Installs India's First Ultrasound System with Wireless Transducers at K.G. Hospital, Coimbatore. The company bags orders from Reliance Industries for supply of steam turbines. The company successfully delivers 1200kV CVT to National Test Station, Power Grid. The company wins international recognition for its motors manufactured in India. The company wins order worth Rs 317 crores from Bihar Grid Company Ltd. The company surpasses 100,000 milestone for energy-efficient industrial motors. In 2015, the company has bagged orders worth Rs 450 crore from Varanasi-based Diesel Locomotive Works. The company wins Rs. 55 crore order for High Voltage Circuit Breakers from Algeria. The company wins order worth Rs. 123 crore from Power Grid Company of Bangladesh. The Company has received an order worth Rs 67 crore for supply of high voltage gas insulated switchgear from Larsen and Toubro. The company has powers cities across three states Punjab, Uttarakhand and Haryana with Smart Grid solutions. The company wins order worth Rs. 81 crore from Diesel Locomotive Works. The company has received an order of Rs 79 crore from Pune based wind turbine supplier, Suzlon Energy Limited. IL&FS & GIFTCL sign MoU with the company to develop Smart Mobility Solutions for GIFT. The company has opened up a global skill centre for occupational safety in Mumbai in collaboration with TUV Rheinland India. On 13 October 2015, Siemens announced that, together with its parent company Siemens AG, Germany, it has won an order totalling approximately Rs 183 crore from NTPC. The component of Siemens Ltd. in the order is approximately Rs 97 crore. The scope of the works includes modernization as well as maintenance of Controls and Instrumentation at NTPC's Dadri Power Gas Station. On 7 December 2015, Siemens announced that it has won a crucial order approximately worth Rs 377 crore from Indian Railways' Diesel Locomotive Works (DLW), Varanasi. The scope of work for the project involves supply of 1890 Traction Motors for 4500 HP Diesel Electric Locomotives. The Traction Motors will be produced at Kalwa Factory of Siemens Limited. On 10 December 2015, Siemens Ltd. announced that it has won an order worth approximately Rs 102 crore to supply a 400 kV Gas Insulated Switchgear (GIS) Substation to West Bengal State Electricity Transmission Company Limited (WBSETCL). The scope of the order includes engineering, supply, installation and commissioning of the GIS Substation. On 22 January 2016, Siemens Ltd., announced that it has won a crucial order approximately worth Rs 112 crore from Rajasthan Rajya Vidyut Prasaran Nigam Limited, a State Power Transmission Utility owned by Government of Rajasthan and headquartered in Jaipur. The scope of work for the project involves engineering, supply, installation, testing and commissioning of 400 kv /220kV Air Insulated Substations. On 22 January 2016, Siemens Ltd., together with Siemens Malaysia, announced that it has won a crucial order approximately worth Rs 155 crore from Malaysia-based PSI International, one of the largest petrochemical companies of the world and a subsidiary of Petronas. The scope of work for the project involves supply of 420kV Gas Insulated Switchgear for PSI International's new petrochemical (RAPID) Greenfield project. The Board of Directors of Siemens at its meeting held on 4 March 2016 approved the sale and transfer of its Healthcare undertaking, as a going concern on a slump sale basis, for a sale consideration of Rs 3050 crore to Siemens Healthcare Private Limited, a subsidiary of Siemens AG. This transaction follows Siemens AG's global strategy of managing its Healthcare business under a separately-managed company. Over 85% of Siemens Ltd's Healthcare revenues are currently derived from products imported from parent Siemens AG. Significant management focus, including investments will be needed in finding appropriate products and solutions to meet the growing demands of the Indian market. As there are limited synergies between the Healthcare and other businesses of Siemens Ltd, this transaction will enable Siemens Ltd to increase its focus on, and capital allocation to Power Generation, Transmission and Distribution, Mobility, Industrial Automation and Smart Cities segments while enabling Siemens AG to further strengthen its focus on the Healthcare segment in India, by aligning it with its global strategy and management framework. On 6 April 2016, Siemens announced that it has started dispatch of the largest-ever Made in India' single-phase Generator Step-Up (GSU) Transformer of rating 315 MVA, 23.5kV/420kV for installation at NTPC's Kudgi Thermal Power Station in Bijapur, Karnataka. This transformer is an essential component of the Power Station, which once operational will boost the high-capacity power generation for the southern states of Karnataka, Andhra Pradesh, Tamil Nadu and Kerala. NTPC has ordered 10 units of these GSU transformers on Siemens. On 23 May 2016, Siemens announced that it has strengthened its partnership with Sri Lanka by signing a Memorandum of Understanding (MoU) with the Ministry of Megapolis and Western Development, Sri Lanka to offer expertise and best practices from its globally-proven, state-of-the-art, Sustainable, Smart City solutions portfolio. The prime objective of the Ministry of Megapolis and Western Development is to bring systematic changes and development processes into the urban community in Sri Lanka, which will ensure that the inhabitants of urban areas become a part of socio-economic development of the country while maintaining high levels in quality of life. This will pave the way for making Sri Lanka a commercial, naval and aviation hub of Asia. On 8 June 2016, Siemens Ltd. announced that, together with Siemens Bangladesh Ltd., it has won an order worth approximately Rs 113 crore from Power Grid Company of Bangladesh Limited (PGCB) to design, procure, supply, install, test and commission 230/132kV Gas Insulated Switchgear Substation along with 225/300 MVA, 132/33 KV and 50/75 MVA Transformers at Keraniganj within Dhaka. On 13 June 2016, Siemens Ltd. announced that it has won an order worth approximately Rs 78 crore from Power Grid Corporation of India Limited (PGCIL) to design, supply, install and commission 7 X 500MVA, 765/400/33kV, Phase Autotransformers at Bhuj. On 22 June 2016, Siemens Ltd. announced that it has won an order worth approximately Rs 83 crore from Indian Railways' Diesel Locomotive Works (DLW), Varanasi. The order is to design, supply and install 40 Alternating Current (AC) Traction Systems for dual-cab high horsepower diesel engine locomotives. On 27 June 2016, Siemens Ltd. announced that it has won an order worth approximately Rs 570 crore to supply Static Synchronous Compensator (STATCOM) solutions to Power Grid Corporation of India Ltd. (PGCIL). The scope of the order includes design, engineering, supply, civil, installation, testing and commissioning of STATCOMs at four substation locations ofPGCIL: Ranchi, Rourkela, Kishenganj and Jeypore across the states of Bihar, Jharkhand and Odisha. Cutting-edge technology from Siemens will result in the installation of one of the world's largest STATCOM projects at 400 kV level with a dynamic swing range of 2000MVAr and 1250MVAr mechanically switched components. On 3 August 2016, Siemens Ltd. announced that it has received a crucial order worth approximately Rs 217 crore for Power Grid Company of Bangladesh Limited (PGCB) project from Siemens AG, Germany to supply 400kV / 230 kV Switch Yard Equipments, Reactors, Power Transformers, Fire Fighting Systems, Air-conditioning Systems, Auxiliary Power System, Building Management Systems, Illumination Systems, AC Control and Protections, Engineering for Civil and Plant for 500 MW High Voltage Direct Current (HVDC) Station. The Board of Directors of Siemens at its meeting held on 5 December 2016 approved the sale and transfer of the company's business of engineering, design and development services for global wind power business (hereinafter referred to as SLWP Business') to a subsidiary (to be incorporated) of Siemens Wind HoldCo Sociedad Limitada (SA), Spain, which in turn is a subsidiary of Siemens AG, Germany (SAG), as going concern on a slump sale basis with effect from 1 January 2017 for a cash consideration of Rs 7.5 crore. The SLWP Business consists providing engineering services exclusively for the component design of Towers, Nacelle, Hub and Generator to the Siemens Wind Power A/S (Wind Power Division) in terms of an annual contract on a cost plus mark up basis. On 13 January 2017, Siemens Ltd. announced that, it has won an order worth approximately Rs 98 crore from Diesel Locomotive Works (DLW) to design, supply and install 48 Alternating Current (AC) Traction systems for Dual Cab High Horsepower Diesel Engine locomotive for Indian Railways. The AC Traction systems will be produced at Nashik Factory of Siemens Limited. The systems have been developed based on the state of art Insulated Gate Bipolar Transistors (IGBTs) technologies. The principle benefit of IGBTs over Gate Turnoffthyristors (GTOs) is that it reduces the current required and therefore the heat generated, giving smaller and lighter units. On 18 January 2017, Siemens Ltd announced the launch of its new range of energy efficient motor SIMOTICS 1LE7. The new SIMOTICS 1LE7 range of motors is the newest entrant in the existing range of motors offered by Siemens in India. These motors offer efficiency values higher than the IE3 standards - which is currently the highest efficiency class as recognized by Indian Standards. On 24 January 2017, Siemens Ltd. announced that it has won an order worth approximately Rs 366 crore from Oil and Natural Gas Corporation Limited (ONGC). The order includes supply of material for overhauling of 18 Power Turbines through Zero Hour Overhaul and Time Continued Overhaul. The Zero Hour Overhauling will be first of its kind in India and involves the overhaul of Power Turbines to zero hour status. Under the new concept of Zero Hour Overhaul, the Power Turbine will perform almost as new - capable of a safe run of another 100,000 hours before the next overhaul. This will help in reducing down-time and increase in productivity because of elimination of at-least one intermediate overhaul. On 10 February 2017, Siemens Ltd. announced that it has won an order worth approximately Rs 101 crore from Delhi Transco Ltd. (DTL). The order includes installing 220/66/33kV Gas Insulated Switchgear (GIS) substation at R.K. Puram, New Delhi. DTL is the State Transmission Utility of New Delhi. On 16 February 2017, Siemens announced that it has received an order worth approximately Rs 119 crore from Sterlite Power Grid Ventures Ltd. for design, engineering, procurement, manufacture, supply and commissioning of equipment for 765/400kV Air Insulated Switchgear (AIS) Substation at Khandwa (Madhya Pradesh) and 765kV AIS Bay Extension Equipment at Dhule (Maharashtra) for Khargone Transmission Ltd. On 20 February 2017, Siemens announced that the company along with Siemens Rail Automation Ltd. S.A.U Spain has jointly won an order worth Rs 287 crore to supply state-of-the-art signaling technology for the first two metro lines of the Nagpur Metro i.e. the North-South and the East-West Corridors. Siemens Limited's share of the contract is Rs 146 crore (all inclusive).The project comprises the deployment and installation of the Siemens communications-based train control (CBTC) solution Trainguard MT for 38.2 kilometers of double track with 36 stations and two depots, as well as onboard equipment for 23 three-cars trains. On 23 March 2017, Siemens announced that it has won an order worth approximately Rs 187.4 crore from Bangladesh Rural Electrification Board (BREB), Dhaka. The project includes construction of new 33/11 kV Air Insulated Switchgear substations in Dhaka, Chittagong and Sylhet. BREB is an electricity distribution provider under the Government of Bangladesh responsible for providing electricity to the rural parts of Bangladesh. The project is part of BREB's efforts to upgrade the country's rural electricity distribution system and will contribute to accomplishing the Government of Bangladesh's Vision of 'Electricity for All by 2021'. On 29 March 2017, Siemens announced that that a consortium of the company and Sumitomo Electric Industries Ltd. has been awarded an order from Power Grid Corporation of India, the central transmission utility of India, to supply a high-voltage direct current (HVDC) transmission system. The total size of the order won by the consortium is US $520 million, of which the share of Siemens is approximately Rs 1682 crore. The about 200-kilometer-long HVDC connection will be India's first direct current link using voltage sourced converter (VSC) technology. On 11 May 2017, Siemens informed the stock exchanges that an internal investigation by the company has revealed that as a result of a collusion between certain employees through the use of fake purchase orders and related documentation and the failure of some other employees to adequately discharge their responsibilities under the internal financial control procedures laid down by the company, a fraud spread over several years prior to 31 March 2011 has been perpetrated on the company, the estimated impact of which is Rs 19 crore. Appropriate disciplinary action has been taken against the concerned employees and such further action in the matter as may be considered necessary is under consideration of the company's Board of Directors. On 25 September 2017, Siemens announced that it has transferred and assigned its leasehold interest in the property located at Plot No. 130 Pandurang Budhkar Marg, Worli, Mumbai to Whispering Heights Real Estate Private Limited, a joint venture entity of Reco Solis Pte. Ltd. (an affiliate of GIC, Singapore) and the K. Raheja Corp Group, for a total consideration of Rs 610 crore. Earlier, on 30 December 2016, Siemens and Whispering Heights Real Estate Private Limited executed a Memorandum of Understanding for the transfer and assignment of Siemens' leasehold interest in the Property located at Plot No. 130, Pandurang Budhkar Marg, Worli, Mumbai for a total consideration of Rs 610 crore in favour of the proposed assignee. The Board of Directors of Siemens at its meeting held on 21 February 2018 agreed in-principle to sell its Mobility Division and Rail Traction Drives business (included in Process Industries and Drives Division which provides products and services to Mobility Division) as also its wholly owned subsidiary Siemens Rail Automation Private Limited, to the parent company Siemens AG, Germany (SAG) or its subsidiary. The Mobility Division accounts for 10.46% of the turnover and 2.82% of the capital employed of the company for the year ended 30 September 2017. The Board also agreed in-principle to sell its Mechanical Drives business (included in Process Industries and Drives Division) to SAG or its subsidiary. The Board of Directors of the Company at its Meeting held on 26 August 2020 approved the sale and transfer of the Company's Mechanical Drives (MD') Business, to Flender Drives Private Limited, a subsidiary of Flender GmbH, which in turn is a subsidiary of Siemens AG, as a going concern on a slump sale basis, with effect from 01 January, 2021. On 01 January 2021, the Company divested its Mechanical Drives (MD) business as a going concern on a slump sale basis to Flender Drives Private Limited for a final consideration of Rs. 3,759 million. On 01 March 2021, the Company acquired 99.22% equity share capital of C&S Electric Limited and became a subsidiary of the Company. In FY 2021, the Company commissioned India's first high-voltage direct current link featuring voltage-sourced converter (VSC) technology for Power Grid Corporation of India Limited (POWERGRID). It partnered with POWERGRID to commission Static Synchronous Compensator (STATCOM) solutions at POWERGRID's substations at Bikaner, Fatehgarh and Bhadla. It signed a Memorandum of Understanding (MoU) with Switch Mobility Automotive Limited to execute e-mobility projects. It announced deployment of over 2 lakh Smart Meters in North Delhi, together with Tata Power Delhi Distribution Limited. In mobility space, it provided automated train technology systems at improving capacity, punctuality, reliability, and provide enhanced safety for passengers of Bengaluru Metro. It strengthened manufacturing footprint with opening of a medium voltage switchgear factory in Goa. It executed a Power Purchase Agreement and entered into an Agreement on 22nd October 2021 for subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited. On 1st July 2022, the Company sold and transferred its Large Drives Applications business as a going concern on a slump sale basis to Siemens Large Drives India Private Limited for a cash consideration of Rs 440 Crores. During FY 2021-22, by virtue of subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited (SRPL), Mumbai, India, Sunsole Renewables was made an Associate of the Company with effect from 28th February 2022. During the year 2023, the Company launched a Digital Twin Solution for streamlining paint processes at MG Motor, an automotive OEM. It launched Siemens Xcelerator, an open digital business platform consisting of three main elements - portfolio, ecosystem and marketplace.

Siemens Ltd Chairman Speech

Dear Shareholders,

The global economy continued to face headwinds in financial year 2023 due to geo-political tensions, high inflation and tighter monetary policies by most central banks around the world. The prognosis of a looming recession setting in during the financial year 2023 did not materialize, though uncertainties related to economic recovery and slowing growth rates across the major economies lingered.

On the other hand, India's economy remained resilient. While it is not immune to the global environment, India is in the spotlight due to its strong domestic consumption-driven economy. The capital expenditure cycle, both public and private, grew stronger, with the engineering and manufacturing sector being a key beneficiary during the financial year 2023. The energy and infrastructure sectors have been the driving force behind the increase in the order book for Corporate India.

In this backdrop, all the businesses of the Company did commendably well, as is evident in the Company's strong performance in Revenues, New Orders and Net Profit. This was representative of the continued growth in capital expenditure and digital spending by both public as well as private sectors.

For the financial year 2023, the Company received New Orders valued at Rs 463,829 million, a 138.8 percent increase over Rs 194,221 million in the financial year 2022. The Order Backlog as of September 30, 2023 stood at Rs 455,227 million. Sales (excluding other operating revenues) were up by 21.3 percent to Rs 177,007 million, compared to Rs 145,881 million in the previous financial year.

Profits from Operations stood at Rs 20,167 million compared to Rs 13,974 million in the previous financial year, an increase of 44.3 percent over the previous financial year. The Company's Profit before Tax stood at Rs 25,451 million compared to Rs 16,802 million in the previous financial year, an increase of 51.5 percent. The Profit after Tax for the financial year was Rs 19,113 million, an increase by 52.9 percent compared to Rs 12,497 million in the previous financial year. The Board of Directors of the Company has recommended a dividend of Rs 10/- per equity share of the face value of Rs 2/- each for the financial year ended September 30, 2023. The above financial performance is for continuing operations.

Among the key highlights during the financial year 2023, the Company received an order worth approximately Rs 260 billion to supply 1,200 locomotives of 9000 horsepower (HP) for Indian Railways. This is the single largest order in the history of the Company. The locomotives would be delivered over an eleven-year period, and the contract includes 35 years of full service maintenance. This is an outstanding achievement!

The Company is also supplying steel tank traction transformers for the 1,200 locomotives as part of the above-mentioned order. These steel tank transformers are competitive and more efficient when compared to the aluminum option. It won several big orders for supplying large power transformers to India's largest electric power transmission utility as part of the customer's efforts for integrating renewable energy.

In a step to address the fast-growing demand for electric vehicle (EV) charging infrastructure in India, the Company acquired the EV division of Mumbai-based Mass-Tech Controls Private Limited. The division is engaged in design, engineering and manufacturing of a wide range of alternate current chargers, and 30 to 300kW capacity direct current chargers for various end applications for EVs. The addition of products will complete the Company's portfolio of e-mobility solutions. It will also address the needs of the Indian market, which has unique requirements such as lower power rating and parallel charging.

Earlier in the financial year 2023, the Company launched its first industry-ready 5G routers. The applications on industrial 5G offer long-term benefits to a wide range of customer segments that depend on a strong communication backbone. These include intralogistics, autonomous machines, industrial edge, remote diagnostics, augmented reality, assisted work, wireless backhaul, edge computing and mobile equipment. The availability of 5G is a milestone on the path to Industry 4.0, in which smart factories become more flexible and productive thanks to end-to-end digitalization and the Internet of Things.

The Company achieved a significant milestone for the Siemens Xcelerator platform with the inclusion of 100 India-relevant digital use and reference cases across multiple industries such as Food & Beverage, Data Centers, Commercial Buildings, Power Utilities and others. Siemens Xcelerator is an open and evolving digital business platform that comprises a comprehensive, curated portfolio that includes digital and Internet of Things (IoT)-enabled offerings (software, hardware and digital services) from Siemens, and certified third parties.

Part of the Siemens Xcelerator portfolio is Industrial Operations X, an open and interoperable portfolio for automating and operating industrial production and Building X, a scalable digital building platform to digitalize, manage and optimize building operations.

This milestone is evidence of the progress that the Company has made over the past year with Siemens Xcelerator and a powerful ecosystem, which enables it to support the increasing demand for digitalization and decarbonization solutions in India.

The Company's sustainability goals are defined under the holistic DEGREE framework (Decarbonization, Ethics, Governance, Resource Efficiency, Equity, Employability). The Company ensures and prioritizes sustainability in its own operation and has adopted a ‘value chain approach' – supporting both its suppliers as well as customers on their sustainability journey.

Continuous efforts are being made to decarbonize the operations of the Company in the areas of space optimization, energy efficiency, resilience and green electricity. The Company has installed advanced HVAC chiller system technology as well as energy-efficient equipment and solutions for thermal storage and day light harvesting. Green electricity is generated through roof top solar panels in the factory premises and also through a power purchase agreement. In addition, it has initiated a program for decarbonization of the supply chain. It involves assessment of emissions, decarbonization solutions and carbon reduction targets. G-AVATAR, the Global Data Monitoring & Remote Analysis Center for Building Related Data located in the Company's Kalwa factory complex, is a showcase of digitalization for energy management and carbon reporting. It monitors over 14,000 data points from 1,300 locations across 90 countries. The Company empowers its customers to accelerate their sustainability goals along three impact areas: decarbonization and energy efficiency, resource efficiency and circularity, people centricity and societal impact.

Further details on ESG disclosure of the Company can be found in the Business Responsibility and Sustainability Report.

The Company considers it as its economic, environmental and social responsibility to foster sustainable local development and add value to the local economy in which it operates. Its CSR projects are long-term in nature and designed to create sustainable value to society.

Through various initiatives, the Company supports over 83,000 students and trainees every year across their entire learning cycle of Science, Technology, Engineering and Mathematics (STEM) education.

The Company's Dual VET (Vocational Education and Training) program has seen remarkable success. Over 53,000 trainees benefit every year through the program, which is currently implemented at over 350 government Industrial Training Institutes (ITIs) across 17 states. As part of the program, thousands of micro, small and medium enterprises (MSMEs) provide in-plant training to the ITI trainees. The Dual VET program is being implemented in collaboration with Deutsche Gesellschaft f?r Internationale Zusammenarbeit GmbH (GIZ), Ministry of Skill Development and Entrepreneurship, Government of India and Tata STRIVE. During the financial year 2023, Siemens Scholarship Program completed 10 years since it was launched in 2013 with 20 students. It has since expanded to 1,335 meritorious and deserving students from 125 government engineering colleges across 27 states in India. The program enables access to quality education to economically disadvantaged communities based on the German model of Dual Education and ensures equal opportunity for girls.

Another key initiative is Project Jigyaasa aimed at promoting curiosity-based learning and encouraging students to take up Science, Technology, Engineering and Mathematics (STEM) careers. It promotes STEM education through science fairs where school teams build innovative projects that address real-life problems. Project Jigyaasa is currently being implemented in 13 locations across seven states in India. Under social and environment focus areas, Project Asha continued to work towards enhancing living conditions for over 600,000 people in over 100 villages in Palghar and Aurangabad. It follows an integrated development model and leverages simple, inclusive technology. The Company also provided humanitarian assistance to communities affected by the floods in Delhi. These are a few highlights – you will find more details in the CSR Report later in the Annual Report as well as in the Business Responsibility and Sustainability Report.

The Company values, encourages and practices a sharing culture. It is thanks to this culture of empowerment and collaboration between teams and people that the Company has performed well yet again. A strong growth mindset, a feeling of belonging and trust are key to building long-lasting partnerships within the organization as well as with customer and partners. During the financial year 2023, the Company implemented measures to strengthen its internal practices and the overall culture for employees while enhancing its employee value proposition. The Company recognizes that up-skilling, re-skilling and cross-skilling of its people is crucial for its continued success. In financial year 2023, it focused on capability building in technical skills, leadership readiness as well as upskilling of people engaged in manufacturing, sales, and engineering to build a flexible and competitive workforce. It also recruited experts in engineering, sales, and digital domains in line with business requirements.

Several learning and development initiatives were launched, covering leadership capability, sustainability and Siemens Xcelerator. One such program is Lead, Empower, Accelerate, Practice (LEAP), which is an action-oriented learning program to build leadership capabilities aligned to the Company's strategic priorities. The Company recorded over 227,000 cumulative hours of learning during the financial year 2023.

The geo-political tensions continued to escalate around the world in financial year 2023. The US economy did witness improvement as seen in the better-than-expected GDP growth in the latter part of the financial year. However, the economies of Europe and China remained subdued and are expected to experience slower growth. Elections are also scheduled in many democratic nations across the world in financial year 2024. In spite of these challenges and risks, the global economic growth expectations can be viewed with cautious optimism – with a growth rate of 2.7 percent in financial year 2024 compared to 3 percent in financial year 2023. There is little probability of global recession as many feared in the beginning of the financial year and the focus will be on growth, inflation and monetary policy. The trend in commodity prices also needs to be watched in the next financial year. This is especially true for ‘green metals' such as copper, nickel, zinc and cobalt that are key raw materials for clean energy applications.

India has been largely immune from the economic turmoil. In spite of global economic risks, India will be the fastest growing economy for the next few years and a preferred emerging market for investments. India has gained a strong presence in various global diplomatic and trade forums. It has made progress towards achieving its goal to be a global manufacturing hub. As global supply chains seek to diversify, India stands to gain as a stable destination for manufacturing and business.

The General Elections in 2024 may cause a momentary pause in tendering for large projects but will not disrupt the long-term growth trajectory, which is intact due to our nation's political stability and consistency in policy measures. The GDP growth rate is also expected to pick up momentum, moving from the current 6.4 percent to above 7 percent in the next 3-4 years.

Siemens Limited is best placed to support India in its growth story. Whether in Energy, Infrastructure, Manufacturing or Mobility, Siemens Limited is well positioned to provide technologies and solutions that can address India's requirements. In tune with the increased capital expenditure seen across sectors, the Company too announced capital expenditure of Rs 416 crore to expand its manufacturing capacity and strengthen the product portfolio. The investment is toward capacity expansions of Power Transformers used in the Power Transmission business and of Vacuum Interrupters for Medium Voltage Switchgear used in the Power Distribution sector. The expansion in capacities of both these products will enable the Company to meet the growing demand both in India and globally. I am certain that the Company – with its strong corporate governance, technology, products and people – will march forward in its successful, sustainable and profitable growth journey. In conclusion, I would like to wish good health and safety and sincerely thank our customers, the board, the management, unions and most importantly, the dedicated employees for their consistent support and commitment to Siemens Limited.

Chairman

Mumbai, Tuesday, 28^th November 2023

Siemens Ltd Company History

Siemens Limited offers products, integrated solutions for industrial applications for manufacturing industries, drives for process industries, intelligent infrastructure and buildings, efficient and clean power generation from fossil fuels and oil & gas applications, transmission and distribution of electrical energy for passenger and freight transportation, including rail vehicles, rail automation and rail electrification systems. It focuses on the areas of electrification, automation and digitization. It is one of the leading producers of technologies for combined cycle turbines for power generation; power transmission and distribution solutions; infrastructure solutions for Smart Cities and transportation; automation and software solutions for industry, and also supplier of healthcare equipments. It has nearly 21 factories located across India and a nation-wide sales and service network. Siemens Ltd was incorporated in the year 1957 as Siemens Engineering and Manufacturing Company of India Pvt Ltd. In March 1957, the company entered into a collaboration agreement with two foreign companies, viz., Siemens & Halske AG and Siemens Schuckertwerke AG of West Germany. In the year 1966, the name of the Siemens & Halske AG was changed to Siemens AG and at the same time, it took over the manufacturing and business activities of Siemens-Schuckertwerke AG and Siemens-Reiniger-Werke AG. The name of the company was changed in the year 1967 from Siemens Engineering & Manufacturing Company of India Ltd to Siemens India Ltd. In the year 1970, Siemens-Reiniger-Werke AG and Siemens-Schuckertwerke AG were merged with Siemens AG. In the year 1985, the company incorporated a subsidiary company, namely Siemens Communication Systems Pvt Ltd to undertake the manufacture of certain items of Telecommunication equipment for export purposes. In the year 1987, the company established a software centre at the head office in Mumbai to cater to the software package requirements of the control and automation systems and also to tap the export market. In the year 1990, the company undertook a project to set up a plant at Waluj in Aurangabad district of Maharashtra for the manufacture of switchgears and miniature circuit breakers. In the year 1991, the Medical engineering division launched a mobile C-arm image intensifier system, saving valuable foreign exchange. Also, the motors, drives and automation division launched the microprocessor based modular drives for AC and DC applications, microprocessor based digital uninterrupted power supply and micro PLC Simatic 90U. The name of Siemens Communication Systems Pvt Ltd was changed to Siemens Information Systems Ltd In the year 1993, the company introduced State-of-the-art advanced process control system at Nashik in order to meet stringent control requirements of chemical and petro-chemical industries. In the year 1994, the company signed an MoU with Asia Chip Card, Singapore and Semiconductor Corp Ltd to enter into the smart card business. In the year 1996, the company suffered by loss due to discontinuous of the operations of the Telecommunications division. In the year 1998, Siemens Public Communications, a 70:30 joint venture company between Siemens Germany and Siemens Ltd India were formed. Siemens Telecom Ltd, a joint venture between Siemens and Bharti Telecom formally launched their Euroset and Emerald series of phones at Bangalore. In the year 1999, the company set up Unisphere Solutions Inc to target leadership in the converged voice and data and Internet networking solutions. In the year 2000, they launched total hotel solutions' for the hospitality industry to cater to the growing needs of the corporate travelers. They launched their new line of information and communication solutions - Hicom 150 E Office and ESL8i - targeted at small and medium enterprises. In the year 2001, Siemens Information Systems Ltd, a wholly owned subsidiary company signed a partnership contract with Avraham Goldratt Institute of USA (AGI). The company introduced different models of mobile phones, which cover various features in each. In the year 2004, the company made a strategic alliance with Aethra Telecomunicazioni, Italy to offer a range of video and audio conferencing solutions in India. In the year 2006, the company made an alliance with Huawei-3Com to offer high performance networks to Indian enterprises. In the year 2007, the company acquired a 77% of stake in iMetrex Technologies Ltd, which is a leading provider of products and solutions in the areas of electronic security, safety and building automation systems. In September 2007, the company acquired the balance 26% stake in Siemens Industrial Turbomachinery Services Pvt. Ltd. (SITS) from Pimac Engineers Pvt. Ltd. In November 2007, the company bagged an order worth of Rs 870 million (Rs 87 crore) from McNally Bharat Engineers Pvt Ltd for supplying electricals for Rashtriya Ispat Nigam Ltd's new Sinter Plant at Vizag. In January 2008, the company and the Government of Maharashtra signed a Letter of Understanding to support company's expansion plans in the State. In April 2008, the company took over Morgan Construction Co., the rolling mill specialist based in Worcester, Massachusetts, USA. In May 2008, the company's Medical Solutions installed Asia's first high definition positron emission tomography (HD PET). This high-end equipment is installed at Piramal Diagnostics (formerly Wellspring), Mumbai. During the year 2009-10, as per the scheme of amalgamation, Flender Ltd, a wholly owned subsidiary of the company was amalgamated with the company with effect from October 1, 2009. In January 8, 2010, the company acquired the balance 13.85% stake Siemens Building Technologies Pvt Ltd, Chennai (SBTPL) comprising of 517,209 Equity Shares of Rs 10 each, from the promoters of SBTPL for a consideration of Rs 702.51 million. With this acquisition, SBTPL became a wholly owned subsidiary of the company. During the year 2010-11, the company created a new Sector 'Infrastructure & Cities' in line with Siemens global strategy and in order to achieve better portfolio synergy. The new sector will offer solutions to the cities for mobility, environmental protection and energy savings. This sector will be having five divisions (Mobility, Rail System, Low & Medium Voltage, Smart Grid and Building Technologies) and these divisions will work closer to their target markets and develop additional business opportunities in the growing market of cities. During the year, as per the scheme of amalgamation, Siemens Building Technologies Pvt Ltd and Vista (a wholly owned subsidiary of SBTPL) were amalgamated with the company with effect from October 1, 2010. Consequent to the amalgamation of SBTPL, the three subsidiaries of SBTPL i.e. iMetrex Technologies Ltd., Ireland (ITL), Europlex Technologies (UK) Ltd., UK (ET UK) and Europlex Technologies (Ireland) Ltd., Ireland (ET IL) became subsidiaries of the company. During the year, ITL, ET UK & ET IL were sold to Siemens Schweiz AG, Switzerland (a subsidiary of Siemens AG) for a total consideration of Euro 2.95 million During the year, as per the scheme of amalgamation Siemens Healthcare Diagnostics Ltd was amalgamated with the company with effect from March 14, 2011. In April 2011, Siemens Rolling Stock Pvt Ltd, a wholly owned subsidiary of the company was amalgamated with the company with effect from October 1, 2009. In September 2011, the company received an order from Siemens AG valued at Rs 294.50 crore for a transmission project of Power Grid of Corporation of Bangladesh. The completion period is 24 months. The company has approved the amalgamation of Siemens VAI Metals Technologies Pvt Ltd, Kolkata (SVAI), a 100% Siemens AG Company and Morgan Construction Company India Pvt Ltd, Mumbai (Morgan) a wholly owned subsidiary of SVAI with the company. The appointed date was fixed as October 1, 2011. In 2012, The Company won contract to modernize electricity distribution system for Maharashtra State Electricity Distribution Company. The company inked contract with PGCIL to construct 765 kV test lab in Bina, MP. The Company started operations in two greenfield factor in Goa. In 2013 Siemens launches SIMATIC S7-1500 with TIA Portal. Siemens installs Asia's first SOMATOM Definition Edge CT scanner at PSG Hospitals, Coimbatore. Siemens Limited wins contract to build first private sector-funded GIS substation in Bangladesh. Siemens wins order to modernize Korba Stage-II plant of NTPC. Siemens wins repeat order for Gurgaon Metro South Extension project. Siemens Corporate Citizenship Film Runner-up at Global Sustainability Awards. Siemens-powered Rapid Metro Rail Gurgaon begins operations. Siemens inaugurates State-of-the-Art Test Center for Motors. Siemens installs SOMATOM Perspective 128 slice CT scanner at SRL Diagnostics-Speedscans, Surat. Siemens introduces cutting-edge patient care technology with two new solutions - Biograph mCT Flow & Symbia Intevo. In 2014, the company launches best-fit controller for mid-sized DCS market.- AS 410 SMART. The company also launches optimized servo drive system for motion control applications. The company installs world's longest lab automation track at Thyrocare. The company Installs India's First Ultrasound System with Wireless Transducers at K.G. Hospital, Coimbatore. The company bags orders from Reliance Industries for supply of steam turbines. The company successfully delivers 1200kV CVT to National Test Station, Power Grid. The company wins international recognition for its motors manufactured in India. The company wins order worth Rs 317 crores from Bihar Grid Company Ltd. The company surpasses 100,000 milestone for energy-efficient industrial motors. In 2015, the company has bagged orders worth Rs 450 crore from Varanasi-based Diesel Locomotive Works. The company wins Rs. 55 crore order for High Voltage Circuit Breakers from Algeria. The company wins order worth Rs. 123 crore from Power Grid Company of Bangladesh. The Company has received an order worth Rs 67 crore for supply of high voltage gas insulated switchgear from Larsen and Toubro. The company has powers cities across three states Punjab, Uttarakhand and Haryana with Smart Grid solutions. The company wins order worth Rs. 81 crore from Diesel Locomotive Works. The company has received an order of Rs 79 crore from Pune based wind turbine supplier, Suzlon Energy Limited. IL&FS & GIFTCL sign MoU with the company to develop Smart Mobility Solutions for GIFT. The company has opened up a global skill centre for occupational safety in Mumbai in collaboration with TUV Rheinland India. On 13 October 2015, Siemens announced that, together with its parent company Siemens AG, Germany, it has won an order totalling approximately Rs 183 crore from NTPC. The component of Siemens Ltd. in the order is approximately Rs 97 crore. The scope of the works includes modernization as well as maintenance of Controls and Instrumentation at NTPC's Dadri Power Gas Station. On 7 December 2015, Siemens announced that it has won a crucial order approximately worth Rs 377 crore from Indian Railways' Diesel Locomotive Works (DLW), Varanasi. The scope of work for the project involves supply of 1890 Traction Motors for 4500 HP Diesel Electric Locomotives. The Traction Motors will be produced at Kalwa Factory of Siemens Limited. On 10 December 2015, Siemens Ltd. announced that it has won an order worth approximately Rs 102 crore to supply a 400 kV Gas Insulated Switchgear (GIS) Substation to West Bengal State Electricity Transmission Company Limited (WBSETCL). The scope of the order includes engineering, supply, installation and commissioning of the GIS Substation. On 22 January 2016, Siemens Ltd., announced that it has won a crucial order approximately worth Rs 112 crore from Rajasthan Rajya Vidyut Prasaran Nigam Limited, a State Power Transmission Utility owned by Government of Rajasthan and headquartered in Jaipur. The scope of work for the project involves engineering, supply, installation, testing and commissioning of 400 kv /220kV Air Insulated Substations. On 22 January 2016, Siemens Ltd., together with Siemens Malaysia, announced that it has won a crucial order approximately worth Rs 155 crore from Malaysia-based PSI International, one of the largest petrochemical companies of the world and a subsidiary of Petronas. The scope of work for the project involves supply of 420kV Gas Insulated Switchgear for PSI International's new petrochemical (RAPID) Greenfield project. The Board of Directors of Siemens at its meeting held on 4 March 2016 approved the sale and transfer of its Healthcare undertaking, as a going concern on a slump sale basis, for a sale consideration of Rs 3050 crore to Siemens Healthcare Private Limited, a subsidiary of Siemens AG. This transaction follows Siemens AG's global strategy of managing its Healthcare business under a separately-managed company. Over 85% of Siemens Ltd's Healthcare revenues are currently derived from products imported from parent Siemens AG. Significant management focus, including investments will be needed in finding appropriate products and solutions to meet the growing demands of the Indian market. As there are limited synergies between the Healthcare and other businesses of Siemens Ltd, this transaction will enable Siemens Ltd to increase its focus on, and capital allocation to Power Generation, Transmission and Distribution, Mobility, Industrial Automation and Smart Cities segments while enabling Siemens AG to further strengthen its focus on the Healthcare segment in India, by aligning it with its global strategy and management framework. On 6 April 2016, Siemens announced that it has started dispatch of the largest-ever Made in India' single-phase Generator Step-Up (GSU) Transformer of rating 315 MVA, 23.5kV/420kV for installation at NTPC's Kudgi Thermal Power Station in Bijapur, Karnataka. This transformer is an essential component of the Power Station, which once operational will boost the high-capacity power generation for the southern states of Karnataka, Andhra Pradesh, Tamil Nadu and Kerala. NTPC has ordered 10 units of these GSU transformers on Siemens. On 23 May 2016, Siemens announced that it has strengthened its partnership with Sri Lanka by signing a Memorandum of Understanding (MoU) with the Ministry of Megapolis and Western Development, Sri Lanka to offer expertise and best practices from its globally-proven, state-of-the-art, Sustainable, Smart City solutions portfolio. The prime objective of the Ministry of Megapolis and Western Development is to bring systematic changes and development processes into the urban community in Sri Lanka, which will ensure that the inhabitants of urban areas become a part of socio-economic development of the country while maintaining high levels in quality of life. This will pave the way for making Sri Lanka a commercial, naval and aviation hub of Asia. On 8 June 2016, Siemens Ltd. announced that, together with Siemens Bangladesh Ltd., it has won an order worth approximately Rs 113 crore from Power Grid Company of Bangladesh Limited (PGCB) to design, procure, supply, install, test and commission 230/132kV Gas Insulated Switchgear Substation along with 225/300 MVA, 132/33 KV and 50/75 MVA Transformers at Keraniganj within Dhaka. On 13 June 2016, Siemens Ltd. announced that it has won an order worth approximately Rs 78 crore from Power Grid Corporation of India Limited (PGCIL) to design, supply, install and commission 7 X 500MVA, 765/400/33kV, Phase Autotransformers at Bhuj. On 22 June 2016, Siemens Ltd. announced that it has won an order worth approximately Rs 83 crore from Indian Railways' Diesel Locomotive Works (DLW), Varanasi. The order is to design, supply and install 40 Alternating Current (AC) Traction Systems for dual-cab high horsepower diesel engine locomotives. On 27 June 2016, Siemens Ltd. announced that it has won an order worth approximately Rs 570 crore to supply Static Synchronous Compensator (STATCOM) solutions to Power Grid Corporation of India Ltd. (PGCIL). The scope of the order includes design, engineering, supply, civil, installation, testing and commissioning of STATCOMs at four substation locations ofPGCIL: Ranchi, Rourkela, Kishenganj and Jeypore across the states of Bihar, Jharkhand and Odisha. Cutting-edge technology from Siemens will result in the installation of one of the world's largest STATCOM projects at 400 kV level with a dynamic swing range of 2000MVAr and 1250MVAr mechanically switched components. On 3 August 2016, Siemens Ltd. announced that it has received a crucial order worth approximately Rs 217 crore for Power Grid Company of Bangladesh Limited (PGCB) project from Siemens AG, Germany to supply 400kV / 230 kV Switch Yard Equipments, Reactors, Power Transformers, Fire Fighting Systems, Air-conditioning Systems, Auxiliary Power System, Building Management Systems, Illumination Systems, AC Control and Protections, Engineering for Civil and Plant for 500 MW High Voltage Direct Current (HVDC) Station. The Board of Directors of Siemens at its meeting held on 5 December 2016 approved the sale and transfer of the company's business of engineering, design and development services for global wind power business (hereinafter referred to as SLWP Business') to a subsidiary (to be incorporated) of Siemens Wind HoldCo Sociedad Limitada (SA), Spain, which in turn is a subsidiary of Siemens AG, Germany (SAG), as going concern on a slump sale basis with effect from 1 January 2017 for a cash consideration of Rs 7.5 crore. The SLWP Business consists providing engineering services exclusively for the component design of Towers, Nacelle, Hub and Generator to the Siemens Wind Power A/S (Wind Power Division) in terms of an annual contract on a cost plus mark up basis. On 13 January 2017, Siemens Ltd. announced that, it has won an order worth approximately Rs 98 crore from Diesel Locomotive Works (DLW) to design, supply and install 48 Alternating Current (AC) Traction systems for Dual Cab High Horsepower Diesel Engine locomotive for Indian Railways. The AC Traction systems will be produced at Nashik Factory of Siemens Limited. The systems have been developed based on the state of art Insulated Gate Bipolar Transistors (IGBTs) technologies. The principle benefit of IGBTs over Gate Turnoffthyristors (GTOs) is that it reduces the current required and therefore the heat generated, giving smaller and lighter units. On 18 January 2017, Siemens Ltd announced the launch of its new range of energy efficient motor SIMOTICS 1LE7. The new SIMOTICS 1LE7 range of motors is the newest entrant in the existing range of motors offered by Siemens in India. These motors offer efficiency values higher than the IE3 standards - which is currently the highest efficiency class as recognized by Indian Standards. On 24 January 2017, Siemens Ltd. announced that it has won an order worth approximately Rs 366 crore from Oil and Natural Gas Corporation Limited (ONGC). The order includes supply of material for overhauling of 18 Power Turbines through Zero Hour Overhaul and Time Continued Overhaul. The Zero Hour Overhauling will be first of its kind in India and involves the overhaul of Power Turbines to zero hour status. Under the new concept of Zero Hour Overhaul, the Power Turbine will perform almost as new - capable of a safe run of another 100,000 hours before the next overhaul. This will help in reducing down-time and increase in productivity because of elimination of at-least one intermediate overhaul. On 10 February 2017, Siemens Ltd. announced that it has won an order worth approximately Rs 101 crore from Delhi Transco Ltd. (DTL). The order includes installing 220/66/33kV Gas Insulated Switchgear (GIS) substation at R.K. Puram, New Delhi. DTL is the State Transmission Utility of New Delhi. On 16 February 2017, Siemens announced that it has received an order worth approximately Rs 119 crore from Sterlite Power Grid Ventures Ltd. for design, engineering, procurement, manufacture, supply and commissioning of equipment for 765/400kV Air Insulated Switchgear (AIS) Substation at Khandwa (Madhya Pradesh) and 765kV AIS Bay Extension Equipment at Dhule (Maharashtra) for Khargone Transmission Ltd. On 20 February 2017, Siemens announced that the company along with Siemens Rail Automation Ltd. S.A.U Spain has jointly won an order worth Rs 287 crore to supply state-of-the-art signaling technology for the first two metro lines of the Nagpur Metro i.e. the North-South and the East-West Corridors. Siemens Limited's share of the contract is Rs 146 crore (all inclusive).The project comprises the deployment and installation of the Siemens communications-based train control (CBTC) solution Trainguard MT for 38.2 kilometers of double track with 36 stations and two depots, as well as onboard equipment for 23 three-cars trains. On 23 March 2017, Siemens announced that it has won an order worth approximately Rs 187.4 crore from Bangladesh Rural Electrification Board (BREB), Dhaka. The project includes construction of new 33/11 kV Air Insulated Switchgear substations in Dhaka, Chittagong and Sylhet. BREB is an electricity distribution provider under the Government of Bangladesh responsible for providing electricity to the rural parts of Bangladesh. The project is part of BREB's efforts to upgrade the country's rural electricity distribution system and will contribute to accomplishing the Government of Bangladesh's Vision of 'Electricity for All by 2021'. On 29 March 2017, Siemens announced that that a consortium of the company and Sumitomo Electric Industries Ltd. has been awarded an order from Power Grid Corporation of India, the central transmission utility of India, to supply a high-voltage direct current (HVDC) transmission system. The total size of the order won by the consortium is US $520 million, of which the share of Siemens is approximately Rs 1682 crore. The about 200-kilometer-long HVDC connection will be India's first direct current link using voltage sourced converter (VSC) technology. On 11 May 2017, Siemens informed the stock exchanges that an internal investigation by the company has revealed that as a result of a collusion between certain employees through the use of fake purchase orders and related documentation and the failure of some other employees to adequately discharge their responsibilities under the internal financial control procedures laid down by the company, a fraud spread over several years prior to 31 March 2011 has been perpetrated on the company, the estimated impact of which is Rs 19 crore. Appropriate disciplinary action has been taken against the concerned employees and such further action in the matter as may be considered necessary is under consideration of the company's Board of Directors. On 25 September 2017, Siemens announced that it has transferred and assigned its leasehold interest in the property located at Plot No. 130 Pandurang Budhkar Marg, Worli, Mumbai to Whispering Heights Real Estate Private Limited, a joint venture entity of Reco Solis Pte. Ltd. (an affiliate of GIC, Singapore) and the K. Raheja Corp Group, for a total consideration of Rs 610 crore. Earlier, on 30 December 2016, Siemens and Whispering Heights Real Estate Private Limited executed a Memorandum of Understanding for the transfer and assignment of Siemens' leasehold interest in the Property located at Plot No. 130, Pandurang Budhkar Marg, Worli, Mumbai for a total consideration of Rs 610 crore in favour of the proposed assignee. The Board of Directors of Siemens at its meeting held on 21 February 2018 agreed in-principle to sell its Mobility Division and Rail Traction Drives business (included in Process Industries and Drives Division which provides products and services to Mobility Division) as also its wholly owned subsidiary Siemens Rail Automation Private Limited, to the parent company Siemens AG, Germany (SAG) or its subsidiary. The Mobility Division accounts for 10.46% of the turnover and 2.82% of the capital employed of the company for the year ended 30 September 2017. The Board also agreed in-principle to sell its Mechanical Drives business (included in Process Industries and Drives Division) to SAG or its subsidiary. The Board of Directors of the Company at its Meeting held on 26 August 2020 approved the sale and transfer of the Company's Mechanical Drives (MD') Business, to Flender Drives Private Limited, a subsidiary of Flender GmbH, which in turn is a subsidiary of Siemens AG, as a going concern on a slump sale basis, with effect from 01 January, 2021. On 01 January 2021, the Company divested its Mechanical Drives (MD) business as a going concern on a slump sale basis to Flender Drives Private Limited for a final consideration of Rs. 3,759 million. On 01 March 2021, the Company acquired 99.22% equity share capital of C&S Electric Limited and became a subsidiary of the Company. In FY 2021, the Company commissioned India's first high-voltage direct current link featuring voltage-sourced converter (VSC) technology for Power Grid Corporation of India Limited (POWERGRID). It partnered with POWERGRID to commission Static Synchronous Compensator (STATCOM) solutions at POWERGRID's substations at Bikaner, Fatehgarh and Bhadla. It signed a Memorandum of Understanding (MoU) with Switch Mobility Automotive Limited to execute e-mobility projects. It announced deployment of over 2 lakh Smart Meters in North Delhi, together with Tata Power Delhi Distribution Limited. In mobility space, it provided automated train technology systems at improving capacity, punctuality, reliability, and provide enhanced safety for passengers of Bengaluru Metro. It strengthened manufacturing footprint with opening of a medium voltage switchgear factory in Goa. It executed a Power Purchase Agreement and entered into an Agreement on 22nd October 2021 for subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited. On 1st July 2022, the Company sold and transferred its Large Drives Applications business as a going concern on a slump sale basis to Siemens Large Drives India Private Limited for a cash consideration of Rs 440 Crores. During FY 2021-22, by virtue of subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited (SRPL), Mumbai, India, Sunsole Renewables was made an Associate of the Company with effect from 28th February 2022. During the year 2023, the Company launched a Digital Twin Solution for streamlining paint processes at MG Motor, an automotive OEM. It launched Siemens Xcelerator, an open digital business platform consisting of three main elements - portfolio, ecosystem and marketplace.

Siemens Ltd Directors Reports

Dear Members,

The Directors have pleasure in presenting the 66^th Annual Report of your Company and the Audited Financial Statements for the financial year ended 30^th September 2023.

1. Financial Performance*

(Rs in millions)

*T otal operations of the Company

The Turnover of the Company was Rs 179,651 million for the year ended 30^th September 2023 as compared to Rs 152,558 million in the previous year. The Company's Profit from Operations for the year ended 30^th September 2023 was Rs 20,167 million as compared to Rs 14,123 million in the previous year. The Profit after Tax for the year ended 30^th September 2023 was Rs 19,113 million as compared to Rs 15,308 million during 30^th September 2022.

For FY 2023, the Company received new orders valued at Rs 463,829 million (133.7% increase) over Rs 198,509 million in FY 2022. During FY 2023, the Company received an order for 1,200 locomotives of 9,000 horsepower (HP) from Indian Railways, marking the single largest order in the history of Siemens Limited. The contract has a total value of approximately Rs 260 billion, excluding taxes and price variation.

The above data is considering total operations of the Company. ii. Acquisition of Electric Vehicle division of Mass-Tech Controls Private Limited

In a step to address the fast-growing demand for electric vehicle (EV) charging infrastructure in India, the Company, on 1^st July 2023, acquired the EV division of Mumbai-based Mass-Tech Controls Private Limited. The division is engaged in design, engineering and manufacturing of a wide range of AC chargers, and 30 to 300kW capacity DC chargers for various end applications for EVs. The purchase consideration was Rs 380 million on a cash free and debt free basis and subject to other adjustments that are mutually agreed between the parties to the transaction.

3. Dividend

The Board of Directors has recommended a dividend of Rs 10 per equity share having face value of Rs 2 each for FY 2022-23. In the previous year, the Company paid a Dividend of Rs 10 per equity share having face value of Rs 2 each.

Pursuant to the requirements of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR'), the Dividend Distribution Policy of the Company is available on the Company's website at https://new.siemens.com/in/en/company/investor-relations.html

4. Share Capital

During the year under review, there was no change in share capital of the Company.

5. (i) Subsidiary companies

Siemens Rail Automation Private Limited (‘SRAPL'), a wholly-owned subsidiary of the Company, is engaged in the business of manufacture, supply, design, installation and commissioning of railway signaling equipment consisting of trackside and on board equipment.

C&S Electric Limited (C&S) is a subsidiary of the Company wherein the Company holds 99.22% equity stake of C&S. C&S is engaged in the business of manufacturing and distribution of low-voltage products and systems business (such as switchboards, power distribution products, control products, protection relays), measurement devices, busduct and busbar trunking.

SRAPL and C&S are non-material and unlisted subsidiaries of the Company pursuant to LODR. The Company has not made any equity investment in SRAPL and C&S during FY 2022-23.

A summary of performance of aforesaid subsidiaries is provided below:

The turnover of SRAPL for FY 2022-23 stood at Rs 2,107 million (1.08% of consolidated turnover of the Company) as compared to Rs 1,604 million in the previous year and its Profit from Operations for the year ended 30^th September 2023 was Rs 633 million as compared to Rs 504 million in the previous year.

SRAPL has reported Profit after Tax for the year ended 30^th September 2023 of Rs 584 million as compared to Rs 434 million during FY 2021-22. The Board of Directors of SRAPL has recommended a dividend of Rs 8,995 per equity share having face value of Rs 10 each, for the financial year ended 30^th September 2023. In previous year, SRAPL paid final dividend of Rs 10,020 per equity share having face value of Rs 10 each and interim dividend of Rs 4,075 per equity share having face value of Rs 10 each.

The turnover of C&S for FY 2022-23 stood at Rs 15,036 million (7.69% of consolidated turnover of the Company) as compared Rs 12,198 million for the year ended 30^th September 2022 and its Profit from Operations for the year ended 30^th September, 2023 was Rs 1,544 million as compared to Rs 179 million for the previous year. C&S has reported Profit after Tax for the year ended 30^th September 2023 of Rs 1,218 million as compared to Rs 163 million during its previous financial year. The Board of Directors of C&S has recommended final dividend of Rs 20 per equity share having face value of Rs 10 each. In previous year, C&S paid dividend of Rs 3 per equity shares having face value of Rs 10 each.

(ii) Associate Company

Sunsole Renewables Private Limited (‘Sunsole'), Associate company of the Company, is engaged in the construction, operation and maintenance of a solar power plant to supply, on a captive basis, the power generated from the said solar power plant to the Company. A summary of its performance is as under. The turnover of Sunsole for the year ended 30^th September 2023 was Rs 24 million (0.01% of consolidated turnover of the Company) as compared Rs 3 million for the period from 28^th February 2022 to 30^th September 2022 and its Loss for the year ended 30^th September 2023 was Rs 5 million as compared to Rs 0.88 million for the period from 28^th February 2022 to 30^th September 2022.

(iii) The Company does not have any joint venture during the year.

The Company has obtained a certificate from the Statutory Auditor certifying that the Company is in compliance with the Foreign Exchange Management Act, 1999 and the Rules & Regulations framed thereunder with respect to downstream investment.

Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 ("the Act"), a statement containing salient features of Financial Statements of SRAPL, C&S and Sunsole in the prescribed Form AOC-1 is provided in Annexure I forming part of this Report. The Financial Statements of subsidiaries are available on the Company's website at https://new.siemens.com/in/en/company/investor-relations/financials-of-our-subsidiaries.html and the same are also available for inspection as per the details mentioned in the Notice of 66^th AGM. Your Company will also make available these documents upon request by any Member of the Company interested in obtaining the same.

Consolidated Financial Statements

The Annual Audited Consolidated Financial Statements together with the Report of Auditors' thereon forms part of this Annual Report.

6. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

Information pursuant to Section 134(3)(m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is provided in Annexure II forming part of this Report.

7. Corporate Governance

A detailed review of the operations, performance and future outlook of the Company and its businesses is given in the Management Discussion and Analysis, which forms part of this Report as Annexure III.

Pursuant to the requirements of LODR, a detailed report on Corporate Governance along with the Auditor's Certificate thereon forms part of this Report as Annexure IV.

General Shareholder Information forms part of this Report as Annexure V.

8. Directors and Key Managerial Personnel

Following are the changes in composition of the Board of Directors and Key Managerial Personnel of the Company during

FY 2022-23:

- Mr. Deepak S. Parekh, Chairman (DIN: 00009078) completed his second term as an Independent Director of the Company on 29^th January 2023. Considering his expertise, contributions and rich and varied experience, he has been appointed as Director (Non-executive Non-independent, liable to retire by rotation) of the Company with effect from 30^th January 2023.

- Mr. Shyamak R. Tata (DIN: 07297729) was appointed as an Independent Director of the Company for a term of five years, with effect from 30^th January 2023.

- Mr. Anami Roy (DIN: 01361110) was appointed as an Independent Director of the Company for a term of five years, with effect from 1^st May 2023.

- Dr. Juergen Wagner (DIN: 10101116) was appointed as a Director (Non-executive Non-independent Director) of the Company with effect from 1^st May 2023. The Members of the Company have approved aforementioned appointments of Mr. Parekh, Mr. Tata. Mr. Roy and Dr. Wagner by way of postal ballot.

- Mr. Mehernosh B. Kapadia (DIN: 00046612) ceased to be Independent Director of the Company with effect from 2^nd May 2023, upon completion of his term.

- Mr. Johannes Apitzsch (DIN: 05259354) resigned as Director of the Company with effect from 1^st January 2023, due to his other commitments.

- Mr. Willem Rudolf Basson (DIN: 09081871) resigned as a Director of the Company with effect from 1^st May 2023 due to his other commitments.

The Board places on record its appreciation for the valuable contributions made by Mr. Kapadia, Mr. Apitzsch and Mr. Basson during their respective tenure as a Director of the Company.

- Mr. Sunil Mathur (DIN:02261944) was re-appointed as the Managing Director (‘MD') and Chief Executive Officer (‘CEO') of the Company for a further period of five years with effect from 1^st January 2024.

- Dr. Daniel Spindler (DIN: 08533833) was re-appointed as the Executive Director (‘ED') and Chief Financial Officer (‘CFO') of the Company for a further period of one year with effect from 1^st August 2023. The Members of the Company have approved aforementioned re-appointments of Mr. Mathur and Dr. Spindler by way of postal ballot during FY 2023.

Dr. Spindler, to pursue career opportunities in Siemens AG:

- does not seek re-appointment as a Director of the Company at 66^th AGM upon retirement by rotation and would cease to be a Director as well as Executive Director of the Company on conclusion of ensuing 66^th AGM. - has resigned as CFO of the Company with effect from close of business hours on 29^th February 2024. Based on recommendation of the Nomination and Remuneration Committee and the Audit Committee of the Company, the Board has approved and recommended appointment of Mr. Wolfgang Wrumnig as under: - as Director (Non-executive Non-independent) of the Company with effect from 14^th February 2024 or on allotment of Director Identification Number (by the Ministry of Corporate Affairs, Government of India), whichever is later; and - as Executive Director (‘ED') and Chief Financial Officer (‘CFO') (‘Key Managerial Personnel) of the Company for a period of 5 (five) years, from 1^st March 2024 to 28^th February 2029.

The t erms and conditions of the appointment including remuneration of Mr. Wrumnig as ED and CFO are subject to approval of the Members of the Company at ensuing 66^th AGM and other statutory / regulatory approvals, as may be required in this regard. The resolutions for appointment of Mr. Wrumnig along with his brief profile forms part of the Notice of 66^th AGM and the same are recommended for Member's approval.

The Independent Directors of the Company viz. Mr. Shyamak R. Tata, Mr. Anami Roy and Ms. Sindhu Gangadharan (DIN: 08572868) have furnished declarations to the Company under Section 149(7) of the Act, confirming that they meet the criteria prescribed for Independent Directors under Section 149(6) of the Act as well as under LODR and that their names have been included in the data bank of Independent Directors as prescribed under the Act.

The Board of Directors is of the opinion that Independent Directors possess necessary expertise, integrity and experience. Mr. Sunil Mathur, MD and CEO, Dr. Daniel Spindler, ED and CFO and Mr. Ketan Thaker, Company Secretary (ACS No.: 16250) are the Key Managerial Personnel of the Company as on the date of this Report.

9. Board Meetings

During FY 2022-23, five meetings of the Board of Directors were held. The details of the attendance of Directors at the Board Meetings are mentioned in the report on Corporate Governance annexed hereto.

The details of the Annual evaluation of Board, its Committees and individual Directors are mentioned in the report on the Corporate Governance forming part of this Report.

The Company has an Audit Committee pursuant to the requirements of the Act read with the rules framed thereunder and LODR. The details relating to the same are given in the report on Corporate Governance forming part of this Report. During FY 2022-23, the recommendations of Audit Committee were duly accepted by the Board.

As a technology company, Siemens is driven by the aspiration to address the world's most profound challenges by leveraging the convergence of digitalization and sustainability. We take the lead and transform the everyday for billions of people by creating technology with purpose, that provide answers for a better future and creates value for all our stakeholders. The Company considers it as its economic, environmental and social responsibility to foster sustainable local development as well as add value to the local economy in which it operates.

At Siemens Limited, our commitment is to improve quality of life and create lasting value for the society. Based on the

UN Sustainable Development Goals and our core competencies, the Company has defined 3 strategic focus areas for its

Corporate Social Responsibility ("CSR"): Education, Social and Environment. Our CSR activities are long-term projects that are designed to create sustainable value to society by focusing on strengthening the skilling ecosystem, promotion of innovations that sustain the environment and enhance living conditions.

In accordance with the provisions of Section 135 of the Act and Rules framed thereunder, the Company has a CSR Committee comprising Mr. Deepak S. Parekh (Chairman) (DIN: 00009078), Ms. Sindhu Gangadharan, Independent Director (DIN: 08572868), Dr. Juergen Wagner (DIN:10101116), Mr. Sunil Mathur (DIN: 02261944) and Dr. Daniel Spindler (DIN: 08533833). The changes in composition of CSR Committee are mentioned in the CSR Report for FY 2022-23. The Committee reviews and monitors the CSR projects and expenditure undertaken by the Company on a regular basis. The Company implements the CSR projects directly as well as through implementing partners. The details of such initiatives, CSR spend etc., have been provided as Annexure VI to this Report, as required under the Companies (Corporate Social

Responsibility Policy) Rules, 2014.

On recommendation of NRC, the Company has formulated, amongst others, a policy on Directors' appointment as well as Remuneration Policy for Directors, Key Managerial Personnel, Senior Management and other employees. The details of the Remuneration policy are mentioned in the report on the Corporate Governance and the same is also placed on the Company's website at https://new.siemens.com/in/en/company/investor-relations.html A Statement of Disclosure of Remuneration pursuant to Section 197 of the Act read with Rule 5(1) of the Companies

(Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided as Annexure VII forming part of this Report.

As per the provisions of Section 177(9) of the Act and Regulation 22 of LODR, the Company is required to establish a Vigil Mechanism for Directors and employees to report genuine concerns. The Company has a Policy for Prevention, Detection and Investigation of Frauds and Protection of Whistleblowers ("the Whistleblower Policy") in place and the details of the Whistleblower Policy are provided in the Report on Corporate Governance forming part of this Report. The Company has disclosed information about the establishment of the Whistleblower Policy on its website https://new.siemens.com/in/en/ company/investor-relations/business-ethics.html

Siemens Enterprise Risk Management (ERM) is a company-wide framework of methods and processes used to identify, assess, monitor and mitigate risks and seize opportunities related to achievement of Siemens business objectives. The Siemens ERM approach is based on the globally accepted "The Committee of Sponsoring Organizations of the Treadway Commission" ("COSO") framework i.e. "ERM – Integrated Framework". The COSO framework provides a generic concept which has been customized to reflect Company's requirements. Major risks identified by the Business Divisions and Corporate Departments are systematically addressed through mitigating actions on a continuing basis. The Company has a Risk Management Committee in accordance with the requirements of LODR to, inter alia, monitor the risks and their mitigating actions. The Board of Directors of the Company also reviews the Risk Assessment and Mitigation Report annually.

Details in respect of adequacy of internal financial controls with reference to the Financial Statements are given in the Management's Discussion and Analysis, which forms part of this Report.

Pursuant to the provisions of Section 134(3)(c) read with Section 134(5) of the Act, the Directors confirm that, to the best of their knowledge and belief: a) that in the preparation of the Annual Financial Statements for the year ended 30^th September 2023, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any; b) that such accounting policies have been selected and applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 30^th September 2023 and of the profit of the Company for the year ended on that date; c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) that the annual Financial Statements have been prepared on a going concern basis; e) that proper internal financial controls are in place and that such internal financial controls were adequate and were operating effectively; f) that proper systems have been devised to ensure compliance with the provisions of all applicable laws and are adequate and operating effectively.

In accordance with the provisions of Section 92(3) of the Act, Annual Return of the Company is hosted on website of the Company at https://new.siemens.com/in/en/company/investor-relations/annual-reports.html

The particulars of contracts or arrangements with Related Parties referred to in Section 188(1) of the Act, in the prescribed Form AOC - 2, forms part of this report as Annexure VIII.

A statement providing particulars of loans, guarantees or investments under Section 186 of the Act is provided as Annexure IX forming part of this Report.

In compliance with Regulation 34(2)(f) of LODR read with the SEBI Circular No. SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated 10^th May 2021, the Company has included Business Responsibility and Sustainability Report (BRSR) as a part of the Annual Report, describing initiatives taken by the Company from an environmental, social and governance perspective.

As a Green Initiative, the BRSR for FY 2022-23 has been hosted on the Company's website, which can be accessed at https://new.siemens.com/in/en/company/investor-relations/annual-reports.html Any Member interested in obtaining a copy of BRSR may write to the Company Secretary.

The Company has not accepted any fixed deposits and, as such, no amount of principal or interest was outstanding as of the Balance Sheet date.

The Company has not made transfer to reserves during FY 2022-23.

The Board of Directors places on record its deep appreciation for the contribution made by the employees of the Company at all levels.

The information about employees' particulars as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in the Annexure forming part of the Report. In terms of Section 136 of the Act, the Report and Financial Statements are being sent to the Members and others entitled thereto, excluding aforesaid Annexure. The said information is available for inspection by the Members as per the details mentioned in the Notice of 66^th AGM. Any Member interested in obtaining a copy of the same may write to the Company Secretary.

The Company has a Policy on Prevention of Sexual Harassment at Workplace in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules framed thereunder and Internal Complaints Committee has also been set up to redress complaints received regarding sexual harassment. During FY 2022-23, one complaint with allegations of sexual harassment was received by the Company and the same was investigated and resolved.

25. Auditors i) Pursuant to provisions of Section 139 of the Act read with the Companies (Audit and Auditors) Rules, 2014, B S R & Co. LLP, Chartered Accountants (Firm Registration No.101248W/W-100022) (‘BSR') were appointed as Statutory Auditors of the Company for a term of five years, to hold office from the conclusion of 61^st Annual General Meeting (‘AGM') held on 6^th February 2019, until the conclusion of 66^th AGM.

Accordingly, BSR ceases to be the Statutory Auditors of the Company on the conclusion of forthcoming 66^th AGM of the Company to be held on13^th February 2024.

Pursuant to provisions of Section 139 of the Act read with the Companies (Audit and Auditors) Rules, 2014, the Audit Committee and the Board of Directors of the Company have recommended appointment of Price Waterhouse Chartered Accountants LLP, Chartered Accountants, (Firm Registration No. 012754N / N500016) (‘PW') as the Statutory Auditors of the Company for a term of 5 (five) years to hold office from the conclusion of forthcoming 66^th AGM until the conclusion of the 71^st AGM of the Company, in place of retiring Statutory Auditors namely BSR, at a remuneration as may be agreed upon by the Board of Directors and the Auditors, subject to the approval of the Members of the Company.

A resolution seeking PW's appointment as Statutory Auditors of the Company forms part of the Notice of 66^th AGM and the same is recommended for Member's approval.

The Auditors Report dated 28^th November 2023 issued by BSR for FY 2022-23 does not contain any qualification, reservation, adverse remark or disclaimer. ii) Pursuant to provisions of Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and pursuant to requirement of LODR, the Secretarial Audit Report for FY 2022-23 issued by Secretarial Auditor i.e. Messrs. Parikh Parekh & Associates (‘PPA'), Practicing Company Secretaries (Unique Code No. P1987MH01000) is provided as Annexure X to this Report. The Secretarial Audit Report for FY 2022-23 does not contain any qualification, reservation, adverse remark or disclaimer.

The remark of, BSR in its aforementioned report under para 2A(b) under ‘Other Legal and Regulatory requirements' section and that of PPA in its Secretarial Audit Report (‘MR-3') for the year ended 30^th September 2023, has been dealt under Note 62 to the Standalone Financial Statements of the Company for the year ended 30^th September 2023. iii) The Board of Directors, on recommendation of the Audit Committee, has re-appointed Messrs. R. Nanabhoy & Co., Cost Accountants (Firm Registration No. 000010), as Cost Auditors of the Company, for the Financial Year ending 30^th September 2024, at a remuneration as mentioned in the Notice of 66^th AGM and same is recommended for your consideration and ratification. The Company had filed the Cost Audit Report for FY 2021-22 on 8^th March 2023, which is within the time limit prescribed under the Companies (Cost Records and Audit) Rules, 2014.

As per requirements of Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, the Company is required to maintain cost records and accordingly, such accounts and records has been maintained in respect of the applicable products for the year ended 30^th September 2023. iv) There have been no instances of fraud reported by abovementioned Auditors under Section 143(12) of the Act and Rules framed thereunder either to the Company or to the Central Government during FY 2022-23.

During FY 2022-23, the Company has complied with all applicable Secretarial Standards issued by The Institute of Company Secretaries of India and adopted under the Act.

The Company has not filed any application or no proceeding is pending against the Company under the Insolvency and Bankruptcy Code, 2016, during FY 2022-23.

The Company has not made any one-time settlement with the banks or financial institutions, therefore, the same is not applicable.

There have been no material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the financial year to which the Financial Statements relate and the date of this Report.

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and operations of the Company in future.

The Board of Directors takes this opportunity to thank Siemens AG - parent company, customers, members, suppliers, bankers, business partners / associates and Central and State Governments for their consistent support and co-operation to the Company.

On behalf of the Board of Directors For Siemens Limited

Chairman DIN: 00009078

Mumbai, Tuesday, 28^th November 2023

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