Centum Electronics Ltd — Earnings Release 2022

Nov 17, 2021

Ref: CEL/NSEBSE/EP/17112021 17[th] November, 2021

To,

Listing Department Department of Corporate Services ‐ Listing National Stock Exchange of India Limited BSE Limited Exchange Plaza, P. J. Towers, Bandra Kurla Complex, Dalal Street, Bandra (East), Mumbai – 400 001 Mumbai – 400 051

Re: Scrip Symbol: CENTUM/ Scrip Code: 517544

Dear Sir/ Madam,

Sub: Earnings Presentation

This is to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the “Listing Regulations"), read with Part A of Schedule III of the Listing Regulations, we hereby enclose the Earnings Presentation for H1/Q2‐FY22. Kindly take the same on your records.

Pursuant to Regulation 46(2)(o) of the Listing Regulations, the aforesaid Earnings Presentation is also uploaded on the website of the Company i.e. www.centumelectronics.com

Yours faithfully, For Centum Electronics Limited

Digitally signed by NAGARAJ K V NAGARAJ K V Date: 2021.11.17 18:07:01 +05'30'

Nagaraj K V Company Secretary & Compliance Officer

Encl: as above

Centum Electronics Limited

44, KHB Industrial Area, Yelahanka New Town, Bangalore - 560 106, Karnataka, India Tel +91-(0)80-4143-6000 Fax +91-(0)80-4143-6005 www.centumindia.com CIN - L85110KA1993PLC013869

EARNINGS PRESENTATION

H1/Q2-FY22

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Snapshot
25+ years of domain expertise in Global Operations with strong Concept to Commissioning 1,800 Employees
Electronics Design & Manufacturing presence in India, Europe and North capabilities 650 Designers
Solutions America
Flexible Engagement Models Strong Supply Chain Network Strong relationship with marquee Serving segments with Hi-Tech, High
global clients Entry Barriers
Healthy Order Book of Single Source Supplier for ~80% of 75% Revenues from Overseas Strong Corporate Governance
~INR 10,000 Mn manufactured products Customers in Advanced Economies
As on 30 [th ] September 2021, Not including client forecasts of EMS division & signed LOIs for Transportation products
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Company Overview

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• Founded in 1993, Centum Electronics Limited (Centum) is one of the largest Electronics System Design and Manufacturing (ESDM) companies in India.

FY22 Key Business Segments:

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Operational Income (In Mn) and EBITDA
11.15% 11.11% 10.95%
6.29%
5.11%
FY18 FY19 FY20 FY21 H1-FY22
Operational Revenue EBITDA EBITDA Margin
9,304
8,833
7,811 8,174
38 0 1, 98 1 89 5 3,468
399 218
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• Engineering R&D (ER&D) Services (34%) – Involves conceptualizing and designing of Electronic Hardware, Embedded Software, FPGA, Analog, Radio Frequency products, etc.

• Competencies across product design and manufacturing of complex and critical products and supplying to marquee customers in the most advanced economies as well as in India.

• Electronic Manufacturing Services (EMS) (34%) – Services include manufacturing services solutions focused on a High Complexity products in high technology segment

• Offering entire spectrum of design services and manufacturing of systems, subsystems for mission critical products in Defence, Space, Aerospace, Industrial, Transportation and Medical sectors.

• Build-To-Specification (32%) – Services include turnkey solutions to take project from conception to mass production quickly and efficiently.

• World-class design & manufacturing facilities across North America, Europe and India, with cutting edge infrastructure as well as a global supply chain capable of delivering products with high quality and reliability anywhere in the world.

• FY20 revenues not comparable due to sale of Energy division of Centum Adetel subsidiary.

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and reliability anywhere in the world. of Centum Adetel subsidiary.
H1-FY21 Geographical Breakup
FY21 Industry Breakup
North
Defense, Space & Transport & Asia
Aerospace Automotive Industrial & Energy Healthcare America 25%
10%
Europe
65%
44% 30% 17% 9%
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H1/Q2-FY22 FINANCIAL OVERVIEW

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H1/Q2-FY22 Financial Highlights

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Q2-FY22 Standalone Performance:

Q2-FY22 Consolidated Performance:

• Operational Income: INR 821 Mn

• Operational Income: INR 1,724 Mn

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• Operational EBITDA: INR 73 Mn

• Operational EBITDA: INR 121 Mn

• • Operational EBITDA Margin: 7.02%

• • Net Profit: INR (21) Mn

• • PAT Margin: (1.22)%

• • Diluted EPS: INR (0.53) per share

• Operational EBITDA Margin: 8.89%

• Net Profit: INR 24 Mn

• • PAT Margin: 2.92%

• • Diluted EPS: INR 1.86 per share

H1-FY22 Standalone Performance:

H1-FY22 Consolidated Performance:

• Operational Income: INR 1,423 Mn

• • Operational EBITDA: INR 61 Mn

• • Operational EBITDA Margin: 4.29%

• Operational Income: INR 3,468 Mn

• • Operational EBITDA: INR 218 Mn

• • Operational EBITDA Margin: 6.29%

• • Net Profit: INR (506) Mn

• • PAT Margin: (14.59)%

• • Diluted EPS: INR (27.12) per share

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•
•
•
•
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• Net Profit: INR (58) Mn

• • PAT Margin: (4.08)%

• Diluted EPS: INR (4.53) per share

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Q2-FY22 Consolidated Financial Performance

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Revenue from Operations (INR Mn)
2 ,5 0
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EBITDA (INR Mn)
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2 ,5 0 2 50
Revenue remained at similar 2,051 218
2 ,0 0 2 0 EBITDA improved over the
level to the previous quarter. 1,744 1,724
previous quarter due to
The shortage in semi- 1 ,5 0 1 50
121 better mix and increase in
conductor components 1 ,0 0 1 0 96 higher margin business.
continues to impact the
business. 5 0 5 0
- 0
Q2-FY21 Q1-FY22 Q2-FY22 Q2-FY21 Q1-FY22 Q2-FY22
Revenue from operations EBITDA
EBITDA Margin (%) and PAT Margin (%) PAT (INR Mn)
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PAT (INR Mn)
1 0 0 42 -21 PATpreviousimprovedquarter overdue theto
-1 0 Q2-FY21 Q1-FY22 Q2-FY22
better mix and lower
-2 0
expenses (cost control).
-3 0
-4 0
-5 0 -485
-6 0
PAT
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EBITDA Margin (%) and PAT Margin (%)
1 5.0 0% 10.63%
1 . 0 0% 5.50% 7.02%
5 . 0 % 2.05% -1.22%
0 . 0 %
-5 .0 0% Q2-FY21 Q1-FY22 Q2-FY22
-1 0. 0 %
-1 5. 0 %
-2 0. 0 %
-2 5. 0 % -27.81%
-3 0. 0 %
EBITDA (%) PAT (%)
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H1/Q2-FY22 Operational Highlights

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• Financial performance of Standalone has improved over the previous quarter due to increased revenue and better mix.

• Centum Adetel Group revenues decreased over the previous quarter due to shortage of components which affected the bottom line.

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• Significant debt reduction from INR 3,168 M in Mar 21 to INR 2,723 M in Sep 21.

• Supply chain challenges continue due to the shortage of the semi-conductor components resulting in increase in lead times. We are closely monitoring the market situation and working with customers and suppliers to minimize the impact.

• Centum received the prestigious SIDM CHAMPION AWARD (Society of Indian Defence Manufacturers) from Honourable Defence Minister, Shri. Rajnath Singh.

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Q2-FY22 – Standalone Income Statement
Particulars (INR Mn) Q2-FY22 Q2-FY21 Y-o-Y Q1-FY22 Q-o-Q
Operational Income 821 1,186 (30.8)% 602 36.4%
Total Expenses 748 970 (22.9)% 621 20.5%
EBITDA 73 216 (66.2)% (19) NA
EBITDA Margins (%) 8.89% 18.21% (932) bps NA NA
Other Income 32 7 NA 12 166.7%
Depreciation 41 39 5.1% 41 0.0%
Finance Cost 35 41 (14.6)% 44 (20.5)%
- -
Exceptional Items NA (18) NA
PBT 29 143 (79.7)% (110) NA
Tax 5 36 (86.1)% (28) NA
PAT 24 107 (77.6)% (82) NA
PAT Margins (%) 2.92% 9.02% (610) bps NA NA
Diluted EPS (INR) 1.86 8.32 (77.6)% (6.38) NA
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H1-FY22 – Standalone Income Statement
Particulars (INR Mn) H1-FY22 H1-FY21 Y-o-Y
Operational Income 1,423 2,239 (36.4)%
Total Expenses 1,362 1,866 (27.0)%
EBITDA 61 373 (83.6)%
EBITDA Margins (%) 4.29% 16.66% NA
Other Income 38 16 137.5%
Depreciation 83 77 7.8%
Finance Cost 79 96 (17.7)%
Exceptional Items (18) - NA
PBT (81) 216 NA
Tax (23) 54 NA
PAT (58) 162 NA
PAT Margins (%) NA 7.24% NA
Diluted EPS (INR) (4.53) 12.53 NA
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Standalone Balance Sheet
Particulars (INR Mn) FY20 FY21 H1-FY22 Particulars (INR Mn) FY20 FY21 H1-FY22
ASSETS EQUITY AND LIABILITIES
Non-Current Assets 2,118 2,110 2,186 Equity 2,363 2,547 2,464
(a) Property, Plant & Equipment 1,116 1,075 1,037 Share Capital 129 129 129
(b) Capital Work in progress 14 23 24 Other Equity 2,234 2,418 2,335
(c) Goodwill on Consolidation 36 36 36 Non Current Liabilities 285 216 94
(d) Other Intangible Assets 54 55 47 (a) Financial Liabilities
(e) Right of use asset 21 37 32 (i)Borrowings 197 114 -
(f) Intangible assets under development - - - (ii)Other Financial Liabilities 2 - -
(g) Financial Assets 24 13 6
(iii) Lease Liabilities
489 637 628
(i) Investments Government Grants 17 34 31
(iii) Other financial assets 290 182 272 Net non-current employee defined
45 55 57
(h) Deferred tax assets (net) 28 18 38 benefit liabilities
(i) Non-current tax assets (net) 34 34 57 Current Liabilities 3,714 2,580 2,656
(j) Other non-current assets 26 13 15 (a) Financial Liabilities
(i) Borrowings 1,494 1,278 1,058
Current Assets 4,244 3,233 3,028 (ii)Trade Payables 1,136 588 691
(a)Inventories 2,204 1,746 1,930 (iii)Other Financial Liabilities 271 102 88
(b) Financial Assets (iv) Lease Liabilities 6 20 14
- - -
(i)Investments (b) Government Grants 4 8 8
(ii)Trade Receivables 1,700 996 768 (c) Other current Liabilities 686 469 755
(iii)Cash and Cash Equivalents 55 105 30 (d) Net current employee defined
6 6 6
(iv)Bank balances other than above 97 187 88 benefit liabilities
(vi) Others current financial assets 57 55 67 Provisions 35 33 32
131 144 145 Liabilities for current tax (net) 77 76 4
(c) Other Current Assets
TOTAL ASSETS 6,362 5,343 5,214 TOTAL EQUITY AND LIABILITIES 6,362 5,343 5,214
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Q2-FY22 – Consolidated Income Statement
Particulars (INR Mn) Q2-FY22 Q2-FY21 Y-o-Y Q1-FY22 Q-o-Q
Operational Revenue 1,724 2,051 (15.9)% 1,744 (1.1)%
Total Expenses 1,603 1,833 (12.5)% 1,648 (2.7)%
EBITDA 121 218 (44.5)% 96 26.0%
EBITDA Margin (%) 7.02% 10.63% (361) bps 5.50% 152 bps
Other Income 29 10 190.0% 17 70.6%
Depreciation 112 103 8.7% 111 0.9%
Finance Cost 60 66 (9.1)% 73 (17.8)%
Share of profit / (losses) of associates and JV from continuing - (3) NA - NA
operation
Exceptional Items - - NA (447) NA
PBT (22) 56 NA (518) NA
Tax (1) 14 NA (33) NA
PAT from continuing operations (21) 42 NA (485) NA
PAT Margin (%) NA 2.05% NA NA NA
Diluted EPS from continuing operations (INR) (0.53) 5.38 NA (26.59) NA
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H1-FY22 – Consolidated Income Statement
Particulars (INR Mn) H1-FY22 H1-FY21 Y-o-Y
Operational Revenue 3,468 3,947 (12.1)%
Total Expenses 3,250 3,547 (8.4)%
EBITDA 218 400 (45.5)%
EBITDA Margin (%) 6.29% 10.13% (384) bps
Other Income 45 37 21.6%
Depreciation 223 211 5.7%
Finance Cost 134 145 (7.6)%
Share of profit / (losses) of associates and JV from continuing operation - (3) NA
Exceptional Items (446) - NA
PBT (540) 78 NA
Tax 34 45 (24.4)%
PAT from continuing operations (506) 33 NA
PAT Margin (%) NA 0.84% NA
Diluted EPS from continuing operations (INR) (27.12) 6.89 NA
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Consolidated Balance Sheet
Particulars (INR Mn) FY20 FY21 H1-FY22 Particulars (INR Mn) FY20 FY21 H1-FY22
ASSETS EQUITY AND LIABILITIES
(1) Non-current assets 3,759 3,611 3,299 (1) Equity 2,300 2,401 1,879
(a) Property, Plant and Equipment 1,253 1,184 1,134 (a) Equity share capital 129 129 129
(b) Capital work-in-progress 14 21 29 (b) Other equity 1,923 2,102 1,733
Equity attributable to equity holders of
376 376 376 2,052 2,231 1,862
(c) Goodwill on consolidation +
the parent (a b)
(d) Other Intangible assets 479 409 346 Non-controlling interests 248 170 17
(e) Right of use asset 456 556 474 (2) Non-current liabilities 1,281 1,702 1,420
(f) Intangible assets under development 101 171 234 (a) Financial liabilities
(i) Borrowings 697 1,089 895
(g) Financial assets
2 - -
(i) Investment in joint ventures and 387 465 96 (ii) Other non-current financial liabilities
associates (iii) Lease Liabilities 374 419 347
(ii) Other Investments 14 23 14 (b) Deferred tax liabilities (net) 92 71 60
(iv) Other non current financial assets 588 336 480 (c) Net non-current employee defined 46 57 59
benefit liabilities
(h) Deferred tax assets (net) 30 22 43
(d) Provisions 54 32 28
(i) Non-current tax assets (net) 34 34 57 (e) Government Grants 16 34 31
(j) Other non-current assets 27 14 16 (3) Current liabilities 7,191 5,702 5,630
(a) Financial liabilities
(2) Current assets 7,013 6,194 5,630 (i)Borrowings 2,025 2,079 1,828
(a) Inventories 2,358 1,942 2,090 (ii) Trade payables 1,780 1,082 1,101
(iii) Other current financial liabilities 1,666 942 879
(b) Financial assets
(iv) Lease Liabilities 103 140 122
(i) Trade receivables 2,489 2,161 1,857 (b) Other current liabilities 1,471 1,323 1,640
(ii) Cash and cash equivalents 136 412 176 (c) Government Grants 4 8 8
(d) Net employee defined benefit
(iii) Bank balances other than cash and 97 187 88 6 6 6
liabilities
cash equivalents
(v) Other current financial assets 1,609 1106 1,021 (e) Provisions 58 40 37
(f) Liabilities for current tax (net) 78 82 9
(c) Other current assets 323 386 398
(3) Assets classified as held for disposal - - - (4) Liabilities directly associated with assets classified as held for disposal - - -
Total assets (1+2+3) 10,772 9,805 8,929 Total equity and liabilities (1+2+3+4) 10,772 9,805 8,929
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Historical Standalone Income Statement
Particulars (INR Mn FY19 FY20 FY21 H1-FY22
Operational Income 4,987 4,824 4,245 1,423
Total Expenses 4,290 4,111 3,621 1,362
EBITDA 697 713 624 61
EBITDA Margins (%) 13.98% 14.78% 14.70% 4.29%
Other Income 38 43 39 38
Depreciation 121 132 158 83
Finance Cost 268 277 174 79
- -
Exceptional Items 329 (18)
PBT 675 347 331 (81)
Tax 95 97 91 (23)
PAT 580 250 240 (58)
PAT Margins (%) 11.63% 5.18% 5.65% NA
Diluted EPS (INR) 45.00 19.42 18.60 (4.53)
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Historical Consolidated Income Statement
Particulars (INR Mn) FY19 FY20 FY21 H1-FY22
Operational Revenue 9,304 8,833 8,174 3,468
Total Expenses 8,267 7,852 7,279 3,250
EBITDA 1,037 981 895 218
EBITDA Margin (%) 11.15% 11.11% 10.95% 6.29%
Other Income 71 153 58 45
Depreciation 278 414 453 223
Finance Cost 349 368 295 134
Share of profit / (losses) of associates and JV from continuing operation (13) (5) (11) (446)
- - -
Exceptional Item (105)
PBT 468 242 194 (540)
Tax (3) 74 74 34
PAT from continuing operations 471 168 120 (506)
PAT Margin (%) 5.06% 1.90% 1.47% NA
Diluted EPS from continuing operations (INR) 30.51 15.74 13.30 (27.12)
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Consolidated Financial Highlights
Operational Revenue EBITDA & EBITDA Margin (%) PAT & PAT Margin (%)
9,304 8,833 * 1 ,2 0 11.16% 11.11% 10.95% 12. 00% 6 0 10. 00%
8,174
7,811
1 ,0 0 10. 00% 4 0 5. 00%
5.06% 1.90%
471
8 0 1,038 981 8. 00% 2 0 0.12% 1.47% 0. 00%
6 0 5.11% 6. 00% 9 168 120
3,468 - - 5.00 %
4 0 895 6.29% 4. 00% FY18 FY19 FY20 FY21 H1-FY22
399 - 20 0 - 10.0 0%
2 0 2. 00%
218 - 40 0 -506 - 15.0 0%
- 0. 00% -14.59%
FY18 FY19 FY20 FY21 H1-FY22 FY18 FY19 FY20 FY21 H1-FY22 - 60 0 - 20.0 0%
EBITDA EBITDA Margin (%) PAT PAT Margin (%)
FY20 revenues not comparable due to sale of Energy
division of Centum Adetel subsidiary.
PAT from continuing operations
Net Working Capital Days Debt to Equity ROCE
1.68 14.87%
158
132 1.29 1.18 1.20 13.15% 14.34%
1.07
107 102
9.48%
76
4.33%
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
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Capital Market Data

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Stock Market Performance (as on 30th September, 2021)

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100%
80%
60%
40%
20%
0%
-20%
Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
Centum Sensex
Shareholding Pattern (as on 30 [th] September, 2021)
Price Data (as on 30 [th] September 2021)
CMP 473.5
52 Week H/L 561.1/258.6
Public
35%
Avg. Vol. ('000) 25.1
Promoter
Avg. turnover (Mn) 11.1
59%
Market Capital (INR Mn) 6,100.9
Mutual Funds
Total outstanding shares (Mn) 12.9
6%
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Disclaimer

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Centum Electronics Limited

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Centum Electronics Limited (“Company” or “Centum”), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

Valorem Advisors Disclaimer:

Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.

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For further information please contact our Investor Relations Representative:

Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903-9500 Email: centum@valoremadvisors.com Investor Kit Link: http://valoremadvisors.com/centum/

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