Centum Electronics Ltd — Earnings Release 2021

Feb 15, 2021

Ref: CEL/NSEBSE/EP/15022021 15[th] February, 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 9M/Q3‐FY21. 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 Date: 2021.02.15 16:56:26 +05'30'

NAGARAJ K V

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

9M/Q3-FY21

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Snapshot

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25 years of domain expertise in Global Operations with strong Concept to Commissioning 2,100 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 11,000 Mn manufactured products Customers in Advanced Economies
As on H1-FY21 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.

FY20 Key Business Segments:

Operational Income (In Mn) and EBITDA

• Engineering R&D (ER&D) Services (38%) – Involves conceptualizing and designing of Electronic Hardware, Embedded Software, FPGA, Analog, Radio Frequency products, etc.

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12% 11% 11% 11%
8%
5%
9,304
8,833
7,811
7,032
6,109
6
4,144 482 558 399 1,038 981 68
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• 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) (35%) – 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 (27%) – Services include turnkey solutions to take project from conception to mass production quickly and efficiently.

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• 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.

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capable of delivering products with high quality Operational Revenue EBITDA EBITDA Margin
and reliability anywhere in the world.
FY20 Geographical Breakup
FY20 Industry Breakup
North
Defense, Space & Transport & Asia
Aerospace Automotive Industrial & Energy Healthcare America 31
12%
%
Europe
57%
44% 30% 20% 6%
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9M/Q3-FY21 FINANCIAL OVERVIEW

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9M/Q3-FY21 Financial Highlights
Q3-FY21 Standalone Performance Q3-FY21 Consolidated Performance
INR 1,052 Mn INR 171 Mn 16.25% INR 2,162 Mn INR 286 Mn 13.23%
Operational Income Operational EBITDA Operational EBITDA Margin Operational Income Operational EBITDA Operational EBITDA Margin
INR 73 Mn 6.94% INR 5.68 /share INR 79 Mn 3.65 % INR 5.93 /share
Net Profit PAT Margin Diluted EPS Net Profit PAT Margin Diluted EPS
9M-FY21 Standalone Performance 9M-FY21 Consolidated Performance
INR 3,290 Mn INR 544 Mn 16.53% INR 6,109 Mn INR 686 Mn 11.23 %
Operational Income Operational EBITDA Operational EBITDA Margin Operational Income Operational EBITDA Operational EBITDA Margin
INR 235 Mn 7.14 % INR 18.21 /share INR 111 Mn 1.82 % INR 12.82 /share
Net Profit PAT Margin Diluted EPS Net Profit PAT Margin Diluted EPS
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Q3-FY21 Financial Performance & Highlights

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Revenue from Operations (INR Mn) EBITDA (INR Mn)
2,500
2,274 2,162 350 EBITDA improved over
2,051
2,000 300 284 286 the previous quarter due
Improvement in Centum 250
Adetel Group resulted in 1,500 200 218 to increase in activity in
Centum Adetel Group
increase in revenue over 1,000 150
and Cost productivity
100
the previous quarter. 500 measures helped YoY
50
- 0 margin improvement
Q3-FY20 Q2-FY21 Q3FY21 Q3-FY20 Q2-FY21 Q3-FY21
Revenue from operations
EBITDA
EBITDA Margin (%) and PAT Margin (%) PAT (INR Mn)
14% 12% 13% 90 79
80 79
12% 11%
70
10%
60
8% 50 42
6% 4% 40
30
4% 3% 2% 20
2%
10
0% 0
Q3-FY20 Q2-FY21 Q3-FY21 Q3-FY20 Q2-FY21 Q3-FY21
EBITDA (%) PAT (%) PAT
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Revenue from Operations (INR Mn) EBITDA (INR Mn)
2,500
2,274 2,162 350 EBITDA improved over
2,051
2,000 300 284 286 the previous quarter due
Improvement in Centum 250
Adetel Group resulted in 1,500 200 218 to increase in activity in
Centum Adetel Group
increase in revenue over 1,000 150
and Cost productivity
100
the previous quarter. 500 measures helped YoY
50
- 0 margin improvement
Q3-FY20 Q2-FY21 Q3FY21 Q3-FY20 Q2-FY21 Q3-FY21
Revenue from operations
EBITDA
EBITDA Margin (%) and PAT Margin (%) PAT (INR Mn)
14% 12% 13% 90 79
80 79
12% 11%
70
10%
60
8% 50 42
6% 4% 40
30
4% 3% 2% 20
2%
10
0% 0
Q3-FY20 Q2-FY21 Q3-FY21 Q3-FY20 Q2-FY21 Q3-FY21
EBITDA (%) PAT (%) PAT
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14% 12% 13%
12% 11%
10%
8%
6% 4%
4% 3% 2%
2%
0%
Q3-FY20 Q2-FY21 Q3-FY21
EBITDA (%) PAT (%)
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9M/Q3-FY21 Operational Highlights

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• Revenue and EBITDA improved Q-on-Q primarily with better utilization in ER&D services business. However, not yet back to pre-COVID levels due to impact of second lockdown in France.

• Some demand push outs on EMS and BTS business with international defence and industrial customers.

• Centum Electronics Limited received DRDO's Prestigious Defence Technology Award from Defence Minister Shri Rajnath Singh in recognition of Centum Electronics' outstanding contribution towards the critical technology in defence space systems. Centum was recognized for pioneering development of Electronic Warfare Payload for the Satellite Mission Kautilya.

• Cash flow improved from reduction of inventory and improvement in receivables from government customers.

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• Significant New Business awards from new customers in EMS vertical.

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Q3-FY21 – Standalone Income Statement

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Q3-FY21 – Standalone Income Statement
Particulars (INR Mn) Q3-FY21 Q3-FY20 Y-o-Y Q2-FY21 Q-o-Q
Operational Income 1,052 1,248 (15.7)% 1,186 (11.3)%
Total Expenses 881 1,031 (14.5)% 970 (9.2)%
EBITDA 171 217 (21.2)% 216 (20.8)%
EBITDA Margins (%) 16.25% 17.39% (114) Bps 18.21% (196) Bps
Other Income 9 10 (10.0)% 7 28.6%
Depreciation 39 35 11.4% 39 NA
Finance Cost 42 57 (26.3)% 41 2.4%
PBT 99 135 (26.7)% 143 (30.8)%
Tax 26 35 (25.7)% 36 (27.8)%
PAT 73 100 (27.0)% 107 (31.8)%
PAT Margins (%) 6.94% 8.01% (107) Bps 9.02% (208) Bps
Diluted EPS (INR) 5.68 7.76 (26.8)% 8.32 (31.7)%
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9M-FY21 – Standalone Income Statement

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9M-FY21 – Standalone Income Statement
Particulars (INR Mn) 9M-FY21 9M-FY20 Y-o-Y
Operational Income 3,290 3,591 (8.4)%
Total Expenses 2,746 3,056 (10.1)%
EBITDA 544 535 1.7%
EBITDA Margins (%) 16.53% 14.90% 163 Bps
Other Income 25 34 (27.2)%
Depreciation 116 94 23.4%
Finance Cost 138 184 (25.0)%
PBT 315 291 8.1%
Tax 80 85 (5.9)%
PAT 235 206 13.9%
PAT Margins (%) 7.14% 5.75% 139 Bps
Diluted EPS (INR) 18.21 15.95 14.2%
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Standalone Balance Sheet
Particulars (INR Mn) FY19 FY20 H1-FY21 Particulars (INR Mn) FY19 FY20 H1-FY21
ASSETS EQUITY AND LIABILITIES
Non-Current Assets 2,039 2,098 2,082 Equity 2,172 2,363 2,494
(a) Property, Plant & Equipment 972 1,116 1,076 129 129 129
Share Capital
(b) Capital Work in progress 71 14 28 Other Equity 2,043 2,234 2,365
(c) Goodwill on Consolidation 36 36 36 Non Current Liabilities 294 284 251
(d) Other Intangible Assets 17 54 49 (a) Financial Liabilities -
(e) Right of use asset - 21 38
(f) Intangible assets under development 30 - 3 - (i)Borrowings(ii)Other Financial Liabilities 238- 1972 155 -
(g) Financial Assets (iii) Lease Liabilities - 24 33
(i) Investments 489 489 583
Government Grants 20 16 15
(ii) Long-term Loans and Advances 20 21 21
Net non-current employee defined
(iii) Other financial assets 261 259 174 37 45 48
benefit liabilities
(h) Deferred tax assets (net) 51 28 17
Current Liabilities 4,128 3,714 3,427
(i) Non-current tax assets (net) 34 34 34
(j) Other non-current assets 59 26 23 (a) Financial Liabilities
Current Assets 4,556 4,264 4,090 (i) Borrowings 1,626 1,494 1,570
(a) Inventories 2,251 2,204 2,056 (ii)Trade Payables 1,063 1,139 898
(iii)Other Financial Liabilities 313 271 249
(b) Financial Assets
- - - - 6 12
(iv) Lease Liabilities
(i)Investments
(ii)Trade Receivables 1,863 1,700 1,665 (b) Government Grants 5 4 4
(iii)Cash and Cash Equivalents 45 55 38 (c) Other current Liabilities 959 683 534
(iv)Bank balances other than above 118 97 104 (d) Net current employee defined 6 6 6
- - - benefit liabilities
(v) Loans
(vi) Others current financial assets 125 77 74 Provisions 16 35 39
(c) Other Current Assets 154 131 153 Liabilities for current tax (net) 142 77 115
TOTAL ASSETS 6,595 6,362 6,172 TOTAL EQUITY AND LIABILITIES 6,595 6,362 6,172
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Q3-FY21 – Consolidated Income Statement

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Q3-FY21 – Consolidated Income Statement
Particulars (INR Mn) Q3-FY21 Q3-FY20 Y-o-Y Q2-FY21 Q-o-Q
Operational Revenue 2,162 2,274 (4.9)% 2,051 5.4%
Total Expenses 1,876 1,990 (5.7)% 1,833 2.3%
EBITDA 286 284 0.7% 218 31.2%
EBITDA Margin (%) 13.23% 12.49% 74 Bps 10.63% 260 Bps
Other Income 16 12 33.3% 10 60.0%
Depreciation 127 105 21.0% 103 23.3%
Finance Cost 76 79 (3.8)% 66 15.2%
Share of profit / (losses) of associates and JV from continuing - - NA (3) NA
operation
PBT 99 112 (11.6)% 56 76.8%
Tax 20 33 (39.4)% 14 42.9%
PAT from continuing operations 79 79 NA 42 88.1%
PAT Margin (%) 3.65% 3.47% 18 Bps 2.05% 160 Bps
Diluted EPS from continuing operations (INR) 5.93 7.08 (16.2)% 5.38 10.2%
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9M-FY21 – Consolidated Income Statement

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9M-FY21 – Consolidated Income Statement
Particulars (INR Mn) 9M-FY21 9M-FY20 Y-o-Y
Operational Revenue 6,109 6,547 (6.7)%
Total Expenses 5,423 5,843 (7.2)%
EBITDA 686 704 (2.6)%
EBITDA Margin (%) 11.23% 10.76% 47 Bps
Other Income 53 111 (52.3)%
Depreciation 338 306 10.5%
Finance Cost 221 249 (11.2)%
Share of profit / (losses) of associates and JV from continuing operation (3) - NA
PBT 177 260 (31.9)%
Tax 66 69 (4.3)%
PAT from continuing operations 111 191 (41.9)%
PAT Margin (%) 1.82% 2.91% (109) Bps
Diluted EPS from continuing operations (INR) 12.82 15.40 (16.8)%
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Consolidated Balance Sheet
Particulars (INR Mn) FY19 FY20 H1-FY21 Particulars (INR Mn) FY19 FY20 H1-FY21
ASSETS EQUITY AND LIABILITIES
(1) Non-current assets 2,981 3,759 3,753 (1) Equity 2,437 2,300 2,302
(a) Property, Plant and Equipment 1,130 1,253 1,200 (a) Equity share capital 129 129 129
(b) Capital work-in-progress 81 14 28 (b) Other equity 2,061 1,923 1,984
Equity attributable to equity holders of
(c) Goodwill on consolidation 376 376 376 2,190 2,051 2,113
the parent
(d) Other Intangible assets 541 479 427 Non-controlling interests 247 248 189
(e) Right of use asset - 457 618 (2) Non-current liabilities 1,137 1,281 1,631
(f) Intangible assets under development 57 101 139 (a) Financial liabilities
(g) Financial assets (i) Borrowings 862 696 949
(i) Investment in joint ventures and associates 100 387 401 (ii) Other non(iii) Lease Liabilities-current financial liabilities -- 3742 4998
(ii) Other Investments 21 14 17 (b) Deferred tax liabilities (net) 114 92 81
(iii) Loans 50 61 45 (c) Net non-current employee defined 37 46 50
benefit liabilities
(iv) Other non current financial assets 479 527 423
(d) Provisions 104 54 29
(g) Deferred tax assets (net) 51 30 19 (e) Government Grants 20 16 15
(h) Non-current tax assets (net) 34 34 35 (3) Current liabilities 7,387 7,191 7,055
(i) Other non-current assets 60 27 25 (a) Financial liabilities
(2) Current assets 7,980 7,013 7,235 (i)Borrowings 2,285 2,025 2,079
Inventories 2,369 2,358 2,221 (ii) Trade payables 1,447 1,783 1,455
(b) Financial assets (iii) Other current financial liabilities 1,153 1,666 1,860
(i) Trade receivables 2,743 2,489 2,757 (iv) Lease Liabilities - 103 140
(ii) Cash and cash equivalents 173 136 404 (b) Other current liabilities 1,676 1,468 1,320
(c) Government Grants 4 4 4
(iii) Bank balances other than cash and 119 97 105 (c) Net employee defined benefit
cash equivalents 6 6 6
liabilities
(iv) Loans - 0.3 0.4
(d) Provisions 16 58 73
(v) Other current financial assets 979 1,609 1,342 (e) Liabilities for current tax (net) 142 77 118
(c) Other current assets 335 323 406
(3) Assets classified as held for disposal 1,262 - - (4) Liabilities directly associated with assets classified as held for disposal 658 - -
Total assets (1+2+3) 10,961 10,772 10,988 Total equity and liabilities (1+2+3+4) 10,961 10,772 10,988
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Historical Standalone Income Statement

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Historical Standalone Income Statement
Particulars (INR Mn) FY18 FY19 FY20 9M-FY21
Operational Income 3,587 4,987 4,824 3,290
Total Expenses 3,585 4,290 4,111 2,746
EBITDA 2 697 713 544
EBITDA Margins (%) 0.06% 13.98% 14.78% 16.53%
Other Income 76 38 43 25
Depreciation 120 121 132 116
Finance Cost 150 268 277 138
Exceptional Items - 329 - -
PBT (192) 675 347 315
Tax 26 95 97 80
PAT (218) 580 250 235
PAT Margins (%) NA 11.63% 5.18% 7.14%
Diluted EPS (INR) (17.02) 45.00 19.42 18.21
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Historical Consolidated Income Statement

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Historical Consolidated Income Statement
Particulars (INR Mn) FY18 FY19 FY20 9M-FY21
Operational Revenue 7,811 9,304 8,833 6,109
Total Expenses 7,412 8,267 7,852 5,423
EBITDA 399 1,037 981 686
EBITDA Margin (%) 5.11% 11.15% 11.11% 11.23%
Other Income 130 71 153 53
Depreciation 282 278 414 338
Finance Cost 218 349 368 221
Share of profit / (losses) of associates and JV from continuing operation (10) (13) (5) (3)
- - -
Exceptional Item (105)
PBT 19 468 242 177
Tax 10 (3) 74 66
PAT from continuing operations 9 471 168 111
PAT Margin (%) 0.12% 5.06% 1.90% 1.82%
Diluted EPS from continuing operations (INR) (7.32) 30.51 15.74 12.82
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Consolidated Financial Highlights

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Operational Revenue EBITDA & EBITDA Margin (%)
9,304
8,833 1200 14.00%
7,032 7,811 * 11.62% 1000 11.16% 11.11% 12.00%
800 7.94% 1,038 981 10.00%
8.00%
4,144 600
5.11%
6.00%
400 481 558 399 4.00%
200 2.00%
0 0.00%
FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20
EBITDA EBITDA Margin (%)
YOY absolute growth not applicable due to
sale of subsidiary
Net Working Capital Days Debt to Equity
135 135 1.63
113
1.29
100 1.18
1.07
76
0.44
FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20
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PAT & PAT Margin (%)
500 6.23% 7.00%
450
5.31% 6.00%
400 5.06%
350 5.00%
300 4.00%
250
200 1.90% 3.00%
150 374 2.00%
100
50 258 9 471 168 1.00%
0 0.12% 0.00%
FY16 FY17 FY18 FY19 FY20
PAT PAT Margin (%)
PAT from continuing operations
ROCE
14.26%
11.17%
10.14%
11.93%
2.01%
FY16 FY17 FY18 FY19 FY20
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Capital Market Data

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Stock Market Performance (as on 31st December, 2020)

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30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
CENTUM Sensex
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Price Data (As on 31 [st] December 2020)
CMP 440.3
52 Week H/L 496.05/180.00
Avg Vol ('000) 17.88
Avg turnover (Mn) 6.25
Market Capital (INR Mn) 5673.2
Total outstanding shares (Mn) 12.88
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Shareholding Pattern (as on 31st December, 2020)
Public
37%
Promoter
59%
DII
4%
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17

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.

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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18