Centum Electronics Ltd — Earnings Release 2022

Feb 21, 2022

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Ref: CEL/NSEBSE/EP/21022022 21[st] February, 2022

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‐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 NAGARAJ K.V. K.V. Date: 2022.02.21 15:25:21 +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

9M/Q3-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 31 [st ] December 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%
7.68%
5.11%
FY18 FY19 FY20 FY21 9M-FY22
Operational Revenue EBITDA EBITDA Margin
9,304
8,833
7,811 8,174
5,468
38 1 5
0 1, 98 89
399 420
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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.
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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9M/Q3-FY22 FINANCIAL OVERVIEW

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9M/Q3-FY22 Financial Highlights

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Q3-FY22 Standalone Performance:

Q3-FY22 Consolidated Performance:

• Operational Income: INR 849 Mn

• Operational Income: INR 2,000 Mn

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• Operational EBITDA: INR 103 Mn

• Operational EBITDA: INR 187 Mn

• Operational EBITDA Margin: 12.13%

• Operational EBITDA Margin: 9.35%

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• Net Profit: INR 32 Mn

• • PAT Margin: 3.77%

• • Diluted EPS: INR 2.48 per share

9M-FY22 Standalone Performance:

• Operational Income: INR 2,272 Mn

• • Operational EBITDA: INR 174 Mn

• • Operational EBITDA Margin: 7.66%

• • Net Profit: INR (26) Mn

• • PAT Margin: (1.14)%

• Diluted EPS: INR (2.04) per share

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• Net Profit: INR 35 Mn

• • PAT Margin: 1.75%

• • Diluted EPS: INR 2.72 per share

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9M-FY22 Consolidated Performance:

• Operational Income: INR 5,468 Mn

• • Operational EBITDA: INR 420 Mn

• • Operational EBITDA Margin: 7.68%

• • Net Profit: INR (471) Mn

• • PAT Margin: (8.61)%

• • Diluted EPS: INR (24.40) per share

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•
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Quarterly Consolidated Financial Performance

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EBITDA (INR Mn)
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Revenue from Operations (INR Mn)

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Revenues improved by 16% 2 ,5 0 2,162 3 50
2 ,0 0 2,000 3 0 286 EBITDA improved over the
over previous quarter. Supply 1,724 2 50 previous quarter due to
chain issues due to shortage of 1 ,5 0 2 0 187
higher revenue and better
electronic components, 1 ,0 0 1 50 121
mix
continue to impact the 1 0
5 0
business. 5 0
- 0
Q3-FY21 Q2-FY22 Q3-FY22 Q3-FY21 Q2-FY22 Q3-FY22
Revenue from operations EBITDA
EBITDA Margin (%) and PAT Margin (%) PAT (INR Mn)
13.23%
1 4.0 0% 1 0 PAT improved over the
11 2.0. 0 0%0% 9.35% 8 0 79 previous quarter due to
8 . 0 % 7.02% 6 0 increase in revenue and
4 0 35
6 . 0 % better mix.
3.65% 2 0
4 . 0 % 1.75% 0
2 . 0 %
0 . 0 % -1.22% -2 0 Q3-FY21 Q2-FY22 Q3-FY22
-21
-2 .0 0% -4 0
Q3-FY21 Q2-FY22 Q3-FY22
EBITDA (%) PAT (%) PAT
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9M/Q3-FY22 Operational Highlights

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• Consolidated financial performance improved over the previous quarter due to increase in revenue and better mix.

• Procurement lead times continue to be stretched due to the challenges in supply chain. We are working very closely with customers and suppliers to mitigate the impact on the business.

• Set up a Defence & Aerospace Electronics Lab at REVA university to improve the Industry-Academic interactions towards skill development.

• Proposed to increase the investment in Centum Adetel Group from 64.5% to 77.2% pursuant to the exercise of Put options by the Management/Employee shareholders under the Shareholder Agreement.

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Centum’s contribution on the RISAT 1A satellite

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• Centum played a significant role in the launch of RISAT 1A satellite which was launched on 14[th] Feb, 2022.

• Centum Designed, manufactured & supplied complex systems forming significant part of the mission RISAT 1A.

• More than 1000 mission critical subsystems were Designed and Produced by Centum and delivered to this mission.

• The Cost of the satellite was Rs 475 Crores (USD 65M) and Centum's contribution was worth Rs 147 Crores (USD 20M) Which is 30% of the value of the satellite.

RISAT 1A Modules and Subsystems developed:

• Radar Imaging Payload Electronics

• Power Conditioning & Processing Units (PCPUs) - (382)

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• Digital Tile Control Units (TCUs) - (16)

• Trans Receiver Integrated Modules (TRIMs)- (107)

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• Harness - (200)

• Satellite Electronics

• Micro Electronic Modules - (200)

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Quarterly Standalone Financial Performance
Particulars (INR Mn) Q3-FY22 Q3-FY21 Y-o-Y Q2-FY22 Q-o-Q
Operational Income 849 1,052 (19.3)% 821 3.4%
Total Expenses 746 881 (15.3)% 748 (0.3)%
EBITDA 103 171 (39.8)% 73 41.1%
EBITDA Margins (%) 12.13% 16.25% (412) bps 8.89% 324 bps
Other Income 12 9 33.3% 32 (62.5)%
Depreciation 42 39 7.7% 41 2.4%
Finance Cost 28 42 (33.3)% 35 (20.0)%
- - - - -
Exceptional Items
PBT 45 99 (54.5)% 29 55.2%
Tax 13 26 (50.0)% 5 NA
PAT 32 73 (56.2)% 24 33.3%
PAT Margins (%) 3.77% 6.94% (317) bps 2.92% 85 bps
Diluted EPS (INR) 2.48 5.68 (56.3)% 1.86 33.3%
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YTD Standalone Financial Performance
Particulars (INR Mn) 9M-FY22 9M-FY21 Y-o-Y
Operational Income 2,272 3,290 (30.9)%
Total Expenses 2,098 2,746 (23.6)%
EBITDA 174 544 (68.0)%
EBITDA Margins (%) 7.66% 16.53% (887) bps
Other Income 40 25 60.0%
Depreciation 125 116 7.8%
Finance Cost 106 138 (23.2)%
Exceptional Items (18) - NA
PBT (35) 315 NA
Tax (9) 80 NA
PAT (26) 235 NA
PAT Margins (%) NA 7.14% NA
Diluted EPS (INR) (2.04) 18.21 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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Quarterly Consolidated Financial Performance
Particulars (INR Mn) Q3-FY22 Q3-FY21 Y-o-Y Q2-FY22 Q-o-Q
Operational Revenue 2,000 2,162 (7.5)% 1,724 16.0%
Total Expenses 1,813 1,876 (3.4)% 1,603 13.1%
EBITDA 187 286 (34.6)% 121 54.5%
EBITDA Margin (%) 9.35% 13.23% (388) bps 7.02% 233 bps
Other Income 26 16 62.5% 29 (10.3)%
Depreciation 116 127 (8.7)% 112 3.6%
Finance Cost 56 76 (26.3)% 60 (6.7)%
Share of profit / (losses) of associates and JV from continuing - - - - -
operation
- - - - -
Exceptional Items
PBT 41 99 (58.6)% (22) NA
Tax 6 20 (70.0)% (1) NA
PAT from continuing operations 35 79 (55.7)% (21) NA
PAT Margin (%) 1.75% 3.65% (190) bps NA NA
Diluted EPS from continuing operations (INR) 2.72 5.93 (54.1)% (0.53) NA
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YTD Consolidated Financial Performance
Particulars (INR Mn) 9M-FY22 9M-FY21 Y-o-Y
Operational Revenue 5,468 6,109 (10.5)%
Total Expenses 5,048 5,423 (6.9)%
EBITDA 420 686 (38.8)%
EBITDA Margin (%) 7.68% 11.23% (355) bps
Other Income 55 53 3.8%
Depreciation 339 338 0.3%
Finance Cost 189 221 (14.5)%
Share of profit / (losses) of associates and JV from continuing operation - (3) NA
Exceptional Items (446) - NA
PBT (499) 177 NA
Tax (28) 66 NA
PAT from continuing operations (471) 111 NA
PAT Margin (%) NA 1.82% NA
Diluted EPS from continuing operations (INR) (24.40) 12.82 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 9M-FY22
Operational Income 4,987 4,824 4,245 2,272
Total Expenses 4,290 4,111 3,621 2,098
EBITDA 697 713 624 174
EBITDA Margins (%) 13.98% 14.78% 14.70% 7.66%
Other Income 38 43 39 40
Depreciation 121 132 158 125
Finance Cost 268 277 174 106
- -
Exceptional Items 329 (18)
PBT 675 347 331 (35)
Tax 95 97 91 (9)
PAT 580 250 240 (26)
PAT Margins (%) 11.63% 5.18% 5.65% NA
Diluted EPS (INR) 45.00 19.42 18.60 (2.04)
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Historical Consolidated Income Statement
Particulars (INR Mn) FY19 FY20 FY21 9M-FY22
Operational Revenue 9,304 8,833 8,174 5,468
Total Expenses 8,267 7,852 7,279 5,048
EBITDA 1,037 981 895 420
EBITDA Margin (%) 11.15% 11.11% 10.95% 7.68%
Other Income 71 153 58 55
Depreciation 278 414 453 339
Finance Cost 349 368 295 189
-
Share of profit / (losses) of associates and JV from continuing operation (13) (5) (11)
- -
Exceptional Item (105) (446)
PBT 468 242 194 (449)
Tax (3) 74 74 (28)
PAT from continuing operations 471 168 120 (471)
PAT Margin (%) 5.06% 1.90% 1.47% NA
Diluted EPS from continuing operations (INR) 30.51 15.74 13.30 (24.40)
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Consolidated Financial Highlights
Operational Revenue * EBITDA & EBITDA Margin (%) PAT & PAT Margin (%)
6 0 5.06% 6. 00%
9,304 8,833 1 ,2 0 11.16% 11.11% 10.95% 12. 00% 4. 00%
8,174 4 0 1.90%
7,811 471
1 ,0 0 10. 00% 1.47% 2. 00%
5,468 8 6 00 5.11% 1,038 981 7.68% 8. 00%6. 00% 2 - 0 9 0.12% 168 120 0. 00%- 2.00 %
FY18 FY19 FY20 FY21 9M-FY22 - 4.00 %
4 0 895 4. 00% - 20 0
2 0 399 420 2. 00% - 40 0 (471) - 6.00- 8.00 %%
- 0. 00% - 60 0 -8.61% - 10.0 0%
FY18 FY19 FY20 FY21 9M-FY22 FY18 FY19 FY20 FY21 9M-FY22
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 31st December, 2021)

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50%
40%
30%
20%
10%
0%
-10%
-20%
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21
Centum Sensex
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Price Data (as on 31 [th] December 2021)
CMP 592.4
52 Week H/L 659.2/350.0
Avg. Vol. ('000) 27.5
Avg. turnover (Mn) 14.0
Market Capital (INR Mn) 7,632.9
Total outstanding shares (Mn) 12.9
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Shareholding Pattern (as on 31 [th] December, 2021)
Public
35%
Promoter
59%
Mutual Funds
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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