Centum Electronics Ltd — Earnings Release 2023

May 28, 2023

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Ref: CEL/NSEBSE/EP/28052023 28[th] May, 2023

To,

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

Re: Scrip Symbol: CENTUM/ Scrip Code: 517544

Dear Sir/ Madam,

Sub: Earnings Presentation – 12M/Q4-FY22-23

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 12M/Q4-FY22-23. Kindly take the same on your records.

Yours faithfully,

For Centum Electronics Limited

INDU H Digitally signed by INDU H S S Date: 2023.05.28 22:33:36 +05'30'

Indu H S

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 Website www.centumelectronics.com E-mail info@centumelectronics.com CIN - L85110KA1993PLC013869

EARNINGS PRESENTATION

Q4-FY23/FY23

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Snapshot

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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 15,380 Mn manufactured products Customers in Advanced Economies
As on 31 [st] March 2023, 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.

FY23 Key Business Segments:

• Engineering R&D (ER&D) Services (32%) – Involves Operational Income (In Mn) and EBITDA conceptualizing and designing of Electronic Margins (%) 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.

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11.11%
10.95%
9.53%
8.24%
FY20 FY21 FY22 FY23
Operational Revenue EBITDA EBITDA Margin
9,230
8,833
8,174 7,799
1 5 3
98 89 74 761
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• Electronic Manufacturing Services (EMS) (39%) – 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 (29%) – 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.

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Operational Revenue EBITDA EBITDA Margin
capable of delivering products with high quality
and reliability anywhere in the world.
FY23 Geographical Breakup
FY23 Industry Breakup
North
Defense, Space & Transport & Asia
Aerospace Automotive Industrial & Energy Healthcare America 25%
10%
Europe
65%
42% 24% 25% 9%
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Q4-FY23/FY23 FINANCIAL OVERVIEW

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Q4-FY23/FY23 Financial Hig ~~h~~ lights

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Q4-FY23 Standalone Performance:

• Operational Income: INR 1,952 Mn

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• Operational EBITDA: INR 379 Mn

• Operational EBITDA Margin %: 19.42%

• Net Profit: INR 228 Mn

• PAT Margin %: 11.68%

• Diluted EPS: 17.54 INR

FY23 Standalone Performance:

• Operational Income: INR 5,006 Mn

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• Operational EBITDA: INR 536 Mn

• • Operational EBITDA Margin %: 10.71%

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• Net Profit : INR 194 Mn

• PAT Margin %: 3.89%

• Diluted EPS: 14.91 INR

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Q4-FY23 Consolidated Performance:

• Operational Income: INR 3,163 Mn

• Operational EBITDA: INR 503 Mn

• • Operational EBITDA Margin %: 15.90%

• • Net Profit: INR 258 Mn

• • PAT Margin %: 8.16%

• • Diluted EPS: 19.61 INR

FY23 Consolidated Performance:

• Operational Income: INR 9,230 Mn

• • Operational EBITDA: INR 761 Mn

• • Operational EBITDA Margin %: 8.24%

• Net Profit: INR 67 Mn

• PAT Margin %: 0.73%

• Diluted EPS: 7.55 INR

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Q4-FY23 Consolidated Finan ~~c~~ ial Performance

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EBITDA (INR Mn)
Revenue from Operations (INR Mn)
3,500
600
3,163
3,000 503
500
2,500 2,331
2,000 1,971 400 321
300
1,500
200
1,000
500 100 63
- 0
Q4-FY22 Q3-FY23 Q4-FY23 Q4-FY22 Q3-FY23 Q4-FY23
PAT (INR Mn)
EBITDA Margin (%) and PAT Margin (%)
258
20.00% 15.90%
13.77%
15.00%
10.00% 8.16%
3.20%
5.00%
0.00% (2.75)%
Q4-FY22 Q3-FY23 Q4-FY23
-5.00% Q4-FY22 Q3-FY23 Q4-FY23
(64)
-10.00% (4.92)% (97)
EBITDA (%) PAT (%) PAT
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EBITDA (INR Mn)
Revenue from Operations (INR Mn)
3,500
600
3,163
3,000 503
500
2,500 2,331
2,000 1,971 400 321
300
1,500
200
1,000
500 100 63
- 0
Q4-FY22 Q3-FY23 Q4-FY23 Q4-FY22 Q3-FY23 Q4-FY23
PAT (INR Mn)
EBITDA Margin (%) and PAT Margin (%)
258
20.00% 15.90%
13.77%
15.00%
10.00% 8.16%
3.20%
5.00%
0.00% (2.75)%
Q4-FY22 Q3-FY23 Q4-FY23
-5.00% Q4-FY22 Q3-FY23 Q4-FY23
(64)
-10.00% (4.92)% (97)
EBITDA (%) PAT (%) PAT
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Q4-FY23/FY23 Operational ~~Hi~~ ghlights

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• Consolidated Revenue from operations in Q4 grew 60% on Q-o-Q basis and 35% on Y-o-Y basis due to better performance from all business units. Delivery of certain long gestation projects in the BTS Space segment was a major contributor to Q4 revenue. On a full year basis for FY 23, Consolidated revenue growth of 18% over FY 22 was largely driven by EMS following new customer covid demand from customers and of chain

• ramp ups, post recovery legacy softening supply situation.

• Consol ~~i~~ d ~~a~~ t ~~e~~ d ~~E~~ B ~~I~~ TDA for Q4 improved significantly due to higher revenue as ~~we~~ ll ~~a~~ s b ~~e~~ tter mix from BTS. On a full year basis Consolidated EBITDA reduced by 129 bps due to adverse revenue mix and certain cost overruns in Transportation projects. Action plan in progress to improve EBITDA toward mid-term objectives

• Continued focus on debt reduction at French subsidiary has resulted in Consolidated Debt Equity ratio improvement to 1.29 end of FY23 as compared to 1.37 end of FY22. Standalone Debt Equity ratio for FY 23 stood at 0.37 – same as previous year and Net working capital improved to 140 days compared to 175 days in FY 22.

• Strong Order book growth continues and stands at INR. 15,380 Mn on 31st Mar 23 as compared to INR 14,400 Mn end of Q3 and INR 10900 Mn end of FY22 largely driven by new business from new and existing customers in EMS. Key focus on increasing orderbook in BTS segment in FY24.

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Quarterly Standalone Finan ~~ci~~ al Performance

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Quarterly Standalone Finan ci al Performance
Particulars (INR Mn) Q4-FY23 Q4-FY22 Y-o-Y Q3-FY23 Q-o-Q
Operational Revenue 1,952 1,208 61.6% 1,028 89.9%
Total Expenses 1,573 957 64.4% 973 61.7%
EBITDA 379 251 51.0% 55 NA
EBITDA Margins (%) 19.42% 20.78% (136) Bps 5.35% NA
Other Income 19 18 5.6% 12 58.3%
Depreciation 41 40 2.5% 40 2.5%
Finance Cost 49 40 22.5% 38 28.9%
PBT 308 189 63.0% (11) NA
Tax 80 45 77.8% (2) NA
PAT 228 144 58.3% (9) NA
PAT Margins (%) 11.68% 11.92% (24) Bps NA NA
Other Comprehensive Income 5 6 (16.7)% - NA
Total Comprehensive Income 233 150 55.3% (9) NA
Diluted EPS (INR) 17.54 11.16 57.2% (0.73) NA
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Annual Standalone Financia ~~l~~ Performance

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Annual Standalone Financia l Performance
Particulars (INR Mn) FY23 FY22 Y-o-Y
Operational Revenue 5,006 3,480 43.9%
Total Expenses 4,470 3,055 46.3%
EBITDA 536 425 26.1%
EBITDA Margins (%) 10.71% 12.21% (150) Bps
Other Income 47 58 (19)%
Depreciation 162 165 (1.8)%
Finance Cost 157 146 7.5%
Exceptional Items - (18) NA
PBT 264 154 71.4%
Tax 70 36 94.4%
PAT 194 118 64.4%
PAT Margins (%) 3.89% 3.39% 50 Bps
Other Comprehensive Income 6 6 NA
Total Comprehensive Income 200 124 61.3%
Diluted EPS (INR) 14.91 9.12 63.5%
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Quarterly Consolidated Fina ~~n~~ cial Performance

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Quarterly Consolidated Fina n cial Performance
Particulars (INR Mn) Q4-FY23 Q4-FY22 Y-o-Y Q3-FY23 Q-o-Q
Operational Revenue 3,163 2,331 35.7% 1,971 60.5%
Total Expenses 2,660 2,010 32.3% 1,908 39.4%
EBITDA 503 321 56.7% 63 NA
EBITDA Margins (%) 15.90% 13.77% 213 Bps 3.20% NA
Other Income 14 26 (46.2)% 12 16.7%
Depreciation 110 93 18.3% 110 0.0%
Finance Cost 81 74 9.5% 67 20.9%
Share of Profit / (losses) of associates from operations 12 (46) NA - NA
Exceptional items - (157) NA - NA
PBT 338 (23) NA (102) NA
Tax 80 41 95.1% (5) NA
PAT 258 (64) NA (97) NA
PAT Margins (%) 8.16% NA NA NA NA
Other Comprehensive Income 4 8 (50.0)% (33) NA
Total Comprehensive Income 262 (56) NA (130) NA
Diluted EPS (INR) 19.61 0.69 NA (5.92) NA
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Annual Consolidated Financ ~~i~~ al Performance

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Annual Consolidated Financ i al Performance
Particulars (INR Mn) FY23 FY22 Y-o-Y
Operational Revenue 9,230 7,799 18.3%
Total Expenses 8,469 7,056 20.0%
EBITDA 761 743 2.4%
EBITDA Margins (%) 8.24% 9.53% (129) Bps
Other Income 59 80 (26.3)%
Depreciation 438 432 1.4%
Finance Cost 273 263 3.8%
Share of profit / (losses) of associates and JV from continuing operation 12 (46) NA
Exceptional Items - (604) NA
PBT 121 (522) NA
Tax 54 13 NA
PAT 67 (535) NA
PAT Margins (%) 0.73% NA NA
Other Comprehensive Income 7 25 (72.0)%
Total Comprehensive Income 74 (510) NA
Diluted EPS (INR) 7.55 (23.70) NA
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Historical Standalone Incom ~~e~~ Statement

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Historical Standalone Incom e Statement
Particulars (INR Mn) FY20 FY21 FY22 FY23
Operational Revenue 4,824 4,245 3,480 5,006
Total Expenses 4,111 3,621 3,055 4,470
EBITDA 713 624 425 536
EBITDA Margins (%) 14.78% 1 4 .70 % 12.21% 10.71%
Other Income 43 39 58 47
Depreciation 131 158 165 162
Finance Cost 277 174 146 157
- - -
Exceptional Items (18)
PBT 348 331 154 264
Tax 98 91 36 70
PAT 250 240 118 194
PAT Margins (%) 5.18% 5.65% 3.39% 3.89%
Other Comprehensive Income 2 1 6 6
Total Comprehensive Income 252 241 124 200
Diluted EPS (INR) 19.42 18.60 9.12 14.91
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Standalone Balance Sheet
Particulars (INR Mn) FY21 FY22 FY23 Particulars (INR Mn) FY21 FY22 FY23
ASSETS EQUITY AND LIABILITIES
Non-Current Assets 2,110 2,120 2,219 Equity 2,547 2,645 2,826
(a) Property, Plant & Equipment 1,075 1,033 993 (a) Share Capital 129 129 129
23 0 54 (b) Other Equity 2,418 2,516 2,697
(b) Capital Work in progress
(c) Goodwill on Consolidation 36 36 36 Non Current Liabilities 216 162 259
(d) Other Intangible Assets 55 42 29 (a) Financial Liabilities
(e) Right of use asset 37 29 35 (i)Borrowings 114 - -
- - -
(f) Intangible assets under development - - - (ii)Other Financial Liabilities
(iii) Lease Liabilities 13 2 8
(g) Financial Assets
(b) Government Grants 3 4 27 24
(i) Investments 637 628 763
(c) Net non-current employee
55 56 60
(ii) Other financial assets 182 269 215 defined benefit liabilities
(h) Deferred tax assets (net) 18 25 62 (d) Other Non-Current Liabilities - 77 167
- 34 49 10 Current Liabilities 2,580 2,653 3,969
(i) Non current tax assets (net)
(j) Other non-current assets 13 9 22 (a) Financial Liabilities
Current Assets 3,233 3,340 4,835 (i) Borrowings 1,283 980 1,059
(a)Inventories 1,745 1,986 2,316 (ii)Trade Payables 592 726 1,525
(iii)Other Financial Liabilities 93 84 167
(b) Financial Assets
20 12 6
- - (iv) Lease Liabilities
(i)Investments
(b) Government Grants 8 8 8
(ii)Trade Receivables 996 898 2,095
(c) Other current Liabilities 469 781 1,025
(iii)Cash and Cash Equivalents 105 149 137
(d) Net current employee defined
6 7 7
187 94 69
(iv)Bank balances other than above benefit liabilities
(v) Others current financial assets 56 52 16 (e) Provisions 33 25 62
(c) Other Current Assets 144 161 202 (f) Liabilities for current tax (net) 76 30 110
TOTAL ASSETS 5,343 5,460 7,054 TOTAL EQUITY AND LIABILITIES 5,343 5,460 7,054
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Historical Consolidated Inco ~~m~~ e Statement

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Historical Consolidated Inco m e Statement
Particulars (INR Mn) FY20 FY21 FY22 FY23
Operational Revenue 8,833 8,174 7,799 9,230
Total Expenses 7,852 7,279 7,056 8,469
EBITDA 981 895 743 761
EBITDA Margins (%) 11.11% 10.95% 9.53% 8.24%
Other Income 153 58 80 59
Depreciation 414 453 432 438
Finance Cost 368 295 263 273
Share of profit / (losses) of associates and JV from continuing operation (5) (11) (46) 12
- -
Exceptional Item (105) (604)
PBT 242 194 (522) 121
Tax 74 74 13 54
PAT from continuing operations 168 120 (535) 67
- - -
PAT from discontinuing operations (7)
PAT 161 120 (535) 67
PAT Margins (%) 1.82% 1.47% NA 0.73%
Other Comprehensive Income 12 (6) 25 7
Total Comprehensive Income 173 114 (510) 74
Diluted EPS from continuing operations (INR) 15.45 13.30 (23.70) 7.55
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Consolidated Balance Shee t
Particulars (INR Mn) FY21 FY22 FY23 Particulars (INR Mn) FY21 FY22 FY23
ASSETS EQUITY AND LIABILITIES
(1) Non-current assets 3,611 3,356 3,319 (1) Equity 2,401 1,985 2,040
(a) Property, Plant and Equipment 1,184 1,120 1,071 (a) Equity share capital 129 129 129
(b) Capital work-in-progress 21 0 54 (b) Other equity 2,102 1,911 1,978
(c) Goodwill on consolidation 376 376 376 Equity attributable to equity holders of the 2,231 2,040 2,107
(d) Other Intangible assets 409 416 286 parent (a+b)
(c) Non-controlling interests 170 (55) (67)
(e) Right of use asset 556 481 465
(2) Non-current liabilities 1,702 1,453 1,246
171 120 228 (a) Financial liabilities
(f) Intangible assets under development
(i) Borrowings 1,089 816 580
(g) Financial assets
(iii) Lease Liabilities 419 356 362
(i) Investment in j o int v ent u res an d 465 59 82 (b) Deferred tax liabilities (net) 71 49 27
associates
(c) Net non-current employee defined
(ii) Other Investments 23 14 14 benefit liabilities 57 58 62
(iii) Other non current financial assets 336 378 322 (d) Other non-current liabilities - 77 167
- 269 287
(iv)Trade receivable (e) Provisions 32 70 24
(h) Deferred tax assets (net) 22 32 70 (f) Government Grants 34 27 24
(i) Non-current tax assets (net) 34 49 9 (3) Current liabilities 5,702 5,792 7,441
(j) Other non-current assets 14 42 55 (a) Financial liabilities
(2) Current assets 6,194 5,874 7,408 (i)Borrowings 2,095 1,910 2,048
(a) Inventories 1,942 2,248 2,611 (ii) Trade payables 1,086 1,141 2,110
(iii) Other current financial liabilities 733 599 517
(b) Financial assets
(i) Trade receivables 2,161 2,499 3,828 (iv) Lease Liabilities 140 120 92
(b) Other current liabilities 1,323 1,701 2,255
(ii) Cash and cash equivalents 412 481 353
(c) Government Grants 8 8 8
(iii) Bank balances other than cash and 187 94 69 (d) Net employee defined benefit
7 6 7
cash equivalents liabilities
(iv) Other current financial assets 1,106 226 162 (e) Provisions 228 275 287
(c) Other current assets 386 326 385 (f) Liabilities for current tax (net) 82 32 117
Total assets (1+2) 9,805 9,230 10,727 Total equity and liabilities (1+2+3) 9,805 9,230 10,727
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Consolidated Financial High l ights
Operational Revenue
PAT & PAT Margins (%)
EBITDA & EBITDA Margins (%)
9,230 981 300 3.00%
8,833 895 20.00% 200 1.82% 1.47% 2.00%
8,174 900 18.00%
7,799 0.73% 1.00%
800 700 743 761 16.00%14.00% 100 161 120 0.00%
-
600 12.00% -1.00%
500 10.00% -100 FY20 FY21 FY22 FY23 -2.00%
400 10.95% 8.00% -200 -3.00%
300 11.11% 9.53% 8.24% 6.00% -4.00%
-300
200 4.00% (535) -5.00%
100 2.00% -400
-6.00%
-0 0.00%
FY20 FY21 FY22 FY23 -500 -7.00%
FY20 FY21 FY22 FY23
-600 (6.86)% -8.00%
Net Working Capital Days Debt to Equity
ROCE(%)
1.60
116
1.43
100 93 1.37 1.29 15.24%
11.92%
80
10.03% 10.05%
FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23
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Capital Market Data
1 Year Stock Performance upto 31 [st] March, 2023
70%
Centum Sensex
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
Apr-22 May-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
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Price Data (As on 31 [st] March, 2023)
CMP 705.3
52 Week H/L 791.1/392.0
Avg. Vol. ('000) 27.9
Avg. turnover (Mn) 16.9
Market Capital (INR Mn) 9,108.9
Total outstanding shares (Mn) 12.9
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Shareholding Pattern (As on 31[st] March, 2023)

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Public, 34.86%
Promoter,
58.80%
DIIs, 6.34%
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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.

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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