Centum Electronics Ltd — Earnings Release 2023

Feb 8, 2023

Ref: CEL/NSEBSE/EP/08022023 8[th] February 2023

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 Q3/9M‐FY 22 ‐ 23. Kindly take the same on your records.

Yours faithfully, For Centum Electronics Limited

Digitally signed by INDU H S Date: 2023.02.08 22:12:35 INDU H S +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

Q3/9M-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 14,400 Mn manufactured products Customers in Advanced Economies
As on 31 [st] December 2022, 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.

9M-FY23 Key Business Segments:

Operational Income (In Mn) and EBITDA Margins (%)

• Engineering R&D (ER&D) Services (34%) – Involves conceptualizing and designing of Electronic Hardware, Embedded Software, FPGA, Analog, Radio Frequency products, etc.

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11.11%
10.95%
9.53%
4.10%
FY20 FY21 FY22 9M-FY23
Operational Revenue EBITDA EBITDA Margin
8,833
7,799
8,174
6,067
1 5 3
98 89 74 249
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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) (42%) – 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 (24%) – 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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and reliability anywhere in the world.
9M-FY23 Geographical Breakup
9M-FY23 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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Q3/9M-FY23 FINANCIAL OVERVIEW

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Q3/9M-FY23 Financial Highlights

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Q3-FY23 Standalone Performance:

• Operational Income: INR 1,028 Mn

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• Operational EBITDA: INR 55 Mn

• Operational EBITDA Margin %: 5.35%

• Net Profit: INR (9) Mn

• PAT Margin %: (0.88)%

• Diluted EPS: (0.73) INR

9M-FY23 Standalone Performance:

• Operational Income: INR 3,054 Mn

• Operational EBITDA: INR 150 Mn

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• Operational EBITDA Margin %: 4.91%

• Net Profit : INR (34) Mn

• PAT Margin %: (1.11)%

• Diluted EPS: (2.66) INR

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Q3-FY23 Consolidated Performance:

• Operational Income: INR 1,971 Mn

• Operational EBITDA: INR 51 Mn

• • Operational EBITDA Margin %: 2.59%

• • Net Profit: INR (97) Mn

• • PAT Margin %: (4.92)%

• • Diluted EPS: (5.92) INR

9M-FY23 Consolidated Performance:

• Operational Income: INR 6,067 Mn

• Operational EBITDA: INR 249 Mn

• • Operational EBITDA Margin %: 4.10%

• • Net Profit: INR (191) Mn

• PAT Margin %: (3.15)%

• Diluted EPS: (12.19) INR

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Q3-FY23 Consolidated Financial Performance

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EBITDA (INR Mn)
Revenue from Operations (INR Mn)
2,500
200 187
180
2,000 2,011 1,971
2,000 160
140
1,500 120
100 83
1,000 80
60 51
500 40
20
- 0
Q3-FY22 Q2-FY23 Q3-FY23 Q3-FY22 Q2-FY23 Q3-FY23
PAT (INR Mn)
EBITDA Margin (%) and PAT Margin (%)
35
12.00% 9.35%
10.00%
8.00%
6.00% 4.13% Q3-FY22 Q2-FY23 Q3-FY23
4.00% 1.75% 2.59%
2.00%
0.00%
-2.00%
Q3-FY22 Q2-FY23 Q3-FY23 (69)
-4.00%-6.00% (3.43)% (4.92)% (97)
EBITDA (%) PAT (%) PAT
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EBITDA (INR Mn)
Revenue from Operations (INR Mn)
2,500
200 187
180
2,000 2,011 1,971
2,000 160
140
1,500 120
100 83
1,000 80
60 51
500 40
20
- 0
Q3-FY22 Q2-FY23 Q3-FY23 Q3-FY22 Q2-FY23 Q3-FY23
PAT (INR Mn)
EBITDA Margin (%) and PAT Margin (%)
35
12.00% 9.35%
10.00%
8.00%
6.00% 4.13% Q3-FY22 Q2-FY23 Q3-FY23
4.00% 1.75% 2.59%
2.00%
0.00%
-2.00%
Q3-FY22 Q2-FY23 Q3-FY23 (69)
-6.00%-4.00%-6.00% (3.43)% (97)
(4.92)%
EBITDA (%) PAT (%) PAT
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Q3/9M-FY23 Operational Highlights

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• Q3-FY23 consolidated revenue growth was flat on a Y-o-Y and Q-o-Q basis as revenues from Engineering services (Centum TNS France) improved due to higher utilisation, but this was offset by the significant drop in revenues from Passenger Information Solutions business (Centum Canada) due to project delays and supply chain challenges, this also impacted the EBITDA negatively.

• At a standalone level, the company witnessed a strong growth in revenues driven by the increase in order book.

• The decline in EBITDA on a standalone level was due to lower revenues from the high margin BTS business during the quarter.

• The Defence & Space BTS business was lower due to the lumpiness and customer delays on key projects, which is expected to recover in Q4-FY23.

• There was healthy growth in the order book which increased to INR 14,400 Mn mainly driven by EMS business.

• Looking at the improved order book position and expected project deliveries in the Defence and Space BTS business, along with gradual improvements in the supply chain, the management expects gradual revival across all financial parameters in the coming quarters.

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Quarterly Standalone Financial Performance

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Quarterly Standalone Financial Performance
Particulars (INR Mn) Q3-FY23 Q3-FY22 Y-o-Y Q2-FY23 Q-o-Q
Operational Income 1,028 849 21.1% 1,046 (1.7)%
Total Expenses 973 747 30.3% 1,012 (3.9)%
EBITDA 55 102 (46.1)% 34 61.8%
EBITDA Margins (%) 5.35% 12.01% (666) Bps 3.25% 210 Bps
Other Income 12 12 NA 10 20.0%
Depreciation 40 42 (4.8)% 41 (2.4)%
Finance Cost 38 27 40.7% 37 2.7%
PBT (11) 45 NA (34) 67.6%
Tax (2) 13 NA (9) 77.8%
PAT (9) 32 NA (25) 64.0%
PAT Margins (%) NA 3.77% NA NA NA
Other Comprehensive Income - (1) NA 1 NA
Total Comprehensive Income (9) 31 NA (24) 62.5%
Diluted EPS (INR) (0.73) 2.48 NA (1.92) 62.0%
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YTD Standalone Financial Performance
Particulars (INR Mn) 9M-FY23 9M-FY22 Y-o-Y
Operational Income 3,054 2,272 34.4%
Total Expenses 2,904 2,099 38.4%
EBITDA 150 173 (13.3)%
EBITDA Margins (%) 4.91% 7.61% (270) bps
Other Income 36 40 (10.0)%
Depreciation 121 125 (3.2)%
Finance Cost 109 106 2.8%
Exceptional Items - (18) NA
PBT (44) (36) (22.0)%
Tax (10) (10) NA
PAT (34) (26) (30.8)%
PAT Margins (%) NA NA NA
Other Comprehensive Income 1 0 NA
Total Comprehensive Income (33) (26) (26.9)%
Diluted EPS (INR) (2.66) (2.04) (30.4)%
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Quarterly Consolidated Financial Performance

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Quarterly Consolidated Financial Performance
Particulars (INR Mn) Q3-FY23 Q3-FY22 Y-o-Y Q2-FY23 Q-o-Q
Operational Revenue 1,971 2,000 (1.5)% 2,011 (2.0)%
Total Expenses 1,920 1,813 5.9% 1,928 (0.4)%
EBITDA 51 187 (72.7)% 83 (38.6)%
EBITDA Margins (%) 2.59% 9.35% (676) bps 4.13% (154) bps
Other Income 24 26 (7.7)% 6 NA
Depreciation 110 116 (5.2)% 108 1.9%
Finance Cost 67 56 19.6% 66 1.5%
PBT (102) 41 NA (85) (20.0)%
Tax (5) 6 NA (16) 68.8%
PAT (97) 35 NA (69) (40.6)%
PAT Margins (%) NA 1.75% NA NA NA
Other Comprehensive Income (33) 7 NA 15 NA
Total Comprehensive Income (130) 42 NA (54) NA
Diluted EPS (INR) (5.92) 2.72 NA (4.60) (28.7)%
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YTD Consolidated Financial Performance

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YTD Consolidated Financial Performance
Particulars (INR Mn) 9M-FY23 9M-FY22 Y-o-Y
Operational Revenue 6,067 5,468 11.0%
Total Expenses 5,818 5,048 15.3%
EBITDA 249 420 (40.7)%
EBITDA Margins (%) 4.10% 7.68% (358) Bps
Other Income 56 55 1.8%
Depreciation 329 339 (2.9)%
Finance Cost 193 189 2.1%
-
Exceptional Items (446) NA
PBT (217) (499) 56.5%
Tax (26) (28) 7.1%
PAT (191) (471) 59.4%
PAT Margins (%) NA NA NA
Other Comprehensive Income 3 17 (82.4)%
Total Comprehensive Income (188) (454) 58.6%
Diluted EPS (INR) (12.19) (24.40) 50.0%
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Historical Standalone Income Statement

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Historical Standalone Income Statement
Particulars (INR Mn) FY20 FY21 FY22 9M-FY23
Operational Income 4,824 4,245 3,480 3,054
Total Expenses 4,111 3,621 3,055 2,904
EBITDA 713 624 425 150
EBITDA Margins (%) 14.78% 14.70% 12.21% 4.91%
Other Income 43 39 58 36
Depreciation 131 158 165 121
Finance Cost 277 174 146 109
- - -
Exceptional Items (18)
PBT 348 331 154 (44)
Tax 98 91 36 (10)
PAT 250 240 118 (34)
PAT Margins (%) 5.18% 5.65% 3.39% NA
Other Comprehensive Income 2 1 6 1
Total Comprehensive Income 252 241 124 (33)
Diluted EPS (INR) 19.42 18.60 9.12 (2.66)
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Standalone Balance Sheet
Particulars (INR Mn) FY21 FY22 H1-FY23 Particulars (INR Mn) FY21 FY22 H1-FY23
ASSETS EQUITY AND LIABILITIES
Non-Current Assets 2,110 2,120 2,136 Equity 2,547 2,645 2,594
(a) Property, Plant & Equipment 1,075 1,033 970 129 129 129
(a) Share Capital
(b) Capital Work in progress 23 0 0 (b) Other Equity 2,418 2,516 2,466
36 36 36
(c) Goodwill on Consolidation Non Current Liabilities 216 85 93
(d) Other Intangible Assets 55 42 36
(a) Financial Liabilities
(e) Right of use asset 37 29 33 (i)Borrowings 114 - -
(f) Intangible assets under development - - - - - -
(ii)Other Financial Liabilities
(g) Financial Assets (iii) Lease Liabilities 13 2 5
(i) Investments 637 628 757 (b) Government Grants 34 27 28
(ii) Other financial assets 182 269 221
(c) Net non-current employee
55 56 59
(h) Deferred tax assets (net) 18 25 27 defined benefit liabilities
(i) Non-current tax assets (net) 34 49 16 Current Liabilities 2,580 2,730 3,170
(j) Other non-current assets 13 9 40 (a) Financial Liabilities
(i) Borrowings 1,283 980 1,096
Current Assets 3,233 3,340 3,722 (ii)Trade Payables 592 726 950
(a)Inventories 1,745 1,987 2,388 (iii)Other Financial Liabilities 93 84 94
(b) Financial Assets (iv) Lease Liabilities 20 12 9
(i)Investments - - - (b) Government Grants 8 8 9
996 898 978
(ii)Trade Receivables 469 859 964
(c) Other current Liabilities
(iii)Cash and Cash Equivalents 105 149 90 (d) Net current employee defined
6 6 6
(iv)Bank balances other than above 187 94 144 benefit liabilities
(v) Others current financial assets 56 52 19 (e) Provisions 33 25 30
(c) Other Current Assets 144 161 152 (f) Liabilities for current tax (net) 76 30 12
TOTAL ASSETS 5,343 5,460 5,857 TOTAL EQUITY AND LIABILITIES 5,343 5,460 5,857
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Historical Consolidated Income Statement

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Historical Consolidated Income Statement
Particulars (INR Mn) FY20 FY21 FY22 9M-FY23
Operational Revenue 8,833 8,174 7,799 6,067
Total Expenses 7,852 7,279 7,056 5,818
EBITDA 981 895 743 249
EBITDA Margins (%) 11.11% 10.95% 9.53% 4.10%
Other Income 153 58 80 56
Depreciation 414 453 432 329
Finance Cost 368 295 263 193
-
Share of profit / (losses) of associates and JV from continuing operation (5) (11) (46)
- -
Exceptional Item (105) (604)
PBT 242 194 (522) (217)
Tax 74 74 13 (26)
PAT from continuing operations 168 120 (535) (191)
- - -
PAT from discontinuing operations (7)
PAT 161 120 (535) (191)
PAT Margins (%) 1.82% 1.47% NA NA
Other Comprehensive Income 12 (6) 25 3
Total Comprehensive Income 173 114 (510) (188)
Diluted EPS from continuing operations (INR) 15.45 13.30 (23.70) (12.19)
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Consolidated Balance Sheet
Particulars (INR Mn) FY21 FY22 H1-FY23 Particulars (INR Mn) FY21 FY22 H1-FY23
ASSETS EQUITY AND LIABILITIES
(1) Non-current assets 3,611 3,261 2,990 (1) Equity 2,401 1,985 1,900
(a) Property, Plant and Equipment 1,184 1,120 1,039 (a) Equity share capital 129 129 129
(b) Capital work-in-progress 21 0 0 (b) Other equity 2,102 1,911 1,817
Equity attributable to equity holders of the
(c) Goodwill on consolidation 376 376 376 parent (a+b) 2,231 2,040 1,945
(d) Other Intangible assets 409 416 337 (c) Non-controlling interests 170 (55) (45)
(e) Right of use asset 556 481 409 (2) Non-current liabilities 1,702 1,375 1,116
(f) Intangible assets under 171 120 125 (a) Financial liabilities
development (i) Borrowings 1,089 816 666
(g) Financial assets - - -
(ii) Other non-current financial liabilities
(i) Investment in joint ventures and 465 59 57
associates (iii) Lease Liabilities 419 356 298
(ii) Other Investments 23 14 14 (b) Deferred tax liabilities (net) 71 49 38
(c) Net non-current employee defined
(iii) Other non current financial assets 336 378 351 57 58 61
benefit liabilities
(iv)Trade receivable - 174 167 (d) Provisions 32 70 25
(h) Deferred tax assets (net) 22 32 35 (e) Government Grants 34 27 28
(i) Non-current tax assets (net) 34 49 18 (3) Current liabilities 5,702 5,870 5,942
(j) Other non-current assets 14 42 61 (a) Financial liabilities
(2) Current assets 6,194 5,969 5,969 (i)Borrowings 2,095 1,910 1,887
(ii) Trade payables 1,086 1,141 1,339
(a) Inventories 1,942 2,248 2,616
(iii) Other current financial liabilities 733 598 452
(b) Financial assets (iv) Lease Liabilities 140 120 103
(i) Trade receivables 2,161 2,594 2,452 (b) Other current liabilities 1,323 1,779 1,904
(ii) Cash and cash equivalents 412 480 333 (c) Government Grants 8 8 9
(iii) Bank balances other than cash and 187 94 144 7 7 7
(d) Net employee defined benefit liabilities
cash equivalents
(iv) Other current financial assets 1,106 226 101 (e) Provisions 228 275 228
(f) Liabilities for current tax (net) 82 32 14
(c) Other current assets 386 326 324
- - - (4) Liabilities directly associated with assets - - -
(3) Assets classified as held for disposal classified as held for disposal
Total assets (1+2+3) 9,805 9,230 8,959 Total equity and liabilities (1+2+3+4) 9,805 9,230 8,959
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Consolidated Financial Highlights
Operational Revenue
PAT & PAT Margins (%)
EBITDA & EBITDA Margins (%)
981 300 3.00%
8,833 895 20.00% 200 1.82% 1.47% 2.00%
8,174 900 18.00%
7,799 1.00%
800 743 16.00% 100 161
700 14.00% 120 0.00%
6,067 -
600 500 12.00%10.00% -100 FY20 FY21 FY22 9M-FY23(191) -1.00%-2.00%
400 11.11% 10.95% 8.00% -200 -3.00%
300 9.53% 249 6.00% (3.15)% -4.00%
-300
200 4.00% (535)
-5.00%
100 4.10% 2.00% -400
-6.00%
-0 0.00%
FY20 FY21 FY22 9M-FY23 FY20 FY21 FY22 9M-FY23 -500 -7.00%
-600 (6.86)% -8.00%
Net Working Capital Days Debt to Equity ROCE(%)
1.60
116
100
94
15.24% 10.64%
1.43
10.16%
1.34
FY20 FY21 FY22 FY20 FY21 FY22 FY20 FY21 FY22
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Capital Market Data
1 Year Stock Performance upto 31 [st] December, 2022
30%
Centum Sensex
20%
10%
0%
-10%
-20%
-30%
-40%
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
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||||
|---|---|---|
|Price Data (As on 31|[st]|December, 2022)|
|CMP|715.2|
|52 Week H/L|790.0/390.0|
|Avg. Vol. ('000)|25.4|
|Avg. turnover (Mn)|14.6|
|Market Capital (INR Mn)|9214.6|
|Total|outstanding shares (Mn)|12.88|

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Shareholding Pattern (As on 31[st] December, 2022)

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Public,
35.00%
Promoter,
58.80%
DIIs, 6.17%
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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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