Centum Electronics Ltd — Earnings Release 2024

May 23, 2024

Ref: CEL/NSEBSE/EP/23052024 23[rd] May, 2024

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 – 400 051 Mumbai – 400 001

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 Q4 – FY 24. Kindly take the same on your records.

Yours faithfully,

For Centum Electronics Limited

Digitally signed by INDU H S INDU H S Date: 2024.05.23 14:22:45 +05'30'

Indu H S Company Secretary & Compliance Officer ICSI Membership No. F12285 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-FY24/FY24

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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 16,400 Mn manufactured products Customers in Advanced Economies
As on 31 [ST] March 2024, 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.

FY24 Key Business Segments:

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

• Engineering R&D (ER&D) Services (31%) – Involves conceptualizing and designing of Electronic Hardware, Embedded Software, FPGA, Analog, Radio Frequency products, etc.

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10.95%
9.52%
8.26% 10,908 7.87%
8,174
7,799
9,230
5 2 2
89 74 76 859
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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) (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 (30%) – 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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FY21 FY22 FY23 FY24
Operational Revenue EBITDA EBITDA Margin
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and reliability anywhere in the world.
FY24 Geographical Breakup
FY24 Industry Breakup
North
Defense, Space & Transport & Asia
Aerospace Automotive Industrial & Energy Healthcare America 32%
11%
Europe
56%
46% 23% 26% 5%
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Q4-FY24/ FY24 FINANCIAL OVERVIEW

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Q4-FY24/ FY24 Financial Highlights

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Q4-FY24 Standalone Performance:

Q4-FY24 Consolidated Performance:

• Operational Income: INR 1,685 Mn

• Operational Income: INR 2,969 Mn

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•
•
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• Operational EBITDA: INR 170 Mn

• Operational EBITDA: INR 180 Mn

• Operational EBITDA Margin %: 10.09%

• Operational EBITDA Margin %: 6.06%

• Net Profit: INR 87 Mn

• Net Profit: INR (69) Mn

• • PAT Margin %: (2.32)%

• • Diluted EPS: (4.18) INR

• PAT Margin %: 5.16%

• Diluted EPS: 6.68 INR

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FY24 Standalone Performance:

FY24 Consolidated Performance:

• Operational Income: INR 6,328 Mn

• Operational Income: INR 10,908 Mn

• Operational EBITDA: INR 787 Mn

• • Operational EBITDA Margin %: 12.44%

• Operational EBITDA: INR 859 Mn

• • Operational EBITDA Margin %: 7.87%

• Net Profit : INR 363 Mn

• Net Profit: INR (28) Mn

• • PAT Margin %: (0.26)%

• PAT Margin %: 5.74%

• Diluted EPS: 27.82 INR

• Diluted EPS: 1.36 INR

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EBITDA (INR Mn)
6 0
503
5 0
4 0
288
3 0
2 0 180
1 0
0
Q4-FY23 Q3-FY24 Q4-FY24
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Q4-FY24 Consolidated Financial Performance

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Revenue from Operations (INR Mn)
3 ,5 0 3,163
2,982 2,969
3 ,0 0
2 ,5 0
2 ,0 0
1 ,5 0
1 ,0 0
5 0
-
Q4-FY23 Q3-FY24 Q4-FY24
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EBITDA Margin (%)
15.90%
9.66%
6.06%
Q4-FY23 Q3-FY24 Q4-FY24
EBITDA (%)
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PAT (INR Mn)
3 0 258
2 50
2 0
1 50
1 0 72
5 0
0
-5 0 Q4-FY23 Q3-FY24 Q4-FY24
-1 0 -69
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Q4-FY24/FY24 Operational Highlights

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• As a major milestone, Consolidated Revenue from Operations for the full year FY24 crossed the INR 10,000 Mn mark for the first time ever, by growing 18% YoY

• Strong Financial Performance in FY24 on a Standalone basis with revenue from operations growing by 26% YoY, EBITDA growth of 47%, EBITDA Margin improvement by 178 Bps YoY to 12.44% and Net Profit growth of 87% YoY.

• Q4-FY24 Standalone Revenue from Operations declined on a YoY basis by 13.7%, due to higher revenue in Q4-FY23 related to defence orders which tend to be lumpy in nature.

• Decline in Q4-FY24 Standalone EBITDA margins on a YoY basis was primarily related to increase in sales of lower margin, EMS Business, and a decline in higher margin BTS business. Additionally, YoY increase in employee costs and a one-time impairment cost related to an investment, further dragged the margins down.

• On a consolidated basis in Q4-FY24, Revenues from International Subsidiaries grew by 6% YoY, although driven by lower margin contracts, which resulted in lower EBITDA margins.

• Furthermore, a one-time increase in other expenses related to provision cost INR 50 Mn, as well as exceptional item of INR 49 Mn towards severance cost provided to employees in the French subsidiary, resulted in margin decline in Q4-FY24 on a consolidated basis.

• Additionally, The Company has significantly reduced consolidated debt on the books by INR 891 Mn in FY24.

• There has been a significant increase in Consolidated Net Cash Flow from Operations in FY24 by INR 1,427 Mn due to higher advances received from customers on orders, as well as reduction in working capital.

• Consolidated Working capital reduced to 61 days in FY24 compared to 78 days in FY23.

• Order book stood at INR 16,400 Mn as on 31st March, 24. The outlook for new business pipeline remains strong.

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Quarterly Standalone Financial Performance
Particulars (INR Mn) Q4-FY24 Q4-FY23 Y-o-Y Q3-FY24 Q-o-Q
Operational Revenue 1,685 1,952 (13.7)% 1,763 (4.4)%
Total Expenses 1,515 1,573 (3.7)% 1,539 (1.6)%
EBITDA 170 379 (55.1)% 224 (24.1)%
EBITDA Margins (%) 10.09% 19.42% (933) bps 12.71% (262) bps
Other Income 46 19 NA 11 NA
Depreciation 47 41 14.6% 47 0.0%
Finance Cost 50 49 2.0% 42 19.0%
PBT 119 308 (61.4)% 146 (18.5)%
Tax 32 80 (60.0)% 38 (15.8)%
PAT 87 228 (61.8)% 108 (19.4)%
PAT Margins (%) 5.16% 11.68% (652) bps 6.13% (97) bps
Other Comprehensive Income (1) 5 NA 2 NA
Total Comprehensive Income 86 233 (63.1)% 110 (21.8)%
Diluted EPS (INR) 6.68 17.54 (61.9)% 8.32 (19.7)%
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Annual Standalone Financial Performance
Particulars (INR Mn) FY24 FY23 Y-o-Y
Operational Income 6,328 5,006 26.4%
Total Expenses 5,541 4,470 24.0%
EBITDA 787 536 46.8%
EBITDA Margins (%) 12.44% 10.71% 173 bps
Other Income 67 47 42.6%
Depreciation 184 162 13.6%
Finance Cost 180 157 14.6%
PBT 490 264 85.6%
Tax 127 70 81.4%
PAT 363 194 87.1%
PAT Margins (%) 5.74% 3.88% 186 bps
Other Comprehensive Income 3 6 (50.0)%
Total Comprehensive Income 366 200 83.0%
Diluted EPS (INR) 27.82 14.91 86.6%
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Quarterly Consolidated Financial Performance
Particulars (INR Mn) Q4-FY24 Q4-FY23 Y-o-Y Q3-FY24 Q-o-Q
Operational Revenue 2,969 3,163 (6.1)% 2,982 (0.4)%
Total Expenses 2,789 2,660 4.8% 2,694 3.5%
EBITDA 180 503 (64.2)% 288 (37.5)%
EBITDA Margins (%) 6.06% 15.90% (984) bps 9.66% (360) bps
Other Income 38 14 NA 11 NA
Depreciation 120 110 9.1% 115 4.3%
Finance Cost 97 81 19.8% 77 26.0%
Share of Profit / (losses) of associates from operations - 12 NA - NA
PBT Before Exceptional Items 1 338 NA 107 NA
Exceptional Items (48) - NA - NA
PBT (47) 338 NA 107 NA
Tax 22 80 (72.5)% 35 (37.1)%
PAT (69) 258 NA 72 NA
PAT Margins (%) (2.32)% 8.16% NA 2.41% (473) bps
Other Comprehensive Income 10 4 NA (12) NA
Total Comprehensive Income (59) 262 NA 60 NA
Diluted EPS (INR) (4.18) 19.61 NA 5.88 NA
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Annual Consolidated Financial Performance
Particulars (INR Mn) FY24 FY23 Y-o-Y
Operational Revenue 10,908 9,230 18.2%
Total Expenses 10,049 8,468 18.7%
EBITDA 859 762 12.7%
EBITDA Margins (%) 7.87% 8.26% (83) bps
Other Income 68 59 15.3%
Depreciation 453 438 3.4%
Finance Cost 346 273 26.7%
Share of profit / (losses) of associates and JV from continuing operation 0 12 NA
PBT Before Exceptional Items 128 121 5.8%
Exceptional Items (49) 0 NA
PBT 79 121 (34.7)%
Tax 107 54 98.1%
PAT (28) 67 (141.8)%
PAT Margins (%) (0.26)% 0.73% (99) bps
Other Comprehensive Income 23 7 228.6%
Total Comprehensive Income (5) 74 (106.8)%
Diluted EPS (INR) 1.36 7.55 (82.0)%
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Historical Standalone Income Statement
Particulars (INR Mn) FY21 FY22 FY23 FY24
Operational Revenue 4,245 3,480 5,006 6,328
Total Expenses 3,621 3,055 4,470 5,541
EBITDA 624 425 536 787
EBITDA Margins (%) 14.70% 12.21% 10.71% 12.44%
Other Income 39 58 47 67
Depreciation 158 165 162 184
Finance Cost 174 146 157 180
PBT Before Exceptional Items 331 172 264 490
- - -
Exceptional Items (18)
PBT 331 154 264 490
Tax 91 36 70 127
PAT 240 118 194 363
PAT Margins (%) 5.65% 3.39% 3.89% 5.74%
Other Comprehensive Income 1 6 6 3
Total Comprehensive Income 241 124 200 366
Diluted EPS (INR) 18.60 9.12 14.91 27.82
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Standalone Balance Sheet
Particulars (INR Mn) FY22 FY23 FY24 Particulars (INR Mn) FY22 FY23 FY24
ASSETS EQUITY AND LIABILITIES
Non-Current Assets 2,120 2,219 2,480 Equity 2, 645 2,826 3,124
(a) Property, Plant & Equipment 1,033 993 1,053 (a) Share Capital 129 129 129
(b) Capital Work in progress - 54 3 (b) Other Equity 2,516 2,697 2,995
(c) Goodwill on Consolidation 36 36 36 Non Current Liabilities 162 259 735
(d) Other Intangible Assets 42 29 18 (a) Financial Liabilities
(e) Right of use asset 29 35 23 (i)Borrowings - - 103
(f) Intangible assets under development - - - (ii)Other Financial Liabilities - - -
(g) Financial Assets (iii) Lease Liabilities 2 8 3
(i) Investments 628 763 1,081 (b) Government Grants 27 24 16
(ii) Loans 10 - (c) Net non-current employee
56 60 50
(iii) Other financial assets 269 205 158 defined benefit liabilities
(h) Deferred tax assets (net) 25 62 89 (d) Other Non-Current Liabilities 77 167 563
(i) Non-current tax assets (net) 49 10 9 Current Liabilities 2,653 3,969 4,369
(j) Other non-current assets 9 21 10 (a) Financial Liabilities
Current Assets 3,340 4,835 5,748 (i) Borrowings 980 1,059 912
(a)Inventories 1,986 2,316 2,874 (ii)Trade Payables 726 1,525 1,650
(b) Financial Assets (iii)Other Financial Liabilities 84 167 159
- -
(i)Investments (iv) Lease Liabilities 12 6 2
(ii)Trade Receivables 898 2,095 2,203 (b) Government Grants 8 8 8
(iii)Cash and Cash Equivalents 149 137 130 (c) Other current Liabilities 781 1,025 1,501
(iv)Bank balances other than above 94 69 235 (d) Net current employee defined
7 7 8
(iv)Loans 10 10 benefit liabilities
(v) Others current financial assets 52 6 19 (e) Provisions 25 62 81
161 202 277 (f) Liabilities for current tax (net) 30 110 48
(c) Other Current Assets
TOTAL ASSETS 5,460 7,054 8,228 TOTAL EQUITY AND LIABILITIES 5,460 7,054 8,228
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Historical Consolidated Income Statement
Particulars (INR Mn) FY21 FY22 FY23 FY24
Operational Revenue 8,174 7,799 9,230 10,908
Total Expenses 7,279 7,057 8,468 10,049
EBITDA 895 742 762 859
EBITDA Margins (%) 10.95% 9.52% 8.26% 7.87%
Other Income 58 80 59 68
Depreciation 453 432 438 453
Finance Cost 295 263 273 346
Share of profit / (losses) of associates and JV from continuing operation (11) (46) 12 0
PBT Before Exceptional Items 194 82 121 128
- -
Exceptional Item (604) (49)
PBT 194 (522) 121 79
Tax 74 13 54 107
PAT 120 (535) 67 (28)
PAT Margins (%) 1.47% NA 0.73% (0.26)%
Other Comprehensive Income (6) 25 7 23
Total Comprehensive Income 114 (510) 74 (5)
Diluted EPS from continuing operations (INR) 13.30 (23.70) 7.55 1.36
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Consolidated Balance Sheet
Particulars (INR Mn) FY22 FY23 FY24 Particulars (INR Mn) FY22 FY23 FY24
ASSETS EQUITY AND LIABILITIES
(1) Non-current assets 3,356 3,360 3,038 (1) Equity 1,985 2,040 1,967
(a) Property, Plant and Equipment 1,120 1,071 1,126 (a) Equity share capital 129 129 129
(b) Capital work-in-progress - 54 3 (b) Other equity 1,911 1,978 1,904
(c) Goodwill on consolidation 376 376 376 Equity attributable to equity holders of the 2,040 2,107 2,033
parent (a+b)
(d) Other Intangible assets 416 286 351
-
(c) Non controlling interests (55) (67) (66)
(e) Right of use asset 481 465 530 (2) Non-current liabilities 1,453 1,246 1,616
(f) Intangible assets under development 120 228 101 (a) Financial liabilities
(i) Borrowings 816 580 447
(g) Financial assets
(iii) Lease Liabilities 356 362 408
(i) Investment in joint ventures and 59 82 84 (b) Deferred tax liabilities (net) 49 27 5
associates
(c) Net non-current employee defined
58 62 53
(ii) Other Investments 14 14 1 benefit liabilities
(iii) Other non current financial assets 378 363 276 (d) Other non-current liabilities 77 167 672
(h) Deferred tax assets (net) 32 70 102 (e) Provisions 70 24 15
(i) Non-current tax assets (net) 49 9 13 (f) Government Grants 27 24 16
(3) Current liabilities 5,792 7,441 7,055
(j) Other non-current assets 311 342 75
(a) Financial liabilities
(2) Current assets 5,874 7,367 7,600
(i)Borrowings 1,910 2,048 1,290
(a) Inventories 2,248 2,611 3,174 (ii) Trade payables 1,141 2,110 2,378
(b) Financial assets (iii) Other current financial liabilities 599 517 372
(i) Trade receivables 2,499 3,310 2,280 (iv) Lease Liabilities 120 92 118
(ii) Cash and cash equivalents 481 353 481 (b) Other current liabilities 1,701 2,255 2,517
(c) Government Grants 8 8 8
(iii) Bank balances other than cash and
94 69 235
cash equivalents (d) Net employee defined benefit 6 7 8
liabilities
(iv) Other current financial assets 226 121 441
(e) Provisions 275 287 313
(c) Other current assets 326 903 989 (f) Liabilities for current tax (net) 32 117 51
Total assets (1+2) 9,230 10,727 10,638 Total equity and liabilities (1+2+3) 9,230 10,727 10,638
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Consolidated Financial Highlights
Operational Revenue
PAT & PAT Margins (%)
EBITDA & EBITDA Margins (%)
1.47% 2. 00%
10,908 1 50
895 15. 00% 1 0 0.73% 1. 00%
8,174 7,799 9,230 9 8 00 742 762 859 13. 00%11. 00% 5 - 0 120 67 -0.26% 0. 00%
7 6 00 10.95% 9. 00% - - 10500 FY21 FY22 FY23 FY24 - 1.00- 2.00 %%
5 0 9.52% 7. 00% - 15 0 -28
4 0 8.26% - 20 0 - 3.00 %
5. 00%
3 0 7.87% 3. 00% - - 2530 00 - 4.00 %
2 0 - 5.00 %
- 35 0
1 0 1. 00% - 40 0 - 6.00 %
- 0 - 1.00 % - 45 0
FY21 FY22 FY23 FY24 - 50 0 -535 - 7.00 %
FY21 FY22 FY23 FY24
- 5 0 (6.86)% - 8.00 %
Net Working Capital Days Debt to Equity
ROCE(%)
1.43 16.45%
116 1.34
1.25
94
78 0.85 10.60% 10.20% 10.10%
61
FY21 FY22 FY23 FY24
FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24
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Capital Market Data
1 Year Stock Performance upto 31 [st ] March,2024
170%
150% Centum Sensex
130%
110%
90%
70%
50%
30%
10%
-10%
-30%
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
Price Data (As on 31 [st] March, 2024) Shareholding Pattern (As on 31 [st ] March,2024)
CMP 1,679.55
52 Week H/L 2,011.40/706.00
Avg. Vol. ('000) 38.31 Public,
33.52%
Avg. turnover (Mn) 53.35
Promoter,
58.79%
Market Capital (INR Mn) 21,646.77
Total outstanding shares (Mn) 12.89 DIIs, 7.69%
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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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