Centum Electronics Ltd — Investor Presentation 2021

Dec 3, 2021

Ref: CEL/NSEBSE/IP/03122021 3[rd] December, 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: Investor 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 Investor Presentation. Kindly take the same on your records.

Pursuant to Regulation 46(2)(o) of the Listing Regulations, the aforesaid Investor Presentation is also uploaded on the website of the Company i.e. www.centumelectronics.com

Yours faithfully, For Centum Electronics Limited

NAGAR Digitally signed by NAGARAJ K V Date: 2021.12.03 AJ K V 12:54:14 +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

INVESTOR PRESENTATION

DECEMBER 2021

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Snapshot

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Concept to Commissioning 1,800 Employees
capabilities 650 Designers
Strong relationship with marquee Serving segments with Hi-Tech, High
global clients Entry Barriers
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25+ years of domain expertise in Electronics Design & Manufacturing Solutions

Global Operations with strong presence in India, Europe and North America

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Flexible Engagement Models
Healthy Order Book of
~INR 10,000 Mn manufactured products
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Serving segments with Hi-Tech, High
global clients Entry Barriers
Strong Corporate Governance
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Strong Supply Chain Network
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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 30 [th ] September 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%
6.29%
5.11%
FY18 FY19 FY20 FY21 H1-FY22
Operational Revenue EBITDA EBITDA Margin
9,304
8,833
7,811 8,174
38 0 1, 98 1 89 5 3,468
399 218
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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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Key Milestones

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2016-2020

Future Proof Expansion

• FCP business growth in Telecom due to product performance & global cost leadership

2010-2016

• Defence & Space segment growth due to indigenization thrust and defence offset policy

Growth across the board

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• Greenfield expansion for EMS capacity

• Acquisition of Adetel Group to expand service offerings of ER&D Services, establish global footprint across Europe and North America and new customer/market access

• Exit from FCP component business through the sale of 51% stake to JV partner

• Capacity enhancement for space & defence business to support strong order book growth

• Growth in EMS business after investment in international Sales & Marketing

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• Incorporated and set up manufacturing facility for Hybrid Microelectronics

• Inaugurated as a pioneer in High-Tech electronic manufacturing in India

• Established a leading position in the Indian telecom components market

• JV with CMAC Industries Canada followed by entry and growth in export markets

• Foray and growth in EMS business following Solectron’s acquisition of CMAC Industries

2006 - 2010 Restructuring

1993 - 2006 Initial Years

• Demerger of EMS into Solectron EMS

• Buy back & Merger of EMS following Flextronics’ acquisition of Solectron

• Centum Rakon JV formed for Frequency Control Products (FCP) for technology and market access to global OEMs

• Exit of domestic telecom components business for C-DOT

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Board of Directors

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Apparao V Mallavarapu - Chairman & MD

Apparao (Rao) V Mallavarapu founded Centum Electronics in the year 1993. Under his able leadership Centum has grown to become one of the largest electronics companies in India. He has initiated and successfully managed joint ventures with several multi-national companies. He has been recognized as “Electronics Man of the Year” and “Champion of Innovation” by a premier organization.

Nikhil Mallavarapu - Executive Director

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Mr. Nikhil has been associated wit ~~h~~ C ~~e~~ ntum since 2012 has served in various leadership positions including overall business unit management and group level Corporate & Strategy Development. Prior to joining Centum, he worked at the multinational semiconductor companyAnalog Devices in Boston. Mr. Nikhil holds MSc and BSc Degrees in Electrical and Computer Engineering from Carnegie Mellon University and an MBA from the INSEAD Business School in France.

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Manoj Nagrath - Independent Director

Manoj Nagrath is the Managing Partner of the firm S.P. Nagrath & Co. LLP, Chartered Accountants, a highly reputed accounting advisory firm with offices in New Delhi and Bangalore. He has advised several large multinationals on a range of cross-border and domestic transactions. Mr Nagrath became a member of the Institute of Chartered Accountants of India in 1983.

Pranav Kumar N Patel - Independent Director

Mr. Pranav is the founder and CEO of MediTechSafe, USA an innovative healthcare-oriented cybersecurity company. Prior to this, he has held various senior executive roles including leading GE’s Healthcare Services business in North America as well as Chief Marketing Officer at GE Aviation. Pranav has also co-authored 6 patents in the fields of Microwave integrated circuits, multi-chip module, packaging and energy storage systems

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Rajiv C Mody - Independent Director

Mr. Rajiv C Mody is the Founder, Chairman, Managing Director & CEO, of Sasken Technologies Ltd. (Sasken). Under his leadership, Sasken has grown into a global powerhouse in Product Engineering and Digital Transformation services. Prior to founding Sasken, he worked with corporations like AMD, Seattle Tech Inc., and VLSI Technology Inc. Mr Mody has served as an Executive Council Member of NASSCOM (2001-2008) and is part of the Harvard Business School South Asia Advisory Board.

Dr. Swarnalatha Mallavarapu – Non-Executive Director

Dr. Swarnalatha Mallavarapu (Latha) is the Managing Director of Centum Industries Private Limited. Dr. Latha holds a Ph. D. in Physics and has worked at premier research institutes including the US Air Force Weapons Labs in Albuquerque, the Indian Institute of Scien ~~c~~ e in Bangalore and the R&D division of Bharat Electronics Limited. Her research in thin films and devices for applications have been well recognized. Dr. Latha was a government nominated member of the Syndicate of Bangalore University and also served a Chairperson for FICCI Ladies Organization, Karnataka Chapter.

P. Thiruvengadam - Independent Director

Mr. Thiruvengadam was a National Director at Deloitte Touche Tohmatsu India Pvt. Ltd (DTTIPL) providing leadership to the HR transformation practice. He has over 40 years of global experience in management consulting with expertise in HR Strategy & Talent Management, Business Process Improvement and Strategic Planning among other advisory services. He is a Cost Accountant from The Institute of Cost Accountants of India and a graduate from the Indian Institute of Technology, Madras.

Kavitha Dutt Chitturi - Independent Director

Mrs. Kavitha Dutt Chitturi is the Joint Managing Director at KCP Ltd., a diversified company involved in the manufacture of Cement, Heavy Engineering, Sugar and Power Generation. Under Kavitha’s stewardship, KCP has also ventured into the hospitality industry. She is Chairperson FICCI, Tamil Nadu State Council and has served as Joint Managing Director of The KCP Limited, Kavitha, among other responsibilities, also holds full charge of the Human Resource functions of the Group.

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Key Management Personnel

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K S Desikan - Chief Financial Officer

K S Desikan has been serving as CFO at Centum since 2001 and has been instrumental in the development of the strategy and growth of the company. He has an overall experience of 34 years. Prior to joining Centum, he served leading organizations like Tube Investments of India and BPL Ltd in various capacities. He is a commerce graduate, Chartered Accountant and Cost A ~~c~~ co ~~u~~ ntant.

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Eric Rouchouze – CEO - Centum Adetel

Graduated from a Business School in 1995, he spent most of his career in engineering services & technology consulting companies. Eric joined the ASSYSTEM group in 1997, where he worked for several years as a business manager for customers in the nuclear sector. He has been working in AKKA for 19 years as COO France and was a member of the group’s Executive Committee. With his 25 years of experience, Eric will be leading the CENTUM ADETEL strategy and he will be in charge of accelerating the growth of our Group both in France and abroad.

Francois Sebes - Executive Vice President - Strategic Initiatives

Francois Sebes founded Adetel Group in 1990 as a provider of Engineering Services specialized in electronics products and systems in high technology sectors. Under his leadership, the company has grown into a highly reputed company with 600 employees in France, Canada and Belgium and India. He facilitated the acquisition of Adetel by Centum Electronics to benefit from the advantage of greater international presence and strong manufacturing capability. Prior to this, he worked at THALES Avionics and CISI Group.

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Vinod Chippalkatti - President - SEBU

Vinod Chippalkatti is responsible for the Build to Spec business in Centum delivering mission-critical products for Satellites, Launch Vehicles, Radars, Missiles among others. He completed his Bachelor’s and Master’s degree. He has been with Centum for 20 years in different leadership positions including heading the design and engineering function. Prior to joining Centum 20 years ago, he spent 10 years at the Indian Space Research Organization working on India’s first series of communication satellites.

Suresh Iyer - Chief Growth Officer

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Suresh is a Techno-Commercial leader who comes with 25+ years of experience in Global Sales, Supply Chain Consulting and Digital Transformation. Most recently, he was President & CEO of Corbus, a Supply Chain Consulting firm and prior to that was Vice-President and Global Practice Leader for Supply Chain & Procurement Services with Genpact operating out of Cincinnati, Ohio. He has worked extensively with clients helping them with Business Transformation, Lean Digital Manufacturing and Operations Improvement Programs.

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Geographical Presence

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Canada
UK
Belgium
France
USA
India
Design Team Manufacturing Sales & Support
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Manufacturing Facilities

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Design Department - France

Canada

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EMS Manufacturing - Bangalore

New Facility in Bangalore Aerospace Park

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Micro Electronics Manufacturing - Bangalore

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Testing Lab - Bangalore

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Awards & Recognition in Last Few Years

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Highest Growth – Electronic
Global Growth Centum in Forbes Asia’s Electronics Man of the
Hardware Exporter
Company 200 BUB list Year
Best Electronics
Champion Of Innovation Best Electronic System Excellence in Financial
Manufacturing Company In
(Mr Mallavarapu Apparao) Design Company Award Reporting from ICAI
A&D Category
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Certifications
IATF 16949
BUREAU VERITAS
Certification
Aerospace Medical Automotive Railways
ISO 9001
AS/EN9100 Rev D ISO13485 IATF 16949 IRIS - Rev 2
Information Security
French R&D Environment ESD 20:20 Approved R&D
& Management
certification ISO14001 facility by DST &
system ISO 27001
GOI
Health & Safety
OHSAS 18001
Additional customer-specific certifications required to be qualified as a supplier
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Centum’s Value Proposition

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• •

• Integrated Fast New Strong Domain Expertise Program Management to conceptualize & can reduce time to realize High-Reliability market, support costs Electronics

• • •

• Global Footprint close Competitive Integrated Fast New to the customers Engineering R&D by Program Management to conceptualize & balancing oncan reduce time to realize High-Reliability

• • Uniquely positioned as shore/offshore mix market, support costs Electronics a one-stop-shop • • •

• solution provider with Competitive Early implementation Quicker end to end capabilities. Manufacturing by of sourcing and through Centum leveraging Indian cost industrialization strategy i ~~nd~~ ustrialization/NPI

• • Flexible engagement base and supply chain improves quality in framework models tailored to strengths ramp-up •

• project-specific needs Ability to manage • Focus on “Design To product lifecycle

• Cost”, & “Total cost of challenges

• ownership” PROACTIVE

• CONVENIENCE TIME TO COST LIFE CYCLE

• & FLEXIBILITY MARKET MGMT.

  • Quicker time to market through Centum i ~~nd~~ ustrialization/NPI framework

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Future Growth Strategy

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Deeper entrenchment of customers by offering one-stopshop solutions with vertically integrated capabilities and value-added services

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customers by offering one-stop-
shop solutions with vertically
integrated capabilities and
value-added services
Expand customer portfolio
domestically and
internationally
Enhancing customer
penetration in high growth
industry verticals like
Healthcare, Automotive etc.
Prudent expansion in
infrastructure & technical
competencies to support
growth
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Clear focus towards achieving sustainable growth, while enhancing margin profile by reducing costs and deleveraging

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Leverage “Make in India” policy boosters

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Identify opportunities in “New space” global supply chain

Enhance solutions towards Industry 4.0 for increased digitization and automation

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BUSINESS OVERVIEW

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Business Segments and Sectors Served
ER&D EMS BTS
Defence
CONCEPTUALIZE DESIGN PROTOTYPE & PILOT MASS AFTERMARKET /
SPECIFY VERIFY PRODUCTION PRODUCTION LIFE CYCLE SUPPORT
Space
• Feasibility • Hardware design • Electrical CAD • Qualification • Manufacturing • Value engineering
batch
• Architecture • Software design • Design For X (DFX) • Release mgmt. • Obsolescence Aerospace
• System • FPGA design • Mechanical CAD • Test tools • Documentation mgmt.
development • • acceptance • • Cost analysis
Test tools design Prototyping Product analysis
• First Article review
• System simulation • Simulation • Bring up • Norms • Test tools handling • Test tools mgmt. Transportation
• Mock-up • Mechanical • Test & Verification compliance • Product migration
design • Qualification • Certification
process Automotive
ER&D Services - 34%
Industry & Energy
EMS - 34%
BTS - 32%
Healthcare
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Engineering R&D Services (ER&D)

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• Engineering Services involve conceptualizing, designing and certifying of Electronic Hardware, Embedded Software, FPGA, Analog, Radio Frequency products, Power Electronics, etc.

• Centum Group has a global design strength of over 650 design engineers and for the last 25 years, the company has been helping customers turn their ideas into products.

• Centum’s engineers work together in multidisciplinary teams to realize customized products for mission-critical applications in high technology segments.

• The company’s design centers are located in Europe, North America and India, which enable the company to work closely with international customers while bringing together the best talent from around the world to work on complex problems and provide a competitive solution by managing the optimal onshore/offshore mix for the projects.

• Centum also provides flexible engagement models depending on the specific project requirements. Customers can choose between Consulting Engagements and Fixed Price Contracts.

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CONCEPTUALIZE DESIGN PROTOTYPE & PILOT MASS AFTERMARKET /
SPECIFY VERIFY PRODUCTION PRODUCTION LIFE CYCLE SUPPORT
ER&D Services - 34%
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Electronic Manufacturing Services (EMS)

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• The company’s EMS Services include manufacturing solutions focused on a High reliability, High Complexity products in the high technology segment

• Centum offers a wide range of manufacturing solutions from Printed Circuit Board assemblies to Complex box builds, Line Replaceable Units (LRU) and full system integration.

• The company helps its customers realize challenging products by having customer-focused teams that leverage their streamlined processes and systems and adapt them to the specific requirements of the customer and product where necessary.

• By providing scalable manufacturing solutions and a flexible, proactive approach to managing the supply chain and lifecycle related challenges, Centum helps customers achieve their goals of lower Total Cost of Ownership and reduced time-to-market among others.

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CONCEPTUALIZE DESIGN PROTOTYPE & PILOT MASS AFTERMARKET /
SPECIFY VERIFY PRODUCTION PRODUCTION LIFE CYCLE SUPPORT
EMS - 34%
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Build to Specification (BTS)

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• The Built to Specification services include taking a project from conceptualization to mass production quickly and efficiently. Centum’s unique positioning with a full range of integrated capabilities makes it the ideal product realization partner.

• Customers choose turn-key build to spec offering due to the convenience of a Single Point of contact for Design/Engineering, Industrialization and Manufacturing which reduces the need for multiple interfaces at each stage of the project and also fastens the products time-to-market and facilitating a Design-To-Cost approach and reducing the Total Cost of Ownership. This engagement model involves higher IP and value creation opportunities for both the customer and for Centum.

• The company is also able to better the product Lifecycle management by proactively and effectively managing issues such as obsolescence, performance upgrades, market-specific localization and cost reduction.

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CONCEPTUALIZE DESIGN PROTOTYPE & PILOT MASS AFTERMARKET /
SPECIFY VERIFY PRODUCTION PRODUCTION LIFE CYCLE SUPPORT
BTS - 32%
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Aerospace, Space & Defence

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AEROSPACE

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• The Aerospace industry has several ongoing technological initiatives to make aircrafts more fuel-efficient, environmentally friendly and safer, which involves incorporating more electronics on board, making avionics platforms more configurable, and of course factoring in environmental issues and reducing human error to improve safety.

• Alongside products for command & control, power electronics and energy storage applications, Centum is also developing activities in ground and flight testing -- using its own test benches and simulators.

• Centum plays a key role in the global aerospace supply chain delivering critical electronics for cockpit computers, Air Traffic Management and also works closely with OEMs to design next-generation flight controls, Power solutions among various ~~o~~ ther technologies.

SPACE

• Space technology is progressing at a rapid pace driven by commercial applications such as satellite broadcasting, communication, Earth observation, geo-location, and global navigation equipment an ~~d~~ services.

• Centum has established a credible track record since 2002 in this segment delivering complex products that address applications in launch vehicles, satellite payloads, satellite bus systems as well as ground equipment.

• The company is also a leading electronics industry partner and one of the largest private contractors for ISRO, involved in its various stages of design, development, qualification and production of electronic modules, subsystems and systems for multiple applications in satellites and launch vehicles. Keeping in mind the growing number of missions of ISRO.

• Centum has made significant investments to ensure that they can deliver products with the right quality, technology and in required quantities to be a trusted partner. It has delivered mission-critical electronics on almost all satellite programs of ISRO including the ambitious Chandrayaan and Mangalyaan projects, and also delivered 300 to 500 components for almost every Indian space mission.

DEFENCE

• Centum started its defence business in 2010 and it is today the largest industry vertical for the company. Over the years the company has been successful in developing and manufacturing critical systems for major Defense programs that span across the land, air and naval systems with applications in Missiles, Electronic Warfare, Radar, Military Communications, and fire control amongst many.

• For the past two decades, Centum has also been engaged in the development and manufacture of modules, subsystems for missiles, radars and military electronic warfare communication applications for DRDO laboratories, Ordnance Factories and other domestic defence PSUs, and over the past decade, Centum has become one of the select few Indian partners to international defence OEMs as well.

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Industrial & Energy

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• The digital transformation in utilities, infrastructure and manufacturing among other industrial segments is driving new products that are smart, collaborative and result in efficiencies for end-users.

• Centum enables its customer to realize such products for applications in automation, control and measurement, energy among others.

Industrial Equipment Diagnosis

• Centum’s expertise in energy conversion and storage technology has helped customers develop customized Microgrid solutions as well as new solutions for railway infrastructure projects.

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Oil & Gas Industry
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Industrial Automation
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Industrial Circuit Breaker Control System

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Control System
Electronics for Phased Smart Valve
Array Flaw Detectors Interface
Solar Energy Power
Cabinet
Scada System for Power
HIL Test Simulator Turbo
Plant Automation
Alternator Regulation
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Industrial 2 Wire Distributed Transmitter Control Systems

Smart Valve Interface

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Power Grid Industry
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Teleprotection Utility Communication
Equipment Equipment
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Healthcare

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• The field of healthcare is rapidly adopting new technologies to augment the quality of treatment and create efficiencies for healthcare providers.

• Centum has engineered a variety of medical devices and equipment for the Healthcare industry that include digital radiography systems, automated pumps for drug injection, ultrasound equipment, patient monitoring devices, customized room controls for operation theaters among others.

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Electronics for Infusion Electronics for X-ray Flat Medical Injection System
Pump Panel Detectors
Medical Electronic Medical Panel for Medical Flat Panel Medical Product
Board Surgery Room Acquisition Board Test Area
20
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Transportation & Automotive

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AUTOMOTIVE

TRANSPORTATION

• The automotive industry is going through a dynamic transformation with new players entering the market introducing disruptive technologies incorporating electronics for applications such as autonomous driving, powertrain architecture, connectivity among others.

• Centum is at the forefront of the Transportation sector working very closely with the leading global OEMs and rail operators on developing the next-generation technologies for rolling stock and signaling applications.

• Centum has developed proprietary technologies in ~~t~~ wo key product lines listed below, where our products have been deployed on board trains in North America, Europe, Asia and Australia for Signaling equipment and Passenger Information Systems • In addition, Centum provides specialist engineering services and manufacturing services to help clients to meet operational, commercial and regulatory requirements.

• Being a specialist in electronics design and manufacturing services Centum supports customers navigate this transformation by turning big ideas into reliable and performing solutions

• Centum’s strong knowledge and experience of developing products to the required safety standards as well as past references in developing similar products for the aerospace and rail transport domains has positioned us well to support our customers as they develop new products and technologies to stay ahead.

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Railway Railway Embedded Railway Embedded Assisted Car Automotive Automotive Flexray
Automation Controller Computer Board Navigation Telematic Module Demonstrator
System
Railway Energy Storage System Railway Energy Module Automotive Elec Board for Solar Power Steering Encoder
(NEOSEE) (POWERLIC) Roof-smartop Project Acquisition system
21
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INDUSTRY OVERVIEW

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Global Electronic Market Size (USD Tn)
7.5 7.30
7.10
6.90
7 6.70
6.50
in 6.5 6.30
6.10
6
5.5
is 2019 2020 2021 2022E 2023E 2024E 2025E
Indian Electronic Production Market
(USD Bn)
the 350 300
300
240
250 200
200 160
150 105 116
85
100
to 50
0
FY19 FY20 FY21 FY22E FY23E FY24E FY25E
Global Share of Electronics
Producers
Great Britain India 2%
3%
Germany
4%
in
South Korea
6%
China
USA 51%
Japan 19%
10%
23
CAGR 23%
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ESDM Industry

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• During 2019 2025, the global electronics industry is expected to grow at a CAGR of 3% to reach a size of over USD 7.3 Tn by 2025.

• In a span of two years, India’s export of electronic goods has grown 85% to reach USD 11.8 Bn in FY20, increasing its share in the global electronics market to 3.3%

• Indian Electronics System Design & Manufacturing (ESDM) market is valued at USD 105 Bn in FY20 and is expected to grow steadily an ~~d~~ r ~~ea~~ ch USD 220 Bn by 2025. The Electronics System Market is expected to grow 2x from USD 81 Bn in 2020 to reach USD 160 Bn by 2025. The Electronics Design Market is expected to grow from USD 24 Bn in 2020 to reach USD 60 Bn by 2025.

• With a strong network of science & technology institutions and trained manpower, India has the third largest-scientific and technical manpower in the world. This makes the country a strong base for future innovations and for the availability of a skilled workforce.

• Government of India’s continued focus on Self-Reliance with specific policies to promote manufacturing in India. The Reduction of corporate taxes, announcement of schemes to incentivize manufacturing and capital investment in India combined with a large, growing domestic market and globally competitive wage rates present a very good case for Indian manufacturing.

• The US-China Trade war which triggered many US companies to revisit their supply chains in light of the tariffs levied on the import of electronic items from China.

• The Covid-19 pandemic which has accelerated industries world over to de-risk their manufacturing and supply chain footprint and to ensure business continuity plans are put in place. This is has resulted in many companies moving to a “China plus One” strategy with India being a strong contender for several companies.

Source: Singhi Advisors ESDM Report

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Defence Production
at a 7%
Ordanance
recent
factory board
domestic 16%
private PSUs/JV7% Public
Sector
with the
Private undertaking
55%
Companies
22%
for more Global Share of Military Expenditure
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Space, Defence, Transportation & Other Industries

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• Defence: In India, the defence capital outlay stood at around INR 1.1 Lakh Cr for FY20 and has grown at a 7% CAGR over in the past 5 years. This trend is expected to continue given the geopolitical scenario and recent border tensions. According to estimates, about 40% of the capital outlay was allocated toward domestic production while the remainder was toward imports. With the government prioritizing Self-Reliance through new guidelines in the DPP, the balance is expected to shift in favor of domestic defence companies. The private sector also contributes only 20-25% of domestic defence production which is expected to increase with the opening up of the sector.

• Space: The number of satellites and l ~~au~~ n ~~c~~ hes has steadily increased over the past 5 years for applications ranging from communications, defence, earth observation and other scientific missions. The demand for more satellites remains strong as transponder capacities need to be augmented to support increasing data/broadband and DTH requirement. ISRO’s Human Space flight program, other scientific and earth observation missions as well as MoDs objective to strengthen India’s space warfare capabilities, provide further impetus to the sector over the medium term.

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Others
K orea 2% 24% USA
Japan 36%
3%
Germany
3%
United Kingdom China 14%
3% Saudi
Russia 3% Arabia 4%
France 4% India 4%
India’s Exports & Imports of Defence
(USD Mn)
3,334
3,065 3,021 2,917
1,539
1,537
726
317 315 227
0
FY 15 FY16 FY 17 FY 18 FY 19
India's Export of Defence
India's Import of Defence
24
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• Transportation: The Transportation sector is projected to remain relatively stable despite lower ridership in the short term. Governments are expected to continue major infrastructure projects across geographies to support longer-term objectives of managing mobility more efficiently in cities and towns. Smart and Green mobility technologies will remain a focus in the years to come.

• Industrial: The Industrial Sector address a wide range of application including Oil & Gas, Industrial Automation for process industries, Electrification, Utilities etc. The sharp decline in oil price combined with the temporary reduction in capex budgets for many industrial companies is expected to have a short-term adverse impact in this segment. On the other hand, electrification and power grid infrastructure projects are expected to remain relatively stable.

• Medical: The Medical devices industry is a growing segment and has attracted all the more attention in the wake of the Covid-19 pandemic. There is also expected to be more investment and demand for remote monitoring and devices that enable telemedicine and predictive diagnostics. Regulation and a growing share of healthcare spending in emerging economies are also key focus themes in this segment in the near to medium term.

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Engineering R&D Service Industry

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• Global engineering R&D services outsourcing market is anticipated to reach more than USD 650 billion by 2025 according to a new report published by The marker research report. The major factors which are driving this market are the access to low-cost highly skilled resources which can work towards complex tasks of not only designing and testing but also on validation, simulation and execution.

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Engineering R&D (USD Bn)
50
42
40
28
30
20
10
0
FY18 FY22F
including product engineering
services
F- Forecast
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• Global Engineering R&D (ER&D) space and estimated that the Global ER&D spend by organizations worldwide stands at U ~~S~~ D ~~1~~ .4 Trillion in 2019, and is expected to grow at a CAGR of 7% to cross USD 2.2 Trillion by 2025.

• India will account for 41% of the global digital engineering services market by 2025, according to a report by consulting firm Zinnov. As of now, India accounts for $10.6 billion of the digital engineering market share which is expected to increase four-fold in five years.

• The Indian ER&D sector already employs about 7,00,000 people in the country, which could rise to one million by 2025, if the conditions for growth become more favorable

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FY22F. India's Engineering Export (USD Bn)
The
82 81.05
79.38
80
78
76.20 76.26
76
74
72
FY18 FY19 FY20 FY21
25
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• India’s engineering R&D market will increase from US$ 28 billion in FY18 to US$ 42 billion by FY22F. India needs Rs 235 trillion (US$ 3.36 trillion) of investment in infrastructure in the next decade. The export of engineering goods is expected to reach US$ 200 billion by 2030.

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Source: PR News Wire, Livemint, Economic Times, Cue Report, IBEF

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FINANCIAL OVERVIEW

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Standalone Income Statement
Particulars (INR Mn FY19 FY20 FY21 H1-FY22
Operational Income 4,987 4,824 4,245 1,423
Total Expenses 4,290 4,111 3,621 1,362
EBITDA 697 713 624 61
EBITDA Margins (%) 13.98% 14.78% 14.70% 4.29%
Other Income 38 43 39 38
Depreciation 121 132 158 83
Finance Cost 268 277 174 79
- -
Exceptional Items 329 (18)
PBT 675 347 331 (81)
Tax 95 97 91 (23)
PAT 580 250 240 (58)
PAT Margins (%) 11.63% 5.18% 5.65% NA
Diluted EPS (INR) 45.00 19.42 18.60 (4.53)
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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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Consolidated Income Statement
Particulars (INR Mn) FY19 FY20 FY21 H1-FY22
Operational Revenue 9,304 8,833 8,174 3,468
Total Expenses 8,267 7,852 7,279 3,250
EBITDA 1,037 981 895 218
EBITDA Margin (%) 11.15% 11.11% 10.95% 6.29%
Other Income 71 153 58 45
Depreciation 278 414 453 223
Finance Cost 349 368 295 134
Share of profit / (losses) of associates and JV from continuing operation (13) (5) (11) (446)
- - -
Exceptional Item (105)
PBT 468 242 194 (540)
Tax (3) 74 74 (34)
PAT from continuing operations 471 168 120 (506)
PAT Margin (%) 5.06% 1.90% 1.47% NA
Diluted EPS from continuing operations (INR) 30.51 15.74 13.30 (27.12)
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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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Consolidated Financial Highlights
Operational Revenue EBITDA & EBITDA Margin (%) PAT & PAT Margin (%)
9,304 8,833 * 1 ,2 0 11.16% 11.11% 10.95% 12. 00% 6 0 10. 00%
8,174
7,811
1 ,0 0 10. 00% 4 0 5. 00%
5.06% 1.90%
471
8 0 1,038 981 8. 00% 2 0 0.12% 1.47% 0. 00%
6 0 5.11% 6. 00% 9 168 120
3,468 - - 5.00 %
4 0 895 6.29% 4. 00% FY18 FY19 FY20 FY21 H1-FY22
399 - 20 0 - 10.0 0%
2 0 2. 00%
218 - 40 0 -506 - 15.0 0%
- 0. 00% -14.59%
FY18 FY19 FY20 FY21 H1-FY22 FY18 FY19 FY20 FY21 H1-FY22 - 60 0 - 20.0 0%
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 30th September, 2021)

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100%
80%
60%
40%
20%
0%
-20%
Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
Centum Sensex
Shareholding Pattern (as on 30 [th] September, 2021)
Price Data (as on 30 [th] September 2021)
CMP 473.5
52 Week H/L 561.1/258.6
Public
35%
Avg. Vol. ('000) 25.1
Promoter
Avg. turnover (Mn) 11.1
59%
Market Capital (INR Mn) 6,100.9
Mutual Funds
Total outstanding shares (Mn) 12.9
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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33