Centum Electronics Ltd — Interim / Quarterly Report 2022

Feb 14, 2022

Ref: CEL/NSEBSE/BMD/14022022

14th February, 2022

To,

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

Re: Scrip Symbol: CENTUM/ Scrip Code: 517544

Dear Sir/Madam,

Sub: Outcome of the Board Meeting

This is in continuation to our communication letter dated 5th February, 2022 and pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Meeting of the Board of Directors of the Company was held as scheduled today, i.e. 14th February, 2022 and the Board inter-alia took the following decisions:

1. Considered and approved the unaudited financial results (standalone and consolidated) for the third quarter and nine months ended 31st December, 2021 along with the Limited Review Report of the Statutory Auditors of the Company.

The financial results are enclosed pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

1. Proposes to increase the stake in Centum Adetel Group SA.:

The Board of Directors at their Meeting held on today, have approved the proposal for further investment in Centum Adetel Group (CAG) SA. With the proposed investment, Centum Electronics Limited (the Company) stake in CAG will increase from the current level of 64.66% to 77.16%. Further, the above investment will be done through Centum Electronics UK Limited, a wholly owned subsidiary of the Company, subject to necessary approvals.

This is pursuant to the Shareholders' Agreement executed with the Management and Employee Shareholders' of Centum Adetel Group, whereby the Management and Employee Shareholders were granted the right to require the Company to purchase all or part of the shares owned by them at the relevant Put Option price specified pursuant to this Agreement. $CTRC$

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

• 1. The Board has approved the amendments to the Related Party Transactions Policy to bring in effect recent changes in the applicable laws. The updated Policy will be website under Company's the available on https://www.centumelectronics.com/corporate-governance/
• 1. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that Mr. Nagaraj K V (ICSI Membership No. ACS 35639) has tendered his resignation from the post of Company Secretary & Compliance Officer of the Company to pursue opportunities outside the Company. The Board has accepted his resignation and he will be relieved from the position with effect from the closing hours of 10th March, 2022.

The Meeting started at 5.00 p.m. and concluded at 9.15 p.m.

The above information is also hosted on the website of the Company at www.centumelectronics.com

Kindly take the same on your records.

Yours faithfully, For Centum Electronics Limited

K. S. Desikan Chief Financial Officer

Encl: as above

CTRO

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

S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

12th Floor "UB City" Canberra BlockNo. 24, Vittal Mallya Road Bengaluru - 560 001. India Tel: +91 80 6648 9000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Ind AS Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Centum Electronics Limited

• 1. We have reviewed the accompanying Statement of Unaudited Ind AS Consolidated Financial Results of Centum Electronics Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") and its associates for the quarter ended December 31, 2021 and year to date from April 1, 2021 to December 31, 2021 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• 1. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

• 1. The Statement includes the results of the following entities:
  • a. Centum Electronics Limited
  • b. Centum Electronics UK Limited
  • c. Centum Adetel Group SA
  • d. Centum Adeneo SAS
  • e. Centum Adeneo CRD SAS
  • Centum Adetel Transportation System SAS f.
  • HOLIWATT (formerly known as Centum Adetel Transportation SAS) g.
    • Centum Adetel Solution

S.R. BATLIBOL& ASSOCIATES LLP

Chartered Accountants

Beng

• $\mathbf{i}$ . Centum Adetel Equipment
• Centum Adetel Belgium i.
• k. Centum Adeneo India Private Limited
• Ausar Energy SAS L
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 7 and 8 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• We draw attention to the note no 6 to the accompanying unaudited consolidated Ind AS financial results 6 which describes the uncertainties and management assessment of the financial impact of the outbreak of Corona virus (COVID-19) on the business operations, liquidity position and recoverability of assets of the Group including its associates. In view of the highly uncertain economic environment, a definitive assessment of the aforesaid impact on the subsequent periods is dependent upon circumstances as they evolve. Our conclusion is not modified in respect of this matter.
• The accompanying Statement includes the unaudited consolidated interim financial results and other 7. financial information, in respect of 1 subsidiary located outside India (the said subsidiary has 6 underlying subsidiaries and 2 associates), whose unaudited consolidated interim financial results include total revenues of Rs 1,187.71 million and Rs 3,351.05 million, total net profit/(loss) after tax of Rs. 10.52 million and Rs. (412.44) million and total comprehensive income/(loss) of Rs. 8.98 million and Rs. (403.66) million, for the quarter ended December 31, 2021 and the period ended on that date respectively (before consolidation adjustments), as considered in the Statement which have been reviewed by their independent auditors.

The independent auditor's reports on consolidated interim financial information/ financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries and associates is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above.

These subsidiaries and associates are located outside India whose financial results and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the consolidated financial results of such subsidiaries and associates located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Holding Company's management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries and associates located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and reviewed by us.

The accompanying Statement includes unaudited interim financial results and other unaudited financial 8. information in respect of 2 subsidiaries, whose interim financial results and other financial unaudited information reflect total revenues of Rs 59.18 million and Rs 150.63 million, total net profit after tax $8.4ss$ $\mathcal{E}(R_s, 0.35)$ million and Rs. 3.38 million and total comprehensive loss of Rs. 12.74 million and Rs. 9.68

S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

million, for the quarter ended December 31, 2021 and the period ended on that date respectively (before consolidation adjustments).

The unaudited interim financial results and other unaudited financial information of these subsidiaries have not been reviewed by their auditors and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries and associates, is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these interim financial information and financial results are not material to the Group.

Our conclusion on the Statement in respect of matters stated in para 7 and 8 above is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results and financial information certified by the Management.

For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm registration number: 101049W/E300004

per Sandeen Karnani Partner Membership No.: 061207

UDIN: 22061207ACFOMD6405

Place: Bengaluru Date: February 14, 2022

Centum Electronics Limited
Corporate Identity Number (CIN): L85110KA1993PLC013869
Regd. Office: No.44, KHB Industrial Area, Yelahanka New Town, Bengaluru - 560 106Phone: +91-80-41436000 Fax: +91-80-41436005
	Email: investors@centumelectronics.com Website : www.centumelectronics.com
	Statement of unaudited consolidated Ind AS financial results for the quarter and nine months ended December 31, 2021
(Rs. in million)
		Quarter ended			Nine months ended	Year ended
SI.No.	Particulars	December 31,	September 30,	December 31,	December 31,	December 31, 2020	March 31, 2021
		2021	2021	2020	2021(Unaudited)	(Unaudited)	(Audited)
		(Unaudited)	(Unaudited)	(Unaudited)
	1 Income(a) Revenue from operations
	(i) Sale of products and services	1,886.44	1,616.22	2,025.68	5,121.39	5,715.44	7,668.12
	(ii) Other operating income	113.92	108.01	136.11	346.97	393.80	506.18
	(b) Other income
	(i) Gain on account of foreign exchange fluctuations (net)	6.20	1.64
	(ii) Others	8.55	19.60	12.14	29.12	37.86	38.39
	(c) Finance income	10.96	7.68	4.142,178.07	26.005,523.48	14.956,162.05	19.528,232.21
	Total Income	2,026.07	1,753.15
$\mathbf{2}$	Expenses
	(a) Cost of materials consumed	780.73	837.74	821.06100.00	2,268.01(147.19)	2,592.0954.28	3,275.18179.02
	(b) Changes in inventories of finished goods and work-in-progress	16.66816.22	(143.81)748.31	758.29	2,341.74	2,141.09	3,018.39
	(c) Employee benefits expenses(d) Finance costs	55.84	60.37	75.79	189.44	220.69	295.21
	(e) Depreciation and amortisation expenses	115.91	111.79	127.39	338.98	338.65	453.01
	(f) Loss on account of foreign exchange fluctuations (net)	$\sim$		7.57	1.09	32.39	11.76
	(g) Other expenses	199.22	161.24	189.01	583.90	603.38	794.64
	Total expenses	1,984.58	1,775.64	2,079.11	5,575.97	5,982.57	8,027.21
3	Share of profit / (loss) of associates from operations	×.		(0.08)		(2.87)	(10.71)
	Profit / (loss) before exceptional items and tax expense from operations (1+2+3)	41.49	(22.49)	98.88	(52.49)	176.61	194.29
5	Exceptional items (refer note 3)			$\ddot{}$	(446.51)
	6 Profit / (loss) before tax expense from operations (4+5)	41.49	(22.49)	98.88	(499.00)	176.61	194.29
	7 Tax expenses			22.79		67.91	87.78
	(a) Current tax (net)	0.166.17	(3.57)2.16	(2.43)	(3.15)(24.89)	(2.63)	(13.88)
	(b) Deferred tax charge / (credit)					111.33	120.39
	Profit / (loss) after tax expense from operations (6±7)	35.16	(21.08)	78.52	(470.96)
9	Other comprehensive income/ (expenses) (net of tax)
	(a) Items that will not be reclassified to profit or loss
	(i) Remeasurements of the net defined benefit liability	0.38	0.40	0.70	1.14	2.10	1.52
	(ii) Income tax on above	(0.14)	(0.09)	(0.21)	(0.33)	(0.61)	(0.44)
	(b) Items that will be reclassified to profit or loss		9.58	(1.66)	16.01	(11.27)	(7.70)
	(i) Exchange difference on translation of foreign operations	7.23
	(ii) Income tax on above(iii) Net movement on effective portion of cash flow hedge	(1.10)	0.84		(0.26)	ç
	(iv) Income tax on above	0.28	(0.21)		0.07
10	Total comprehensive income for the period (comprising profit/(loss) and other					101.55	113.77
	comprehensive income/(expenses)(net of tax)) for the period (8±9)	41.81	(10.56)	77.35	(454.33)
11	Total comprehensive income attributable to:
	(a) Owners of the Company	42.19	4.13	70.31	(300.81)	143.80	157.79
	(b) Non-controlling interest	(0.38)	(14.69)	7.04	(153.52)	(42.25)	(44.02)
	Total comprehensive income for the period	41.81	(10.56)	77.35	(454.33)	101.55	113.77
	12 Paid up equity share capital (Face value - Rs 10 per share)	128.85	128.85	128.85	128.85	128.85	128.85
	13 Earnings per equity share (EPS) (of Rs. 10 each) :(a) Basic (Rs.)	2.72	(0.53)	5.94	(24.40)	12.84	13.31
		2.72	(0.53)	5.93	(24.40)	12.82	13.30
	(b) Diluted (Rs.)

CTRO m

Notes to the unaudited consolidated Ind AS financial results for the quarter and nine months ended December 31, 2021

• 1 Investors can view the consolidated financial results of Centum Electronics Limited ("the Group" or "the Company") on the Company's website www.centumelectronics.com or on the websites of BSE (www.bseindia.com) or NSE (www.nse-india.com).
• 2 The Company along with its subsidiaries and associates are an integrated business unit which addresses the Electronics System Design and Manufacturing ("ESDM") and accordingly there is only one reportable segment called ESDM in accordance with the requirement of Ind AS 108 - "Operating segments".
• 3 During the year ended March 31, 2020, the management of the Group, entered into an agreement for sale of 65% stake in HOLIWATT (formerly known as Centum Adetel Transportation SAS ("HOLIWATT")), subsidiary of Centum Adetel Group SA.

The management of the Group had a put option to sale its remaining 35% stake at a fixed price amounting to EUR 3.96 million plus interest at the rate of 6% p.a and other receivables of EUR 0.5 million. Further the management had assessed that they exercised significant influence / control over CAT and has accordingly treated the same as investment in associates in the unaudited consolidated financial results of the Group during the year ended March 31, 2021.

During the quarter ended June 30, 2021, HOLIWATT had been placed in specific insolvency statutes, allowing HOLIWATT to commence negotiation with other parties including its shareholders. During the nine months ended December 31, 2021, the Commercial Court of Lyon has accounced the opening of judicial recovery process and accordingly based on the internal assessment, the management of the Group has provided the carrying value of its investment and receivables in HOLIWATT amounting to Rs. 446.51 million and the same has been disclosed as exceptional item in the unaudited consolidated Ind AS financial results during the nine months ended December 31, 2021.

• 4 The unaudited consolidated Ind AS financial results of the Company for the quarter and nine months ended December 31, 2021 have been reviewed by the Audit Committee in their meeting on February 13, 2022 and approved by the Board of Directors in their meeting held on February 14, 2022.
• 5 The Company has investments in Centum Electronics UK Limited, which in turn has made investment in Centum Adetel Group SA. Centum Adetel Group SA and its underlying subsidiaries have incurred losses. The Group has accounted a goodwill of Rs. 376.23 million and has a carrying value of intangible assets (including intangible assets under development) of Rs. 474.91 million, as at December 31, 2021.

Based on internal assessment performed as at December 31, 2021 with regard to future operations, the management of the Group is of the view that the carrying value of the aforesaid Goodwill on consolidation / intangible assets (including intangible assets under development) are appropriate.

• 6 Pursuant to the ongoing COVID-19 pandemic, the Group has made a detailed assessment of its liquidity position as at the date of approval of these unaudited consolidated Ind AS financial results for the next one year and of the recoverability and carrying values of its assets including Property, Plant and Equipment (including capital work in progress), Goodwill, Intangible assets, Intangible assets, Intangible assets unde development, Trade receivables including unbilled revenue, Subsidy receivables, Inventory, I run una Expansion producing Captur Torn in program, and producing including with the research including unbilled revenue, Subsidy external sources of information arising from COVID-19 pandemic while making such assessment in the preparation of the unaudited consolidated Ind AS financial results. However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration. The statutory auditors have given an Emphasis of Matter in this regard.
• 7 For the year / periods the Group has incurred losses, the allotment of stock options would increase the loss per share for the respective year / periods and accordingly has not been considered for the purpose of calculation of diluted earnings per share from continuing operations.
• 8 The statutory auditor's of the Company have carried out a limited review of the unaudited consolidated Ind AS financial results for the quarter and nine months ended December 31, 2021.

Place: Bengaluru Date: February 14, 2022

$CTRO$ SELOPT nics Limit Managing Director

12th Floor 'UB City" Canberra Block No. 24, Vittal Mallya Road Bengaluru - 560 001, India Tel: +91 80 6648 9000

Independent Auditor's Review Report on the Ouarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Centum Electronics Limited

• We have reviewed the accompanying statement of unaudited standalone Ind AS financial 1. results of Centum Electronics Limited (the "Company") for the quarter ended December 31. 2021 and year to date from April 01, 2021 to December 31, 2021 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• $\overline{2}$ . The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.
• $3.$ We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• Based on our review conducted as above, nothing has come to our attention that causes us to $\overline{4}$ . believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

5. Emphasis of Matter Paragraph

We draw attention to the note no 5 to the accompanying unaudited standalone Ind AS financial results which describes the uncertainties and management assessment of the financial impact of the outbreak of Corona Virus (COVID $-19$ ) on the business operations, liquidity and recoverability of assets of the Company and its subsidiaries. In view of the highly uncertain economic environment, a definitive assessment of the aforesaid impact on the subsequent periods is dependent upon circumstances as they evolve

Our conclusion is not modified in respect of this matter.

For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm registration number: 101049W/E300004

Warle

per Sandeep Karnani Partner Membership No.: 061207

UDIN: 22061207ACFLZD2302

Bengaluru February 14, 2022

		Centum Electronics LimitedCorporate Identity Number (CIN): L85110KA1993PLC013869Regd. Office: No. 44, KHB Industrial Area, Yelahanka New Town, Bengaluru - 560 106Phone: +91-80-41436000 Fax: +91-80-41436005Email: investors@centumelectronics.com Website : www.centumelectronics.com
	Statement of unaudited standalone Ind AS financial results for the quarter and nine months ended December 31, 2021
							(Rs. in Million)
			Quarter ended		Nine months ended		Year ended
SI.		December 31,September 30,December 31,			December 31,	December 31,	March 31, 2021
No.	Particulars	2021	2021	2020	2021	2020
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
	1 Income
	(a) Revenue from operations
	(i) Sales/Income from operations
		847.80	817.97	1,037.83	2,265.52	3,233.50	4,178.80
	(ii) Other operating income	1.13	3.01	13.76	6.48	56.85	66.47
	(b) Other income
	(i) Gain on account of foreign exchange fluctuations (net)		5.57			×.
	(ii) Others	4.62	15.66	3.63	17.25	9.75	18.99
	(c) Finance income	7.26	10.69	5.15	22.54	14.93	19.61
	Total income	860.81	852.90	1,060.37	2,311.79	3,315.03	4,283.87
	2 Expenses
	(a) Cost of materials consumed	467.27	636.79	544.84	1,510.12	1,912.16	2,348.15
	(b) Changes in inventories of finished goods and work-in-progress	16.76	(140.32)	81.35	(142.86)	49.20	178.34
	(c) Employee benefit expenses	163.82	170.32	170.43	492.59	497.77	678.53
	(d) Finance costs	27.43	34.65	42.23	105.94	137.90	173.81
	(e) Depreciation and amortisation expenses	42.20	41.34	39.26	124.95	116.45	158.21
	(f) Loss on account of foreign exchange fluctuations (net)	2.55		2.74	3.95	12.28	9.98
	(g) Other expenses	95.63	81.32	80.49	234.35	274.03	405.60
	Total expenses	815.66	824.10	961.34	2,329.04	2,999.79	3,952.62
	3 Profit / (Loss) before exceptional items and tax (1-2)	45.15	28.80	99.03	(17.25)	315.24	331.25
	4 Exceptional items (refer note 4b)	$\sim$	$\sim$	$\ddot{}$	(18.36)	÷
	5 Profit / (Loss) before tax (3± 4)	45.15	28,80	99.03	(35.61)	315.24	331.25
	6 Tax expenses
	(a) Current tax	×.	(2.43)	22.78	(2.43)	66.26	82.12
	(b) Deferred tax (credit) / charge	13.11	7.31	2.99	(6.89)	14.20	9.34
	(Loss) / profit for the period $(5±6)$	32.04	23.92	73.26	(26.29)	234.78	239.79
	8 Other comprehensive income/(expenses) (net of tax)
	(a) Items that will not be reclassified to profit or loss
	(i) Remeasurements of the net defined benefit liability	0.36	0.36	0.70	1.08	2.10	1.43
	(ii) Income tax on above	(0.10)	(0.10)	(0.20)	(0.30)	(0.60)	(0.41)
	(b) Items that will be reclassified to profit or loss
	(i) Net movement on effective portion of cash flow hedge	(1.09)	0.84		(0.25)
	(ii) Income tax on above	0.28	(0.21)		0.07
	9 Total comprehensive income for the period (comprising (loss) /	31.49	24.81	73.76	(25.69)	236.28	240.81
	profit and other comprehensive income/(expenses) (net of tax) for
	the period (7±8))
	10 Paid up equity share capital	128.85	128.85	128.85	128.85	128.85	128.85
	(Face value- Rs.10 per share)
	11 Earnings per equity share (of Rs. 10 each):
	(a) Basic (Rs.)	2.49	1.86	5.69	(2.04)	18.22	18.61
	(b) Diluted (Rs.)	2.48	1.86	5.68	(2.04)	18.21	18.60

$\frac{1}{\sqrt{2}}$

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Notes to the unaudited standalone Ind AS financial results for the quarter and nine months ended December 31, 2021

• 1 Investors can view the standalone Ind AS financial results of Centum Electronics Limited ("the Company") on the Company's website www.centumelectronics.com or on the websites of BSE (www.bseindia.com) or NSE (www.nse-india.com).
• 2 The Company is an integrated business unit which addresses the Electronics System Design and Manufacturing ("ESDM") and accordingly there is only one reportable segment called ESDM in accordance with the requirement of Ind AS 108 - "Operating segments"
• 3 The accompanying unaudited standalone Ind AS financial results of the Company for the quarter and nine months ended December 31, 2021 have been reviewed by the Audit Committee in their meeting on February 13, 2022 and approved by the Board of Directors in their meeting held on February 14, 2022.
• 4 a) The Company has investments in Centum Electronics UK Limited, which in turn has made investment in Centum Adetel Group SA. Centum Adetel Group SA and its underlying subsidiaries have incurred losses. During the year ended March 31, 2021, the Board of Directors of Company further acquired 10.51% stake of Centum Adetel Group SA through Centum Electronics UK Limited from other shareholders of Centum Adetel Group SA.Carrying value o However, based on internal assessment performed with regard to future operations, the management of the Company is of the view that the carrying value of the Company's investment in Centum Electronics UK Limited is appropriate.

b) During the year ended March 31, 2020, Centum Adetel Group SA, a step down subsidiary entered into agreement for sale of 65% stake in HOLIWATT (formerly known as Centum Adetel Transportation SAS ("HOLIWATT")), subsidiary of Centum Adetel Group SA. Centum Adetel Group SA had a put option to sale its remaining 35% stake at a fixed price amounting to EUR 3.96 million plus interest at the rate of 6% p.a as per the afo negotiation with other parties including its shareholders. During the nine months ended December 31, 2021, the Commercial Court of Lyon has announced the opening of judicial recovery procedures and accordingly, has provided to the construction of the Company has provided for its receivables amounting to Rs. 18.36 million and the same has been disclosed as exceptional items in the unaudited standalone Ind AS and the came in the un financial results for the nine months ended December 31, 2021.

5 Pursuant to the ongoing COVID-19 pandemic, the Company has made a detailed assessment of its liquidity position as at the date of approval of these unaudited standalone Ind AS financial results for the next one year and of the recoverability and carrying values of its assets including property, plant and equipment (including capital work-in-progress), intangible assets, trade receivables, inventory, investments and other assets as at the events and economic forecasts based on internal and external sources of information arising from COVID-19 pandemic while making such assessment in the preparation of the unaudited standalone Ind AS financial results.Howev

The statutory auditors of the Company have drawn an Emphasis of Matter in their Independent Auditor's Review Report in this regard.

• 6 For the year / periods the Company has incurred losses, the allotment of stock options would increase the loss per share for the respective year / periods and accordingly has not been considered for the purpose of calculation of diluted earnings per share
• 7 The statutory auditor's of the Company have carried out a limited review of the unaudited standalone Ind AS financial results for the quarter and nine months ended December 31, 2021.

Place: Bengaluru Date: February 14, 2022

For Centum Electro nics Lir CTRO í0 Apparao V Mal abu airman & Managing Director Å

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