CMS Info Systems Limited — Investor Presentation 2022

Feb 7, 2022

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CMSINFO/2202/011

February 6, 2022

To BSE Limited Listing Department, 1st Floor, PJ Towers, Dalal Street, Fort, Mumbai – 400 001

Scrip Code: 543441

National Stock Exchange of India Limited Exchange Plaza, C-1, Block-G, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051

Symbol: CMSINFO

Sub: Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)

Dear Sir/Madam,

Pursuant to Regulation 30 of Listing Regulations, please find attached Investor Presentation on Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and nine months ended December 31, 2021.

You are requested to kindly take the same on your record.

Thanking You,

Yours faithfully,

For CMS Info Systems Limited

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CS Praveen Soni Company Secretary & Compliance Officer (Membership No. FCS 6495)

Encl: As above

Regd. Office: T-151, 5th Floor, Tower No.10, Sector-11, railway station complex, CBD Belapur, Navi Mumbai- 400 614 | T: +91-22-4889 7400 | F: +91-22-4889 5177 CMS Info Systems Limited |CIN: U45200MH2008PLC180479 | www.cms.com | E: contact@cms.com

Draft

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Q3/9M-FY22 Earnings Presentation

1

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COMPANY OVERVIEW

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CMS: Integrated Cash Management and Managed Services Platform

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CASH MANAGEMENT ATM MANAGED SERVICES TECH SOLUTIONS
(Logistics) (IT Services) (Software)
Successful expansion Emerging leader in
Market Share Leadership
into adjacencies Remote Monitoring Tech
112,000+ 11,000+ 20,000 Sites
Total Business Points Total ATM Network under Managed services Order Book for Remote Monitoring
INR 2.8 Tn Only Integrated player 7,000 ATMs
Cash handled during Q3FY22 with end to end offerings ALGO Order Book
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Leveraging cash cycle leadership to expand our operations

Source: Frost & Sullivan.

3

CMS story: Successfully achieved market leadership and expanded TAM over the past decade

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2010 - 2014 2015 - 2020 2021 Market leadership in Cash Expansion into adjacencies Scale with higher growth Management

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ATM Cash Management Retail Cash Management & CIT

Banking Automation Sales & Service

Remote Monitoring Payment Solutions Brown Label ATMs Banking Automation Sales & Service Software Solutions

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Market backdrop

• NPCI takes over ATM ▪ Demonetization, bank ▪ RBI increases ATM interchange fee (INR switching NPA issues 15 to INR 17 per transaction)

• ▪ ATM base in 2010: ~50K ▪ PSU bank mergers ▪ Strong RBI compliance guidelines for ▪ COVID-19 currency operations across ATM, retail and CIT

Cash Management Business Managed Services Business New Adjacencies

4

CMS Team: Highly qualified, strong governance and proven track record

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Experienced Directors

Strong Management With Deep Industry Know-How

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Tapan Ray MD & Group CEO of Gift City

Manju Agarwal

Krzysztof Jamroz

Shyamala Gopinath Ex-Deputy Governor of RBI Reserve Bank HDFC of India Bank Colgate Crisil

Executive Chairman at Roadrunner

Non-Executive Independent Director 34 Years of Banking Experience

Roadrunner Ascent Garda Transportation Global World Systems Logistics

Ministry of GIFT Corporate Affairs Gujarat International Government of India Finance Tec-City

SBI

Jimmy Mahtani Managing Director at BPEA

Ashish Agrawal Managing Director at BPEA

Sayali Karanjkar Non-Executive Independent Director, Co-founder of Paysense PaySense AT&T

General Atlantic

Lehman Brothers

Pankaj Khandelwal President & CFO 27+ years of industry experience CMS Gajra Bevel Computers Ltd. Gears Ltd.

Rajiv Kaul[(1)] Executive Vice Chairman, Whole Time Director & CEO 24+ years of industry experience Microsoft Actis

Anush Raghavan President – Cash Management Business 14+ years of industry experience Hay Group

Sanjay Singh Chief Human Resources Officer (CHRO) GE ITC Cairn Strides

Rohit Kilam CTO 20+ years of industry experience Aditya Birla Tata Consultancy Finance Services

Manjunath Rao President – Managed Services Business 34+ years of industry experience NCR Cashlink Diebold Nixdorf

(1) Rajiv Kaul is also on the Board of Directors of the Company

5

Cash Management: Largest company in India

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ATM Cash Retail Cash Management Cash-in-Transit (CIT) and
Management (RCM) Emerging Businesses
41% market share [(1)] 36% market share [(1)] 26% market share [(1)]
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• Cash withdrawal, ATM Replenishment

• Day end reporting, reconciliation and settlement

• Cash pick up, currency processing

• Smart safe solution

• Inter-city and intra-city currency movement

• Currency chest outsourcing, bullion transportation and on-demand pick-up solutions

Handled Rs 9.2tn of Cash[(2)] across ATM and RCM channels

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• 13+ MSPs and 45 public & private banks served

• ~2,000+ end-customer base across E- commerce logistics, organized retail, ■ 19 bank customers for CIT services NBFC, BFSI[(1)]

(1) As of 31[st] March, 2021; (2) in FY21. (Source: Frost and Sullivan report)

6

ATM Managed Services: Only Integrated player in India with a strong tech edge

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Banking Automation Brown Label ATMs and Software AI based Remote
Solutions Managed Services Solutions Monitoring
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	■	Sales, deployment, maintenance of automation products (ATMs, Cash recyclers, kiosks)	■ ■	Brown label (CMS capex): End-to-end ATM Deployment & Mgmt. Managed Services (Asset Light)for bank owned ATM networks	■ ■	Multi vendor softwareto help Banks centralize ATM management CMS ALGO:fully automated ATM security software	■	Centralized monitoring by deploying advanced sensors at ATMs/Bank branches/NBFCs
	■	Banks and MSPs among key customers	■ ■	Won BLA contracts ofTCV Rs ~13bnin FY21(1) Key customers: SBI, ICICI, HDFC	■ ■	100K ATMMVS contract for SBI(2) CMS ALGO licensing for two banks	■	~9.5K ATM sitesremote monitoring contract won from SBI in 2021

Multi-year recurring revenue streams

(1) In 2020 and 2021. (2) In 2019.

7

CMS’ presence across the cash cycle in India

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Embedded into the clients' systems and process while offering a wide range of services at different stages of the cash cycle

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Branch
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1
Bank chest
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2
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ATM
3
4
General Store
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1
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Cash-in-transit services to the banks that run currency chests

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2
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ATM cash management services to banks (on behalf of MSPs)

ATM deployment and maintenance services to banks, Brown Label ATM services, multi-vendor software solutions, endpoint security and remote monitoring services

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3
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Retail cash management services to retailers and other corporates, as well as deployment of retail cash vaults

4 4

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Coffee shop
5
4
Branch
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4
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Reconciliation of ATM and retail cash balances and end-of- 5 day reporting

6 Credit and debit card personalization services to banks

7 Currency chest automation

8

Route based logistics platform with extensive distribution across India

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Pan-India footprint

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15K+
Jammu & Kashmir, Ladakh
Pincodes 6
covered [(1)]
Himachal Pradesh
Punjab 1
Uttarakhand
12
4
Haryana
8 Delhi
10 Bihar Assam
Uttar Pradesh
Rajasthan
8 3
13
14
Gujarat Madhya Pradesh
Jharkhand
14 West Bengal
13
10
Chhattisgarh 2
Maharashtra 12 Odisha
24 14
Semi-Metro
15%
Andhra Pradesh
Goa
and Telangana
13
1
Karnataka Metro
22 23%
SURU (2)
Kerala Tamil Nadu 62%
8 12
Branches
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96% coverage pan-India including remote areas[(3)]

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(1) For FY21. (2) As of 31st March, 2021, on the basis of total number of ATM points. (3) For FY21, on the basis of districts covered

9

Large scale of operations running on in-house Tech platforms

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~15,000 pin codes; 3,900+ vans

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3
Cash withdrawal
1 2 from banks
Branch Van
office 2 allocated 1
Branch OfficeCMS assignedCrew Bank
CMS
3
Cash 2
replenishment of
different bank
ATMs
5
Overnight vaulting CMS
of retail collections and
daily reporting and
reconciliations
Retail
Retail
CMS
CMS
4
Retail
Outlets cash
deposited
Retail
Retail
3
Cash pick-up at
CMS different retail
outlets
3
FLM at ATM
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Tech Platform

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CMS Connect – End to End automation of Cash
✓
operations
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– ✓ CMS ALGO Mobility based ATM security app – CMS AGILE Automated Reconciliation for ✓ predictive risk management

10

India is the world’s 3rd largest ATM market with significant under-penetration in SURU[(1)]

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of ATMs deployed (in 000s, 2020) # of ATMs per 100K population (2020)
625
123
103
95
430
300 62
255
47
210
∑ = 255 26
22
60 55 50 50 15
40
China LatAm Africa UK France (1)
USA Brazil China Mexico Global Metro Avg. SURU
& ME
USA India Germany Spain Italy Average
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of ATMs per 100K population (2020)
41
35
21
14
13
10
7
Delhi Tamil AP Raj. MP UP Bihar
Nadu
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Source: Outlookworld, FIS Global, RBI, SDG, Niti Aayog, Frost & Sullivan. (1) SURU: Semi-Urban and Rural

11

2

3

Growth Drivers

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1
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Large PSB Contract Refresh and Expansion cycle

• End-to-end outsourcing

• Large multi-year recurring deal flow (Managed Services)

Regulatory focus on ATM Infra, Compliances, Financial inclusion

• RBI’s stricter compliance standards

• Strict ATM security requirements

Formalization of the Indian economy

• Growth in organized retail will lead to increase in amount of cash that is utilized though banking and ATM channels and higher outsourcing

Sources: RBI, Frost & Sullivan, Secondary Sources

12

Significant TAM opportunity

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Cash Management ATM Managed Services Remote Monitoring Tech
TAM [(2) ] : INR 79,000 Mn [(1)] by FY27 TAM [(2)] : INR 171,000 Mn [(1)] by FY27 TAM [(2)] : INR 105,000 Mn [(1)] by FY27
INR Mn INR Mn INR Mn
2.5x 171,000
2.9x 78,900 3.7x 105,000
30,000
14,200
2,730
20,400
75,000
1,14,150
68,000
27,700 8,000
2,000 28,000
6,600
44,300
6,800 46,890
20,000
30,000
37,940
14,300
13,790 8,000
FY21 FY27 FY21 FY27 FY21 FY27
ATM Retail CIT Banking Automation BLA & MS
BFSI Non BFSI
Software Solutions Remote Monitoring
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Growing TAM and bank preference for end-to-end outsourcing expected to benefit integrated players

Sources: RBI, Frost & Sullivan, Secondary Sources.

(1) The total available market for cash management (ATM cash management, RCM and DCV) product sales (including AMC), ATM managed services (managed serviced ATMs and BLAs), MVS and remote monitoring in BFSI stood at INR 85,310 Mn in Fiscal Year 2021 and is estimated to reach a size of INR 214,120 Mn in Fiscal Year 2027 because of some overlap between cash management and Managed Services.

13

The CMS growth strategy playbook

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4

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1
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Capitalize on the growing cash cycle

2

Leverage scale and integrated offerings and increase profitability

3

Expand into adjacencies

Grow through selective value accretive acquisitions

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14

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Q3/9M-FY22 FINANCIAL OVERVIEW

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15

Quarterly and YTD Financial Highlights

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Adj. EBITDA[(1)]

Revenue

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INR Mn
21%
4,037
122
3,325
1,127
164
745
2,924
2,450
Q3-FY21 Q3-FY22
Cash Mgmt. Managed Others
Services Services
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INR Mn
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40% 43% 1,083
760
26.8%
22.8%
Q3-FY21 Q3-FY22
EBITDA EBITDA Margin (%)
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28%
11,456
324
8,958 3,372
351
2,021
8,120
6,660
9M-FY21 9M-FY22
Cash Mgmt. Services Managed Services Others
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39% 2,890
2,073 25.2%
23.1%
9M-FY21 9M-FY22
EBITDA EBITDA Margin (%)
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PAT
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INR Mn
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48%
602
407 14.9%
12.2%
Q3-FY21 Q3-FY22
PAT PAT Margin (%)
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42% 1,601
1,124
14.0%
12.6%
9M-FY21 9M-FY22
PAT PAT Margin (%)
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(1) Adjusted EBITDA = EBITDA + Share based payments

16

Quarterly and YTD Operational Highlights: Cash Management Business

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Revenue EBIT
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INR Mn
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INR Mn
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19%
2,924
23%
2,450 707
576
24.2%
23.5%
Q3-FY21 Q3-FY22 Q3-FY21 Q3-FY22
EBIT EBIT %
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22%
8,120
6,660
9M-FY21 9M-FY22
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27%
1,898
1,495
23.4%
22.5%
9M-FY21 9M-FY22
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Cash Management: Operational Highlights

• Robust growth in Currency handled by CMS in Q3 FY22 @ ₹ 2.8 Tn, Y-o-Y growth of 18.1%; Q-o-Q growth of 9.4%

• Our overall Cash management network grew to 112,000 points by December 31, 2021, a growth of 15.4% YoY as we continue to expand our network across the country

• Volume and market share growth across all verticals led by strong economic recovery and market consolidation

• Strong traction on RBI-MHA compliance implementation

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EBIT EBIT %

17

Quarterly and YTD Operational Highlights: Managed Services Business

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Revenue EBIT
INR Mn
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INR Mn
51%
1,127
745
Q3-FY21 Q3-FY22
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127% 210
93
18.6%
12.5%
Q3-FY21 Q3-FY22
EBIT EBIT %
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67% 3,372
2,021
9M-FY21 9M-FY22
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81% 547
302
16.2%
14.9%
9M-FY21 9M-FY22
EBIT EBIT %
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Managed Services: Operational Highlights

• Total ATM Network under managed Services grew 1.4x YoY to 11,000 as of December 31, 2021

• Successfully completed deployment of 3,000 SBI BLA with robust transaction trends resulting in strong revenue and margin growth

• Strong traction in recently started AI based remote monitoring solution with an order book of 20,000+ sites

• Order win for CMS ALGO, our proprietary ATM security software, for 7,000 ATMs

18

Quarterly Consolidated Financial Performance

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Particulars (All figures in INR Mn)	Q3-FY22	Q2-FY22	Q-o-Q	Q3-FY21	Y-o-Y
Operating Income	4,037	3,721	8.5%	3,325	21.4%
Expenses	2,986	2,779	7.4%	2,573	16.1%
Operating EBITDA	1,051	942	11.6%	752	39.8%
Operating EBITDA Margins (%)	26.03%	25.32%	71 Bps	22.62%	341 Bps
Adjusted EBITDA(1)	1,083	955	13.4%	760	42.5%
Adjusted EBITDA Margin (%)	26.83%	25.66%	117 bps	22.86%	397 bps
Finance costs	30	39	(23.1)%	16	87.5%
Depreciation and amortisation expense	224	225	(0.4)%	157	42.7%
Other Income	16	21	(23.8)%	14	14.3%
Profit before tax	813	699	16.3%	593	37.1%
Tax	211	171	23.4%	186	13.4%
Profit After Tax	602	528	14.0%	407	47.9%
PAT Margins (%)	14.91%	14.19%	72 Bps	12.24%	267 Bps
Other Comprehensive income for the year	1	-	NA	-	NA
Total Comprehensive Income for the year	603	528	14.2%	407	48.1%
Earning per equity share (nominal value of share Rs 10) – Diluted	3.89	3.42	13.7%	2.64	47.3%

(1) Adjusted EBITDA = EBITDA + Share based payments

19

YTD Consolidated Financial Performance

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Particulars (All figures in INR Mn)	9M-FY22	9M-FY21	Y-o-Y
Operating Income	11,456	8,958	27.9%
Expenses	8,618	6,903	24.8%
Operating EBITDA	2,838	2,055	38.1%
Operating EBITDA Margins (%)	24.77%	22.94%	183 Bps
Adjusted EBITDA(1)	2,890	2,073	39.4%
Adjusted EBITDA Margin (%)	25.22%	23.14%	208 bps
Finance costs	101	53	90.6%
Depreciation and amortisation expense	644	448	43.8%
Other Income	54	47	14.9%
Profit before tax	2,147	1,601	34.1%
Tax	546	477	14.5%
Profit After Tax	1,601	1,124	42.4%
PAT Margins (%)	13.97%	12.55%	142 Bps
Other Comprehensive income for the year	-	(3)	NA
Total Comprehensive Income for the year	1,601	1,121	42.8%
Earning per equity share (nominal value of share Rs 10) – Diluted	10.33	7.40	39.6%

(1) Adjusted EBITDA = EBITDA + Share based payments

20

Historical Consolidated Income Statement

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Particulars (All figures in INR Mn)	FY 19	FY 20	FY 21	9M-FY22
Operating Income	11,462	13,832	13,061	11,456
Expenses	9,482	11,293	10,125	8,618
Operating EBITDA	1,980	2,539	2,936	2,838
Operating EBITDA Margins (%)	17.27%	18.36%	22.48%	24.77%
Adjusted EBITDA(1)	2,140	2,659	3,055	2,890
Adjusted EBITDA Margin (%)	18.67%	19.22%	23.39%	25.22%
Finance costs	74	73	82	101
Depreciation and amortisation expense	537	566	635	644
Other Income	131	50	158	54
Profit before tax	1,499	1,951	2,378	2,147
Tax	538	604	692	546
Profit After Tax	961	1,347	1,685	1,601
PAT Margins (%)	8.38%	9.74%	12.90%	13.97%
Other Comprehensive income for the year	(1)	(11)	(1)	-
Total Comprehensive Income for the year	960	1,336	1,684	1,601
Earning per equity share (nominal value of share Rs 10) – Diluted	6.33	8.87	11.09	10.33

(1) Adjusted EBITDA = EBITDA + Share based payments

21

Track record of revenue and profit growth; resilience during COVID

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Revenue Adj. EBITDA [(1)] PAT
Mn INR Mn INR Mn
8.4% 9.7% 12.9% 13.9%
Margin [(2)] 18.7% 19.2% 23.4% 25.2% Margin [(][3)]
13,832
434 13,061 11,456 3,055
459 2,890 1,685
11,462 324 1,601
2,659
3,622
584
3,641
1,347
1,972 3,372 2,140
961
9,776
8,906 8,961
8,120
FY19 FY20 FY21 9MFY22 FY19 FY20 FY21 9MFY22 FY19 FY20 FY21 9MFY22
Cash Mgmt. Services Managed Services Others
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INR Mn
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(1) Adjusted EBITDA = EBIDTA minus Finance income plus Share based payment to employees & Advance written off (non-operating expenses) for FY 2020. (2) Adj. EBITDA margin has been calculated as Adj. EBITDA / Revenue from operations. (3) PAT margin has been calculated as PAT / Total income (Revenue from operations + Other income) (4) Cash = Cash and cash equivalents + Bank balances + Current Investments; (5) Zero debt based on fundbased indebtedness.

22

Capital Market Information (BSE - CMSINFO | 543441, NSE – CMSINFO)

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Share Price Movement (Up to 31st January, 2022)

Shareholding Pattern (31[st] December, 2021)

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33%
28%
23%
18%
13%
8%
3%
-2%
31-Dec-21 31-Jan-22
CMS Sensex
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PRICE DATA (as on 31st January, 2022)
Face value (INR)	10
Market Price (INR)	255.8
52 Week H/L (INR)	317.9/215.0
Market Cap (INR Mn)	37,858
Equity Shares Outstanding (Mn)	148
Avg. trading volume (‘000)	6,665

Promoters (1), 65.6% Mutual Funds, 9.1% AIF, 1.6% FPI, 5.7% Insurance Companies, 1.3% Others, 16.8% (1) Promoters – Baring PE Asia (through Sion Investment Holding Pte. Limited)
Top Institutional Investors (as on 31st December, 2021)	%
SBI Small Cap Fund	5.60
ICICI Prudential Multicap Fund	2.05
Nomura India Investment Fund Mother Fund	1.56
WF Asian Reconnaissance Fund Limited	1.56
Aditya Birla Sun Life Small Cap Fund	1.40
SBI Life Insurance Co. Ltd	1.33
Goldman Sachs India Equity Portfolio	1.00

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Disclaimer

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CMS Info Systems Limited Disclaimer:

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 CMS Info Systems Limited, which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

Valorem Advisors Disclaimer:

Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.

For further details, please feel free to contact our Investor Relations Representatives:

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Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903-9500 Email: cms@valoremadvisors.com

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Thank you

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