CMS Info Systems Limited — Investor Presentation 2023

Oct 26, 2023

October 26, 2023

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CMSINFO/2310/007

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 half year ended September 30, 2023.

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

Thanking You,

Yours faithfully,

For CMS Info Systems Limited

Debashis Digitally signed by Debashis Dey Date: 2023.10.26 Dey 10:33:03 +05'30' Debashis Dey Company Secretary & Compliance Officer

Encl: a/a

CMS Info Systems Limited |CIN: L45200MH2008PLC180479 | www.cms.com | E: contact@cms.com

Earnings Presentation Q2/H1-FY24

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COMPANY OVERVIEW

Leading Business Services Company Catering To BFSI & Retail Sector

Tech Outsourcing Services

Logistics Services Product Solutions Tech Outsourcing Services ATM Cash Retail Cash Cash in Bank Automation ATM Managed Card Mgmt. Software Remote Management Management Transit (CIT) Solutions Services Solutions Solutions Monitoring

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Highly qualified and experienced management supported by diverse board 24.21% FY23 ROCE Zero Debt Company for 4 years with AA credit rating 76% FY23 OCF / EBITDA

Only Integrated Banking Largest Cash PAN India Footprint; Servicing leading Solutions provider Management 16K+ Pin codes banks like SBI, HDFC, with end-to-end offerings company in India covered ICICI & Axis

INR 12.70 Tn 28.8% Cash handled in FY23 FY23 Adj. EBITDA Margin 150,000+ 28% Servicing Business Points FY20-23 PAT CAGR 4000+ INR 4,500 Mn Cash Vans March’2023 Cash[(1)]

3

(1) Cash & Investments is inclusive of Cash & Cash Equivalents, Bank balance & Investments

Offering End-to-End One Stop Solutions

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Key Business Verticals
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Cash Management

• End-to-end ATM replenishment – inclusive of cash withdrawal, ATM replenishment, cash evacuation and deposition for BNA/recyclers, day-end reporting, reconciliation and settlement

• Cash pick up and delivery from retail outlets and enabling settlement with retailers’ banks

• Currency movement inter/intra city for Banks

Managed Services

• Sales, deployment, and maintenance of ATMs

Financial Highlights

Financial Highlights

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(INR Mn)
28.08% 27.79%
25.14%
22.48% 19,147
18.36% 15,897
13,832
13,061
10,553
5,377
2,539 2,936 3,997 2,933
FY20 FY21 FY22 FY23 H1-FY24
Operational Revenue EBITDA
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• Brown label ATM Deployment

• Managed Services for bank owned ATM networks

• Management and personalization of cards

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Tech Solutions
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• Software solutions

• AI based Remote Monitoring

Business Mix H1-FY24

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Cash
Management
63%
Managed
Services &
Others [(1)]
37%
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(1) Managed services revenue comprises of Managed services, Cards (other business) and Tech solutions revenues

CMS’ Presence Across The Cash Value Chain CMS’ Presence Across The Cash

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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
1
Value Chain 2 ATM 3
Branch Cash-in-transit services to the banks that run currency
11
chests
1
ATM cash management services to banks (on behalf of
2
MSPs)
7 Bank chest ATM deployment and maintenance services, Brown Label
4
33 ATM services, multi-vendor software solutions and remote
General Store
monitoring services
Retail cash management services to retailers and other
44
4 corporates, as well as deployment of retail cash vaults
6
Reconciliation of ATM and retail cash balances and end-
5
of-day reporting
Coffee shop 4
5
4
Branch 66 Credit and debit card personalization services to banks
7 Currency chest automation
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Our Journey: Transforming into a Business Services Platform

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Revenue: ₹ 1,915 Cr
500 Adj. PAT Margin : 15.9%
9x Revenue
400 growth
11x EBITDA
300
growth
200
Revenue: ₹ 216 Cr
Adj. PAT Margin: 10.5%
100
Restructure Growth Resilience Accelerated expansion
0
2008-09 2011-12 2015-16 2019-20 2022-2023
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Established a strong core in Grew TAM by expanding into Cash Logistics Managed Services

High growth Launched AIoT business

• in Pvt bank outsourcing

• • 4x ATM market growth

• • Market players doubled

• Demonetization

• • NPA crisis; PSU bank mergers

• • RBI standards

• in PSU bank outsourcing

• • COVID pandemic

• • Industry consolidation

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Highly Qualified Management With A Diverse Board And Strong Governance

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Experienced
Directors
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Strong
Management
With Deep
Industry
Know-How
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Tapan Ray
MD & Group CEO of Gift City
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Shyamala Gopinath Ex-Deputy Governor of RBI

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Ms. Manju Agarwal
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Krzysztof Jamroz Executive Chairman at Roadrunner

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Jimmy Mahtani Managing Director at BPEA

Sayali Karanjkar Non-Executive Independent Director, Co-founder of Paysense

Ashish Agrawal Managing Director at BPEA

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Rajiv Kaul

Pankaj Khandelwal President & CFO

Anush Raghavan

Executive Vice Chairman, Whole Time Director & CEO 24+ years of industry experience

President – Cash Management Business

27+ years of industry experience

14+ years of industry experience

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Sanjay Singh Chief Human Resources Officer (CHRO)

Rohit Kilam

Manjunath Rao President – Managed Services Business

CTO

20+ years of industry experience

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34+ years of industry experience

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Leader In Cash Logistics Services In India

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ATM Cash Management Retail Cash Management Cash-in-Transit (CIT) and
#1 Player (RCM) Emerging Businesses
#1 Player #1 Player
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36% market share [(1)]
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26% market share [(1)]
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Cash Logistics Revenue
(INR Mn) 13,263
11,108
9,776
9,094
7,112
FY20 FY21 FY22 FY23 H1-FY24
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Cash Logistics EBIT & EBIT Margin
(INR Mn)
3,363
2,654
1,891
2,040 25.4%
1,666 22.4% 23.9% 26.6%
17.0%
FY20 FY21 FY22 FY23 H1-FY24
EBIT EBIT Margin
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*As per company estimates

Route Based Logistics With Extensive Distribution Across India

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Deep entrenchment to India’s hinterland, Logistical planning and Route productivity are fundamental to CMS’ successful track record
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Cash Management Operations Cycle Cash Management Operations Cycle

97% coverage pan-India including remote areas[(3)]

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of Branches
3 16K+
Cash
Branch 1 CMS Van 2 from bankswithdrawal Pincodes 6 Jammu & Kashmir, Ladakh
office Branch Crew 2 allocated Bank covered [(1)]
Office assigned Himachal Pradesh
4,000+ fleet [(1)] Punjab 1
CMS 12 Uttarakhand
4
Haryana
3 8 Delhi
Cash 10 Bihar Assam
replenishment of Rajasthan Uttar Pradesh
5 different bank 13 8 3
Overnight vaulting ATMs 14
of retail collections CMS Gujarat Madhya Pradesh
and Jharkhand
daily reporting andreconciliations Retail 14 13 Chhattisgarh 2 10 West Bengal
Maharashtra 12 Odisha Mix of ATM cash management
CMS Retail 24 14 points FY23
CMS
4
Retail Metro & Semi-
Outlets cash Andhra Pradesh Metro
deposited Retail Retail Goa 13 and Telangana 36%
3 1
Cash pick-up at
different retail Karnataka
CMS outlets 22
SURU (2)
Kerala Tamil Nadu
3 5 8 12 64%
FLM at
ATM
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(1) For FY23 (2) As of 31st March, 2023, on the basis of total number of ATM points (3) For FY23, on the basis of districts covered

Our Cash Logistics Network World class scale, quality and risk management

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ATM
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• Revenue model linked to # of visits per ATM (<2% variance)

• Annuity revenue model, >90% fixed

• • 72,000+ ATMs, Replenished every alternate day, Avg. ₹ 1.4 Cr / ATM per month

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RETAIL
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• Partner with Transaction banking to offer treasury solutions for corporates & retail (Cash-X)

• • Annuity revenue model linked to volume & points; >70% fixed

• • 52,000+ business commerce points, Avg. ₹ 37 L collection & processing per month

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CIT
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• Bulk currency transit across the banking network

• • Revenue model: 80% fixed; 3-5 year contracts

• • 12,000+ bank branches served every day

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One Of The Few Integrated Players In India With A Strong Technology Edge

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Banking Automation
Solutions
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ATM As-a-Service
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Software Solutions
#1 in ATM
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AI based Remote Monitoring
#1 in ATM
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Managed Services Revenue
(INR Mn)
6,111
4,896
3,622 3,641 3,463
FY20 FY21 FY22 FY23 H1-FY24
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Managed Services EBIT & EBIT Margin
(INR Mn)
1,211 19.9%
19.8%
17.5% 810
16.5% 689
635
547
15.0%
FY20 FY21 FY22 FY23 H1-FY24
EBIT EBIT Margin
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India is the worlds 3[rd] largest ATM market

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• Banking ALGO MVS – Unified & dynamic • ATMs, Currency recyclers, Self-

• Automation Software interface and management service kiosks • ATM access security software

• • 1:2 branch to ATM ratio • SaaS-like business model

• • Product sale + 7-10 yr •

• maintenance revenue License sale + 7-10 yr maintenance rev.

• ATM-as-a- • 60% bank owned, 3-5 yrs fixed Service AIoT Remote revenue

• • Monitoring • <40% ATMs and <30% branches 40% BLA; 7-10 yrs, txn-based revenue secured today

• • CMS : 20-25% revenue fixed rate; • 100% fixed recurring

• ~30% of BLA at bank branches (high predictability)

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The CMS Edge

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The CMS Edge
An integrated, tech-led pan India business platform serving India's cash eco-system
Leadership position across most segments, backed by operation excellence and robust
financials
Longstanding customer relationships leading to increased business opportunities
Multi-year recurring predictable revenue streams
Pan-India footprint with deep penetration in growing markets
Strong track record of value accretive acquisitions
Experienced and qualified management team
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Favourable macro-economic and industry trends

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Fastest growing large economy: 6.1% avg. growth forecast next 5 years Growth in domestic consumption: drives 2/3[rd] of GDP

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Banks at the center of growing economy: in expansion mode

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Retail growth to fuel consumption

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Cash based payments have a large share in loans, insurance, retail, ecommerce

Source: Bain & Co, BCG, WEF , World Economics' QIES & CLSA

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Mid-term growth drivers

• Cash 100,000 ATMs yet to be outsourced for Cash Mgmt.

Logistics

• Growth in organised retail; Direct2Retail and Cash-X solutions

ATM Managed Services

• PSU banking refresh cycle: 80,000+ ATM refresh cycle

• Pvt. Sector branch expansion: 20,000+ new ATMs

• Total outsourcing deals: ~100,000 ATMs will shift from bank capex to BLA

• 60% of ATMs & bank branches

AIoT Remote Monitoring

• Expansion to NBFC, Insurance, Retail

• • Legacy base refresh cycle

• Track record of programmatic M&A: Rs. 250 Cr in 6 acquisitions with <3 year payback

Inorganic

• Industry consolidation

• M&A areas: Business Services, Fintech

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Market Growth: Higher outsourcing create a large TAM Opportunity

INR Crore

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2.6x ₹ 22,000 Cr
3,000
11,620
₹ 8,500 Cr
4,600
6,200-6,500
4,570
1,800-2,000
7,900
1,650
3,500-3,700
2,730
FY21 FY27
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CAGR**

BFSI Remote 25% Monitoring ATM-as-a- 17% Service Banking 19% Automation Cash 19% Logistics

Total TAM is lower than gross sum because of some overlap between Cash Management and BLA

**CAGR between FY21 and FY27

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Our Playbook: Accelerating growth & market expansion

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Lowest unit economics
Establish right-to-
Scale & productivity
win Integrated
offerings
Strengthen Expand
Drive innovation Strong cashflow Large & complex
Talent & Tech Core generation TAM projects
Customer engagement
World class Invest in
Quality benchmarks Adjacencies & Tech
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Q2/H1-FY24 FINANCIAL OVERVIEW

Q2/H1-FY24 Financial Highlights

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Revenue Adjusted EBITDA Adjusted PAT
(INR Mn) 15% (INR Mn) (INR Mn)
40% 15% 25% 923
5,437
1,573
4,717 239
1,373 741
82
1,821
1,556
29.1% 28.9% 15.7% 17.0%
3,079 3,377
Q2-FY23 Q2-FY24 Q2-FY23 Q2-FY24 Q2-FY23 Q2-FY24
Cash Mgmt. Managed Card
Services Services Services EBITDA PAT PAT Margin (%)
14% 17% 24%
10,553
9,250 421 3,088 1,791
2,643 1,450
177 3,463
3,018
28.6% 29.3% 17.0%
6,055 6,669 15.7%
H1-FY23 H1-FY24 H1-FY23 H1-FY24 H1-FY23 H1-FY24
Cash Mgmt. Services Managed Services Card Services EBITDA PAT PAT Margin (%)
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EBITDA and PAT adjusted for ESOP/Share based payment to employees

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Quarterly Operational Highlights: Cash Logistics Business

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Revenue EBIT
INR Mn INR Mn
11%
18%
3,605 953
3,242 806
26.4%
24.9%
Q2-FY23 Q2-FY24 Q2-FY23 Q2-FY24
EBIT EBIT %
12%
20%
7,112
6,373
1,891
1,575
26.6%
24.7%
H1-FY23 H1-FY24 H1-FY23 H1-FY24
EBIT EBIT %
Q2-FY24
H1-FY24
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Cash Logistics: Operational Highlights

• Business points for Cash Logistics (ATM + Retail Cash Management) at 129,000, up by 12% Y-o-Y

• Phase 1 of Cassette Swap roll-out on ~15% ATMs successfully completed

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Quarterly Operational Highlights: Managed Services + Card Services Business

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Revenue EBIT
INR Mn INR Mn
26%
23%
2,061 388
1,638 315
19.2%
18.8%
Q2-FY23 Q2-FY24 Q2-FY23 Q2-FY24
EBIT EBIT %
22% 19%
730
3,884
3,195 613
20.3%
19.9%
H1-FY23 H1-FY24 H1-FY23 H1-FY24
EBIT EBIT %
Q2-FY24
H1-FY24
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Managed Services + Card Services : Operational Highlights

• Managed Services new business wins of INR 500 Crore in the quarter

• H1-FY24 new business wins now at INR 650 Crore

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Quarterly Consolidated Financial Performance

Particulars (All figures in INR Mn)	Q2-FY24	Q1-FY24	Q-o-Q	Q2-FY23	Y-o-Y
Operating Income	5,437	5,116	6.3%	4,717	15.3%
Expenses	3,980	3,640	9.3%	3,375	17.9%
Operating EBITDA	1,457	1,476	(1.3)%	1,342	8.6%
Adj. EBITDA	1,573	1,515	3.8%	1,373	14.6%
EBITDA Margins (%)	26.80%	28.85%	(205)Bps	28.45%	(165)Bps
Adj. EBITDA Margins (%)	28.93%	29.62%	(68)Bps	29.11%	(18)Bps
Finance costs	41	42	(2.4)%	50	(18.0)%
Depreciation and amortisation expense	364	364	0.0%	342	6.4%
Other Income	83	67	23.9%	29	NA
Profit before tax	1,135	1,137	(0.2)%	979	15.9%
Tax	291	294	(1.0)%	254	14.6%
Profit After Tax	844	843	0.1%	725	16.4%
Adj. Profit After Tax	923	868	6.3%	741	24.6%
PAT Margins (%)	15.52%	16.48%	(96)Bps	15.37%	15Bps
Adj. PAT Margins (%)	16.97%	16.97%	1Bps	15.70%	127Bps
Other Comprehensive income for the year	1	(1)	NA	2	(50.0)%
Total Comprehensive Income for the year	845	842	0.4%	727	16.2%
Earning per equity share (nominal value of share Rs 10) – Diluted	5.24	5.24	0.0%	4.56	14.9%

EBITDA and PAT adjusted for ESOP/Share based payment to employees and non-operating IPO related expenses written off in FY20

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Half Yearly Consolidated Financial Performance

Particulars (All figures in INR Mn)	H1-FY24	H1-FY23	Y-o-Y
Operating Income	10,553	9,250	14.1%
Expenses	7,620	6,669	14.3%
Operating EBITDA	2,933	2,581	13.6%
Adj. EBITDA	3,088	2,643	16.8%
EBITDA Margins (%)	27.79%	27.90%	(11)Bps
Adj. EBITDA Margins (%)	29.26%	28.57%	69Bps
Finance costs	83	95	(12.6)%
Depreciation and amortisation expense	728	639	13.9%
Other Income	150	53	NA
Profit before tax	2,272	1,900	19.6%
Tax	586	485	20.8%
Profit After Tax	1,686	1,415	19.2%
Adj. Profit After Tax	1,791	1,450	23.5%
PAT Margins (%)	15.98%	15.30%	68Bps
Adj. PAT Margins (%)	16.97%	15.68%	129Bps
Other Comprehensive income for the year	2	2	0.0%
Total Comprehensive Income for the year	1,688	1,417	19.1%
Earning per equity share (nominal value of share Rs 10) – Diluted	10.49	8.90	17.9%

EBITDA and PAT adjusted for ESOP/Share based payment to employees and non-operating IPO related expenses written off in FY20

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HISTORICAL FINANCIAL OVERVIEW

Historical Consolidated Income Statement

Particulars (All figures in INR Mn)	FY20	FY21	FY22	FY23	H1-FY24
Operating Income	13,832	13,061	15,897	19,147	10,553
Expenses	11,293	10,125	11,900	13,770	7,620
Operating EBITDA	2,539	2,936	3,997	5,377	2,933
Adj. EBITDA	2,640	3,040	4,080	5,510	3,088
EBITDA Margins (%)	18.36%	22.48%	25.14%	28.08%	27.79%
Adj. EBITDA Margins (%)	19.09%	23.27%	25.66%	28.78%	29.26%
Finance costs	73	82	144	196	83
Depreciation and amortisation expense	566	635	918	1,318	728
Other Income	50	158	79	147	150
Profit before tax	1,951	2,378	3,014	4,010	2,272
Tax	604	692	774	1,038	586
Profit After Tax	1,347	1,685	2,240	2,972	1,686
Adj. Profit After Tax	1,440	1,700	2,290	3,040	1,791
PAT Margins (%)	8.21%	12.89%	14.09%	15.52%	15.98%
Adj. PAT Margins (%)	10.41%	13.02%	14.41%	15.88%	16.97%
Other Comprehensive income for the year	(11)	(1)	4	4	2
Total Comprehensive Income for the year	1,336	1,684	2,244	2,976	1,688
Earning per equity share (nominal value of share Rs 10) – Diluted	8.87	11.09	14.33	18.67	10.49

EBITDA and PAT adjusted for ESOP/Share based payment to employees and non-operating IPO related expenses written off in FY20

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Historical Consolidated Balance Sheet Historical Consolidated Balance

(All figures in INR Mn)	FY22	FY23	H1-FY24
Assets
~~ee~~ Non-current assets
Property, plant and equipment	3,470	4,697	4,464
Capital work-in-progress	436	203	213
Right-of-use assets	1800	1826	1644
Goodwill	, 2,061	, 2,061	, 2,061
Other Intangible assets	173	109	86
Intangible assets under development	1	0	2
Financial assets
Investments	0	338	265
Other financial assets	331	319	380
Deferred tax assets (net)	304	369	380
Income tax assets (net)	226	196	188
Other non-current assets	210	112	198
Total of Non-current assets	9,012	10,230	9,881
Current assets
Inventories	635	742	690
Financial assets
Investments	1,235	2,455	2,897
Trade receivables	4,993	5,260	6,786
Cash and cash equivalents	643	963	745
Bank balances other than above	774	599	792
Other financial assets	276	30	76
Other current assets	989	733	667
Total of Current assets	9,545	10,782	12,653
Total Assets	18,557	21,012	22,534

(All figures in INR Mn)	FY22	FY23	H1-FY24
Equityshare capital	1,531	1,544	1,565
Other equity	11,030	14,081	15,469
Total equity attributable to equity holders	12,561	15,625	17,034
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities	1,468	1,528	1,364
Provisions	201	211	219
Other Liabilities	9	6	2
Total of Non-current liabilities	1,678	1,745	1,585
Current liabilities
Financial liabilities
Lease liabilities	461	505	512
Trade Payables
Dues of micro enterprises and small enterprises	80	52	58
Dues of creditors other than micro enterprises and small enterprises	2,379	2,200	2,474
Other financial liabilities	1,066	597	538
Provisions	36	32	45
Othercurrent liabilities	296	256	288
Income tax liabilities (net)
Total of Current liabilities	4,318	3,642	3,915
Total Liabilities	5,996	5,387	5,500
Total Equity & Liabilities	18,557	21,012	22,534

26

~~Historical Consolidated Cash Flow~~ ~~Statement~~ (All figures in INR Mn) FY22 FY23 H1-FY24 Cash flow from operating activities: Profit before tax 3,014 4,010 2,272 Adjustments to reconcile profit before tax to net cash flow: Depreciation and amortisation on Property, plant and equipment and Intangible asset 581 899 515 Depreciation on Right-of-use assets 338 419 213 Unrealised foreign exchange (gain) / loss (1) (1) (0) Lease rent concession (2) (3) (5) Impairment allowance for bad and doubtful receivables and deposits 595 848 180 Advances written off - - - Bad debts written off 204 137 256 Debit balance written off 21 - - (Profit) on disposal of property, plant and equipment (net) (5) (11) (9) Sundry balances written back (8) (20) (2) Impairment for doubtful claims receivables 8 4 13 Bad debts written back - - - Insurance claims receivables written off 14 12 5 Finance income (33) (70) (68) Profit on sale of current investments (20) (30) (18) Net change in fair value of current investments measured at FVTPL (4) (12) (49) Employee stock option compensation cost 61 93 139 Finance costs 144 196 83 Operating profit before working capital changes 4,907 6,471 3,525 Movement in working capital Increase / (Decrease) in trade payables and other liabilities (421) (824) 283 Increase / (Decrease) in provisions 21 12 22 (Increase) in inventories 265 (107) 52 (Increase) in trade receivables (724) (1,252) (1,961) (Increase) / Decrease in other assets and prepayments (507) 853 (233) Cash flow generated from operations 3,541 5,153 1,688 Direct taxes paid (net of refunds) (976) (1,085) (590) Net cash flow from operating activities 2,565 4,068 1,098 (All figures in INR Mn) FY22 FY23 H1-FY24 Cash flow from investing activities Proceeds from sale of property, plant and equipment 7 20 12 Purchase of property, plant and equipment, Intangible assets (including CWIP and capital advances) (2,840) (1,933) (411) Purchase consideration paid on acquisition of business - - - Investment in mutual funds (8,304) (11,578) (5,963) Proceeds from redemption of mutual funds 8,217 10,400 5,676 Loangiven to Others (144) - - Investment in deposits with banks (844) (1,072) (598) Proceeds from maturity of deposits with banks (including interest) 646 937 652 Net cash flow (used in) / from investing activities (3,262) (3,226) (632) Cash flows from financing activities Proceeds from Issue of EquityShares 637 157 325 Dividendpaid (226) (154) (743) Finance costs (0) - - Finance costs on lease liability (144) (184) (83) Payment of principal portion of lease liabilities (262) (341) (183) Net cash flow(used in) financing activities 5 (522) (684) Net (decrease) / increase in cash and cash equivalents (692) 320 (218) Cash and cash equivalents at the beginning of the year 1,335 643 963 Cash and cash equivalents at the end of the year 643 963 745 Historical Consolidated Cash Flow Statement	~~Historical Consolidated Cash Flow~~ ~~Statement~~ (All figures in INR Mn) FY22 FY23 H1-FY24 Cash flow from operating activities: Profit before tax 3,014 4,010 2,272 Adjustments to reconcile profit before tax to net cash flow: Depreciation and amortisation on Property, plant and equipment and Intangible asset 581 899 515 Depreciation on Right-of-use assets 338 419 213 Unrealised foreign exchange (gain) / loss (1) (1) (0) Lease rent concession (2) (3) (5) Impairment allowance for bad and doubtful receivables and deposits 595 848 180 Advances written off - - - Bad debts written off 204 137 256 Debit balance written off 21 - - (Profit) on disposal of property, plant and equipment (net) (5) (11) (9) Sundry balances written back (8) (20) (2) Impairment for doubtful claims receivables 8 4 13 Bad debts written back - - - Insurance claims receivables written off 14 12 5 Finance income (33) (70) (68) Profit on sale of current investments (20) (30) (18) Net change in fair value of current investments measured at FVTPL (4) (12) (49) Employee stock option compensation cost 61 93 139 Finance costs 144 196 83 Operating profit before working capital changes 4,907 6,471 3,525 Movement in working capital Increase / (Decrease) in trade payables and other liabilities (421) (824) 283 Increase / (Decrease) in provisions 21 12 22 (Increase) in inventories 265 (107) 52 (Increase) in trade receivables (724) (1,252) (1,961) (Increase) / Decrease in other assets and prepayments (507) 853 (233) Cash flow generated from operations 3,541 5,153 1,688 Direct taxes paid (net of refunds) (976) (1,085) (590) Net cash flow from operating activities 2,565 4,068 1,098 (All figures in INR Mn) FY22 FY23 H1-FY24 Cash flow from investing activities Proceeds from sale of property, plant and equipment 7 20 12 Purchase of property, plant and equipment, Intangible assets (including CWIP and capital advances) (2,840) (1,933) (411) Purchase consideration paid on acquisition of business - - - Investment in mutual funds (8,304) (11,578) (5,963) Proceeds from redemption of mutual funds 8,217 10,400 5,676 Loangiven to Others (144) - - Investment in deposits with banks (844) (1,072) (598) Proceeds from maturity of deposits with banks (including interest) 646 937 652 Net cash flow (used in) / from investing activities (3,262) (3,226) (632) Cash flows from financing activities Proceeds from Issue of EquityShares 637 157 325 Dividendpaid (226) (154) (743) Finance costs (0) - - Finance costs on lease liability (144) (184) (83) Payment of principal portion of lease liabilities (262) (341) (183) Net cash flow(used in) financing activities 5 (522) (684) Net (decrease) / increase in cash and cash equivalents (692) 320 (218) Cash and cash equivalents at the beginning of the year 1,335 643 963 Cash and cash equivalents at the end of the year 643 963 745 Historical Consolidated Cash Flow Statement	~~Historical Consolidated Cash Flow~~ ~~Statement~~ (All figures in INR Mn) FY22 FY23 H1-FY24 Cash flow from operating activities: Profit before tax 3,014 4,010 2,272 Adjustments to reconcile profit before tax to net cash flow: Depreciation and amortisation on Property, plant and equipment and Intangible asset 581 899 515 Depreciation on Right-of-use assets 338 419 213 Unrealised foreign exchange (gain) / loss (1) (1) (0) Lease rent concession (2) (3) (5) Impairment allowance for bad and doubtful receivables and deposits 595 848 180 Advances written off - - - Bad debts written off 204 137 256 Debit balance written off 21 - - (Profit) on disposal of property, plant and equipment (net) (5) (11) (9) Sundry balances written back (8) (20) (2) Impairment for doubtful claims receivables 8 4 13 Bad debts written back - - - Insurance claims receivables written off 14 12 5 Finance income (33) (70) (68) Profit on sale of current investments (20) (30) (18) Net change in fair value of current investments measured at FVTPL (4) (12) (49) Employee stock option compensation cost 61 93 139 Finance costs 144 196 83 Operating profit before working capital changes 4,907 6,471 3,525 Movement in working capital Increase / (Decrease) in trade payables and other liabilities (421) (824) 283 Increase / (Decrease) in provisions 21 12 22 (Increase) in inventories 265 (107) 52 (Increase) in trade receivables (724) (1,252) (1,961) (Increase) / Decrease in other assets and prepayments (507) 853 (233) Cash flow generated from operations 3,541 5,153 1,688 Direct taxes paid (net of refunds) (976) (1,085) (590) Net cash flow from operating activities 2,565 4,068 1,098 (All figures in INR Mn) FY22 FY23 H1-FY24 Cash flow from investing activities Proceeds from sale of property, plant and equipment 7 20 12 Purchase of property, plant and equipment, Intangible assets (including CWIP and capital advances) (2,840) (1,933) (411) Purchase consideration paid on acquisition of business - - - Investment in mutual funds (8,304) (11,578) (5,963) Proceeds from redemption of mutual funds 8,217 10,400 5,676 Loangiven to Others (144) - - Investment in deposits with banks (844) (1,072) (598) Proceeds from maturity of deposits with banks (including interest) 646 937 652 Net cash flow (used in) / from investing activities (3,262) (3,226) (632) Cash flows from financing activities Proceeds from Issue of EquityShares 637 157 325 Dividendpaid (226) (154) (743) Finance costs (0) - - Finance costs on lease liability (144) (184) (83) Payment of principal portion of lease liabilities (262) (341) (183) Net cash flow(used in) financing activities 5 (522) (684) Net (decrease) / increase in cash and cash equivalents (692) 320 (218) Cash and cash equivalents at the beginning of the year 1,335 643 963 Cash and cash equivalents at the end of the year 643 963 745 Historical Consolidated Cash Flow Statement	~~Historical Consolidated Cash Flow~~ ~~Statement~~ (All figures in INR Mn) FY22 FY23 H1-FY24 Cash flow from operating activities: Profit before tax 3,014 4,010 2,272 Adjustments to reconcile profit before tax to net cash flow: Depreciation and amortisation on Property, plant and equipment and Intangible asset 581 899 515 Depreciation on Right-of-use assets 338 419 213 Unrealised foreign exchange (gain) / loss (1) (1) (0) Lease rent concession (2) (3) (5) Impairment allowance for bad and doubtful receivables and deposits 595 848 180 Advances written off - - - Bad debts written off 204 137 256 Debit balance written off 21 - - (Profit) on disposal of property, plant and equipment (net) (5) (11) (9) Sundry balances written back (8) (20) (2) Impairment for doubtful claims receivables 8 4 13 Bad debts written back - - - Insurance claims receivables written off 14 12 5 Finance income (33) (70) (68) Profit on sale of current investments (20) (30) (18) Net change in fair value of current investments measured at FVTPL (4) (12) (49) Employee stock option compensation cost 61 93 139 Finance costs 144 196 83 Operating profit before working capital changes 4,907 6,471 3,525 Movement in working capital Increase / (Decrease) in trade payables and other liabilities (421) (824) 283 Increase / (Decrease) in provisions 21 12 22 (Increase) in inventories 265 (107) 52 (Increase) in trade receivables (724) (1,252) (1,961) (Increase) / Decrease in other assets and prepayments (507) 853 (233) Cash flow generated from operations 3,541 5,153 1,688 Direct taxes paid (net of refunds) (976) (1,085) (590) Net cash flow from operating activities 2,565 4,068 1,098 (All figures in INR Mn) FY22 FY23 H1-FY24 Cash flow from investing activities Proceeds from sale of property, plant and equipment 7 20 12 Purchase of property, plant and equipment, Intangible assets (including CWIP and capital advances) (2,840) (1,933) (411) Purchase consideration paid on acquisition of business - - - Investment in mutual funds (8,304) (11,578) (5,963) Proceeds from redemption of mutual funds 8,217 10,400 5,676 Loangiven to Others (144) - - Investment in deposits with banks (844) (1,072) (598) Proceeds from maturity of deposits with banks (including interest) 646 937 652 Net cash flow (used in) / from investing activities (3,262) (3,226) (632) Cash flows from financing activities Proceeds from Issue of EquityShares 637 157 325 Dividendpaid (226) (154) (743) Finance costs (0) - - Finance costs on lease liability (144) (184) (83) Payment of principal portion of lease liabilities (262) (341) (183) Net cash flow(used in) financing activities 5 (522) (684) Net (decrease) / increase in cash and cash equivalents (692) 320 (218) Cash and cash equivalents at the beginning of the year 1,335 643 963 Cash and cash equivalents at the end of the year 643 963 745 Historical Consolidated Cash Flow Statement	~~Historical Consolidated Cash Flow~~ ~~Statement~~ (All figures in INR Mn) FY22 FY23 H1-FY24 Cash flow from operating activities: Profit before tax 3,014 4,010 2,272 Adjustments to reconcile profit before tax to net cash flow: Depreciation and amortisation on Property, plant and equipment and Intangible asset 581 899 515 Depreciation on Right-of-use assets 338 419 213 Unrealised foreign exchange (gain) / loss (1) (1) (0) Lease rent concession (2) (3) (5) Impairment allowance for bad and doubtful receivables and deposits 595 848 180 Advances written off - - - Bad debts written off 204 137 256 Debit balance written off 21 - - (Profit) on disposal of property, plant and equipment (net) (5) (11) (9) Sundry balances written back (8) (20) (2) Impairment for doubtful claims receivables 8 4 13 Bad debts written back - - - Insurance claims receivables written off 14 12 5 Finance income (33) (70) (68) Profit on sale of current investments (20) (30) (18) Net change in fair value of current investments measured at FVTPL (4) (12) (49) Employee stock option compensation cost 61 93 139 Finance costs 144 196 83 Operating profit before working capital changes 4,907 6,471 3,525 Movement in working capital Increase / (Decrease) in trade payables and other liabilities (421) (824) 283 Increase / (Decrease) in provisions 21 12 22 (Increase) in inventories 265 (107) 52 (Increase) in trade receivables (724) (1,252) (1,961) (Increase) / Decrease in other assets and prepayments (507) 853 (233) Cash flow generated from operations 3,541 5,153 1,688 Direct taxes paid (net of refunds) (976) (1,085) (590) Net cash flow from operating activities 2,565 4,068 1,098 (All figures in INR Mn) FY22 FY23 H1-FY24 Cash flow from investing activities Proceeds from sale of property, plant and equipment 7 20 12 Purchase of property, plant and equipment, Intangible assets (including CWIP and capital advances) (2,840) (1,933) (411) Purchase consideration paid on acquisition of business - - - Investment in mutual funds (8,304) (11,578) (5,963) Proceeds from redemption of mutual funds 8,217 10,400 5,676 Loangiven to Others (144) - - Investment in deposits with banks (844) (1,072) (598) Proceeds from maturity of deposits with banks (including interest) 646 937 652 Net cash flow (used in) / from investing activities (3,262) (3,226) (632) Cash flows from financing activities Proceeds from Issue of EquityShares 637 157 325 Dividendpaid (226) (154) (743) Finance costs (0) - - Finance costs on lease liability (144) (184) (83) Payment of principal portion of lease liabilities (262) (341) (183) Net cash flow(used in) financing activities 5 (522) (684) Net (decrease) / increase in cash and cash equivalents (692) 320 (218) Cash and cash equivalents at the beginning of the year 1,335 643 963 Cash and cash equivalents at the end of the year 643 963 745 Historical Consolidated Cash Flow Statement	~~Historical Consolidated Cash Flow~~ ~~Statement~~ (All figures in INR Mn) FY22 FY23 H1-FY24 Cash flow from operating activities: Profit before tax 3,014 4,010 2,272 Adjustments to reconcile profit before tax to net cash flow: Depreciation and amortisation on Property, plant and equipment and Intangible asset 581 899 515 Depreciation on Right-of-use assets 338 419 213 Unrealised foreign exchange (gain) / loss (1) (1) (0) Lease rent concession (2) (3) (5) Impairment allowance for bad and doubtful receivables and deposits 595 848 180 Advances written off - - - Bad debts written off 204 137 256 Debit balance written off 21 - - (Profit) on disposal of property, plant and equipment (net) (5) (11) (9) Sundry balances written back (8) (20) (2) Impairment for doubtful claims receivables 8 4 13 Bad debts written back - - - Insurance claims receivables written off 14 12 5 Finance income (33) (70) (68) Profit on sale of current investments (20) (30) (18) Net change in fair value of current investments measured at FVTPL (4) (12) (49) Employee stock option compensation cost 61 93 139 Finance costs 144 196 83 Operating profit before working capital changes 4,907 6,471 3,525 Movement in working capital Increase / (Decrease) in trade payables and other liabilities (421) (824) 283 Increase / (Decrease) in provisions 21 12 22 (Increase) in inventories 265 (107) 52 (Increase) in trade receivables (724) (1,252) (1,961) (Increase) / Decrease in other assets and prepayments (507) 853 (233) Cash flow generated from operations 3,541 5,153 1,688 Direct taxes paid (net of refunds) (976) (1,085) (590) Net cash flow from operating activities 2,565 4,068 1,098 (All figures in INR Mn) FY22 FY23 H1-FY24 Cash flow from investing activities Proceeds from sale of property, plant and equipment 7 20 12 Purchase of property, plant and equipment, Intangible assets (including CWIP and capital advances) (2,840) (1,933) (411) Purchase consideration paid on acquisition of business - - - Investment in mutual funds (8,304) (11,578) (5,963) Proceeds from redemption of mutual funds 8,217 10,400 5,676 Loangiven to Others (144) - - Investment in deposits with banks (844) (1,072) (598) Proceeds from maturity of deposits with banks (including interest) 646 937 652 Net cash flow (used in) / from investing activities (3,262) (3,226) (632) Cash flows from financing activities Proceeds from Issue of EquityShares 637 157 325 Dividendpaid (226) (154) (743) Finance costs (0) - - Finance costs on lease liability (144) (184) (83) Payment of principal portion of lease liabilities (262) (341) (183) Net cash flow(used in) financing activities 5 (522) (684) Net (decrease) / increase in cash and cash equivalents (692) 320 (218) Cash and cash equivalents at the beginning of the year 1,335 643 963 Cash and cash equivalents at the end of the year 643 963 745 Historical Consolidated Cash Flow Statement	~~Historical Consolidated Cash Flow~~ ~~Statement~~ (All figures in INR Mn) FY22 FY23 H1-FY24 Cash flow from operating activities: Profit before tax 3,014 4,010 2,272 Adjustments to reconcile profit before tax to net cash flow: Depreciation and amortisation on Property, plant and equipment and Intangible asset 581 899 515 Depreciation on Right-of-use assets 338 419 213 Unrealised foreign exchange (gain) / loss (1) (1) (0) Lease rent concession (2) (3) (5) Impairment allowance for bad and doubtful receivables and deposits 595 848 180 Advances written off - - - Bad debts written off 204 137 256 Debit balance written off 21 - - (Profit) on disposal of property, plant and equipment (net) (5) (11) (9) Sundry balances written back (8) (20) (2) Impairment for doubtful claims receivables 8 4 13 Bad debts written back - - - Insurance claims receivables written off 14 12 5 Finance income (33) (70) (68) Profit on sale of current investments (20) (30) (18) Net change in fair value of current investments measured at FVTPL (4) (12) (49) Employee stock option compensation cost 61 93 139 Finance costs 144 196 83 Operating profit before working capital changes 4,907 6,471 3,525 Movement in working capital Increase / (Decrease) in trade payables and other liabilities (421) (824) 283 Increase / (Decrease) in provisions 21 12 22 (Increase) in inventories 265 (107) 52 (Increase) in trade receivables (724) (1,252) (1,961) (Increase) / Decrease in other assets and prepayments (507) 853 (233) Cash flow generated from operations 3,541 5,153 1,688 Direct taxes paid (net of refunds) (976) (1,085) (590) Net cash flow from operating activities 2,565 4,068 1,098 (All figures in INR Mn) FY22 FY23 H1-FY24 Cash flow from investing activities Proceeds from sale of property, plant and equipment 7 20 12 Purchase of property, plant and equipment, Intangible assets (including CWIP and capital advances) (2,840) (1,933) (411) Purchase consideration paid on acquisition of business - - - Investment in mutual funds (8,304) (11,578) (5,963) Proceeds from redemption of mutual funds 8,217 10,400 5,676 Loangiven to Others (144) - - Investment in deposits with banks (844) (1,072) (598) Proceeds from maturity of deposits with banks (including interest) 646 937 652 Net cash flow (used in) / from investing activities (3,262) (3,226) (632) Cash flows from financing activities Proceeds from Issue of EquityShares 637 157 325 Dividendpaid (226) (154) (743) Finance costs (0) - - Finance costs on lease liability (144) (184) (83) Payment of principal portion of lease liabilities (262) (341) (183) Net cash flow(used in) financing activities 5 (522) (684) Net (decrease) / increase in cash and cash equivalents (692) 320 (218) Cash and cash equivalents at the beginning of the year 1,335 643 963 Cash and cash equivalents at the end of the year 643 963 745 Historical Consolidated Cash Flow Statement	~~Historical Consolidated Cash Flow~~ ~~Statement~~ (All figures in INR Mn) FY22 FY23 H1-FY24 Cash flow from operating activities: Profit before tax 3,014 4,010 2,272 Adjustments to reconcile profit before tax to net cash flow: Depreciation and amortisation on Property, plant and equipment and Intangible asset 581 899 515 Depreciation on Right-of-use assets 338 419 213 Unrealised foreign exchange (gain) / loss (1) (1) (0) Lease rent concession (2) (3) (5) Impairment allowance for bad and doubtful receivables and deposits 595 848 180 Advances written off - - - Bad debts written off 204 137 256 Debit balance written off 21 - - (Profit) on disposal of property, plant and equipment (net) (5) (11) (9) Sundry balances written back (8) (20) (2) Impairment for doubtful claims receivables 8 4 13 Bad debts written back - - - Insurance claims receivables written off 14 12 5 Finance income (33) (70) (68) Profit on sale of current investments (20) (30) (18) Net change in fair value of current investments measured at FVTPL (4) (12) (49) Employee stock option compensation cost 61 93 139 Finance costs 144 196 83 Operating profit before working capital changes 4,907 6,471 3,525 Movement in working capital Increase / (Decrease) in trade payables and other liabilities (421) (824) 283 Increase / (Decrease) in provisions 21 12 22 (Increase) in inventories 265 (107) 52 (Increase) in trade receivables (724) (1,252) (1,961) (Increase) / Decrease in other assets and prepayments (507) 853 (233) Cash flow generated from operations 3,541 5,153 1,688 Direct taxes paid (net of refunds) (976) (1,085) (590) Net cash flow from operating activities 2,565 4,068 1,098 (All figures in INR Mn) FY22 FY23 H1-FY24 Cash flow from investing activities Proceeds from sale of property, plant and equipment 7 20 12 Purchase of property, plant and equipment, Intangible assets (including CWIP and capital advances) (2,840) (1,933) (411) Purchase consideration paid on acquisition of business - - - Investment in mutual funds (8,304) (11,578) (5,963) Proceeds from redemption of mutual funds 8,217 10,400 5,676 Loangiven to Others (144) - - Investment in deposits with banks (844) (1,072) (598) Proceeds from maturity of deposits with banks (including interest) 646 937 652 Net cash flow (used in) / from investing activities (3,262) (3,226) (632) Cash flows from financing activities Proceeds from Issue of EquityShares 637 157 325 Dividendpaid (226) (154) (743) Finance costs (0) - - Finance costs on lease liability (144) (184) (83) Payment of principal portion of lease liabilities (262) (341) (183) Net cash flow(used in) financing activities 5 (522) (684) Net (decrease) / increase in cash and cash equivalents (692) 320 (218) Cash and cash equivalents at the beginning of the year 1,335 643 963 Cash and cash equivalents at the end of the year 643 963 745 Historical Consolidated Cash Flow Statement
(All figures in INR Mn)	FY22	FY23	H1-FY24	(All figures in INR Mn)	FY22	FY23	H1-FY24
Cash flow from operating activities:
				Cash flow from investing activities
Profit before tax	3,014	4,010	2,272
				Proceeds from sale of property, plant and equipment	7	20	12
~~aemen~~ Adjustments to reconcile profit before tax to net cash flow:
Depreciation and amortisation on Property, plant and equipment and Intangible asset	581	899	515
				Purchase of property, plant and equipment, Intangible assets (including CWIP and capital advances)	(2,840)	(1,933)	(411)
Depreciation on Right-of-use assets	338	419	213
Unrealised foreign exchange (gain) / loss	(1)	(1)	(0)
				Purchase consideration paid on acquisition of business	-	-	-
Lease rent concession	(2)	(3)	(5)
Impairment allowance for bad and doubtful receivables and deposits	595	848	180
				Investment in mutual funds	(8,304)	(11,578)	(5,963)
				Proceeds from redemption of mutual funds	8,217	10,400	5,676
Advances written off	-	-	-
Bad debts written off	204	137	256	Loangiven to Others	(144)	-	-
Debit balance written off	21	-	-	Investment in deposits with banks	(844)	(1,072)	(598)
(Profit) on disposal of property, plant and equipment (net)	(5)	(11)	(9)	Proceeds from maturity of deposits with banks (including interest)	646	937	652
Sundry balances written back	(8)	(20)	(2)
Impairment for doubtful claims receivables	8	4	13
				Net cash flow (used in) / from investing activities	(3,262)	(3,226)	(632)
Bad debts written back	-	-	-
Insurance claims receivables written off	14	12	5
Finance income	(33)	(70)	(68)
				Cash flows from financing activities
Profit on sale of current investments	(20)	(30)	(18)
				Proceeds from Issue of EquityShares	637	157	325
Net change in fair value of current investments measured at FVTPL	(4)	(12)	(49)
				Dividendpaid	(226)	(154)	(743)
Employee stock option compensation cost	61	93	139	Finance costs	(0)	-	-
Finance costs	144	196	83	Finance costs on lease liability	(144)	(184)	(83)
Operating profit before working capital changes	4,907	6,471	3,525	Payment of principal portion of lease liabilities	(262)	(341)	(183)
Movement in working capital
Increase / (Decrease) in trade payables and other liabilities	(421)	(824)	283	Net cash flow(used in) financing activities	5	(522)	(684)
Increase / (Decrease) in provisions	21	12	22
(Increase) in inventories	265	(107)	52	Net (decrease) / increase in cash and cash equivalents	(692)	320	(218)
(Increase) in trade receivables	(724)	(1,252)	(1,961)
(Increase) / Decrease in other assets and prepayments	(507)	853	(233)	Cash and cash equivalents at the beginning of the year	1,335	643	963
Cash flow generated from operations	3,541	5,153	1,688
Direct taxes paid (net of refunds)	(976)	(1,085)	(590)	Cash and cash equivalents at the end of the year	643	963	745
Net cash flow from operating activities	2,565	4,068	1,098

27

Strong Growth Track Record And Resilience During Covid-19 Period

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Revenue Adj. EBITDA Adj. PAT [(1)]
(INR Mn) (INR Mn) (INR Mn)
19,147 3,040
469 5,510
15,897
13,832 13,061 413 6,111 4,080 2,290
3,622 434 3,641 459 4,896 10,553421 2,640 3,040 3,088 1,440 1,700 14.41% 15.88% 16.97%1,791
3,463 28.78% 29.26% 13.02%
25.66%
12,567 23.27% 10.41%
9,776 8,961 10,588 19.09%
6,669
FY20 FY21 FY22 FY23 H1-FY24 FY20 FY21 FY22 FY23 H1-FY24 FY20 FY21 FY22 FY23 H1-FY24
Cash Mgmt. Services Managed Services Cards Serv.
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Net Cash Flow From Operating [(2)] Net Worth Return On Equity
(INR Mn) (INR Mn)
17,034
21.1%
4,068 15,625 20.0%
18.4%
12,561 16.9%
2,565 9,845
2,142 8,504
1,854
1,098
FY20 FY21 FY22 FY23 H1-FY24 FY20 FY21 FY22 FY23 H1-FY24 FY20 FY21 FY22 FY23
EBITDA and PAT adjusted for ESOP/Share based payment to employees and non-operating IPO related expenses written off in FY20
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(1) PAT margin has been calculated as PAT / Total income (Revenue from operations + Other income) (2) Higher inventory of ATM equipment (due to more orders in hand & Covid-19 induced delay in installations) resulted in lower cash flow in FY21

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

Share Price Movement (Up to 30[th] September, 2023) 45.00% 35.00% 25.00% 15.00% 5.00% -5.00% -15.00% -25.00% Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 CMS BSE Sensex BSE Small Cap

Share Price Data (As on 30th September, 2023)	Share Price Data (As on 30th September, 2023)
Face value (INR)	10.0
Market Price (INR)	349.85
52 Week H/L (INR)	409.10/261.10
Market Cap (INR Mn)	54,759.39
Equity Shares Outstanding (Mn)	156.52
Avg. trading volume (‘000)	912.66

Shareholding Pattern (30[th] September, 2023)

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AIF 2.87%
FII 23.76%
Mutual Funds
21.10%
Others 25.58%
Promoters
26.69%
(Barings Private Equity Asia)
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Disclaimer

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 (CMS), 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 forwardlooking 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