Cyient Limited — Interim / Quarterly Report 2022

Oct 14, 2021

•

CYll!NT

14 October 2021

The SSE Limited PJ Towers Dalal Street Mumbai 400001 Scrip Code: 532175

The National Stock Exchange of India Ltd Exchange Plaza, Bandra-Kurla Complex, Sandra (E) Mumbai-400 051 Scrip Code: CYIENT

Dear Sir,

Sub: Financial Results for the quarter and half year ended 30 September 2021.

Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the un- audited financial results and the statement of assets and liablities of the company as at the end of half year ended 30 September 2021 along with limited review report for the quarter and half year ended 30 September 2021.

The Meeting of Board of Directors of the Company commenced at 9.30 a.m. and concluded at 03.20 p.m.

This is for your information and records.

Thanking you For Cyient Limited Sudheendhra Putty Company Secretary.

Cylentltd.

4� Floor, A Wing, 11 Software CIN: L72200TG1991PLC013134 Units Layout, Madhapur www.cyient.com Hyderabad - 500 81 Company.Secretary®cylent.com India T +9140 6764 1000 F +91 40 2311 0352

F.,.,,_iy Info tech Ent.,,,..sos L,mited

•

•

CYIEHT IJMITIID

(CIN No.: L7Z200TG199tPLCOU1H)

Regd office : 4th Floor," A[M ] Wing, Plot No. 11, Software Units Layout. lnfodt)', Madhapur, Hyderabad - S00 081, lnd!.1

Statement of Unaudited Consolidated and Stand.alone Financial Results for 1M Quarter iilrul Half Year En.dNSeptembcr 30, 2021

SI.No 1	Parulan Icome [a) Reenu fom optrtons ()Otr Income (refer not 6)			30-So-21 Unudit 11,116 H9	Ourr Ende lff•lun-21. Un2udll 10,582 257	Conolltf 30e.zo Unaudited 10,033 93	rl HYGr 30.�-2: Unaudit 21,698 406	rl HYGr 30.�-2: Unaudit 21,698 406	Ende 30-Slp-20 Uo dll 19,950 777	Ende 30-Slp-20 Uo dll 19,950 777	YerBnded 31-Mar-21 Audited il.2' 1.9		3.se-21 Uauit 4.94 163	OuuerEnded lD�u-1 Unaudlttd 3, 4 278	Stndalone results Half Year 30-Sen-20 30•5-•21 Unaudit Unudite 3,503 8,178 182 441	Stndalone results Half Year 30-Sen-20 30•5-•21 Unaudit Unudite 3,503 8,178 182 441	Stndalone results Half Year 30-Sen-20 30•5-•21 Unaudit Unudite 3,503 8,178 182 441	Ende 30-Sen-20 Unaudite 6,904 86	( In MIIUon) Yer Ende 31-Mar-21 Audit 13,799 1,198
z	Totl tncone EenR (a) Employe bneft ense () Cst or materi:al cnsumed			1125 5,611 1,484	10,89 5,476 1,257	10,116 5,229 1.03	2210 11.087 2,741			20727 10.95 2,307	42,723 21,611 5,165		4457 2,250	4,162 1,992	3685 1,7<		8,619 4,242	7790 3,70	H,997 7,235
	(c) Chnge in inventrie of fnished goods, st-ln•tade	ad work-in-prges		(103)	35	**(37) **		(68)		(22)	98						-
	(d) Flnanceet (e) Oepr«tton :md ;mor ion exense			88 517	96 49	101 484		184 1,007		201 96	433 l,94S		ZS 244	26 2i7	32 24S		51 491	67 sos	146 %2
	(f Impairmnt of non crrent iSt (net) (refer note 8) ()Oter exe1 Tot eqrses			2,02 9,649	1,9S0 9,0	2,056 9,0]6	4,002 18953			4,112 U,551	274 8,426 37jJ52		856 3,375	- 697 2,962	830 2,90		1,553 6,3:17	1,56 5,87	114 ],020 11,477
3	Prft bfor sare o loss f jlnt ven ad t (1·2)			1,616	.35	1,00		3,lSl		2,176	4,771		1,082	1.200	781		2282	1,943	3,520
" s	Sh.re or proft/loss fom joint vntre Pft bfor t• (3+4)			- 1,616	1,535	1,090		3,lSl		2,176	4,771		1,082	1,20	781		2,282	1,943	3,520
6	Tax expns (a)Cu�nll			440	39	274		89		622	I.S!		259	291	128		SS0	364	755
7	() DrJeredt Toil tx ense Not Prft fort• prlod/y•ar (5-)			[37 403 1,213	16 38S 1,1so	r231 251 83		rz11 781 2,63		(99) SZ3 1,6S3	(218) 1,133 3,638		[16) 243 839	(6) 285 915	(!) 127 654		( ) S28 1,754	16 380 1,563	(16) 739 2,71
	Attbutbleto: S�.eboldrs of te Cmpny			1,213	l,150	839		2,63		1,653	3,631		839	915	654		1,75	1,563	2,781
	Non-Controllng inlrest
8	Oter 1mprhenste inoome Items tht wll not bl recbsife nDeuentfy to.tatement of proft and la
	(a) �eme1rement of te net defned beneft llabllt [b) Income t �latng to items ttwillnot h reclasfed to sttment oprf and \o$			(30) 6	(4) I	(16) 4		(3) 7		(43) 9	(100) 22		(25) s	(4) I	(13) •		[29) 6	[40) 9	[104) 22
	Ittms t will b reclaslftd subsequently to .�tement of	pr ft ad los!
	(�) Ehange diferenc in t lating t fnancial sttem�nt of freign oper�tons (b} Efeive poron ofgaln/(os} on dclgnald poron of heging Instent in . ch Oow hedge (c) Income tx reltng t itm that will be r ife to satrment of prot;md loss			(134) 228 [80)	125 (73) 26	(4) 19 (SO)		(9) ISS (54)		87 125 (43)	105 313 (109)		229 (80)	(74) 26	198 (50)		155 (54]	124 (43)	311 (10)
				r10	75	97		6S		135	Z31		129	1511	139		78	50	1?0
	Atbutble to:
9	Shholder of t Company Non•omtlling interess TotI cmprhene Incme (7-8) Atbbutble to: sh . rholder orthe Cmp1y			r101 I 203 1,20	75 1,225 1,225	97 93 936		6S 2,428 2,428		135 1,788 1,78	231 3.869 3.869		129 968 98	r5u 86 864	139 793 793		78 1.832 1,832	so 1,613 1,613	120 2,901 2,901
	Non-a;mtolling intrest
10	Paid up eit shar aphal (Face Vaue of , 5 p sare)										550								55
11 IZ	O eu E-lngi Pi Sharl [Face V.lue off Sper sh;re]"										29,023								23,429
• EPS	(a) Basic (In 'J (bl Dllut lin U for the qur rl ptrios i not an1uasc,	Ii�' /, 8 l��'�61 �*	l�	11.0 II.OS	10.48 10.	7.63 7.3		21.57 21.49		15.03 IS.J	33.08 33.0		7.67 7.63	834 831	S.95 5.95		16.1 15.94	14.ZZ 14.22	25.29 25.27 [Pag<lof6)
		--

Balance Sheet:

Blance Sheet: ASSETS	Parculs	Conslidated Aat 30-Sep-21 31-Mar-21 Unaudit Audit	Conslidated Aat 30-Sep-21 31-Mar-21 Unaudit Audit	Sndloe Aat 30•SD·21 Unauditd	( In Mllllons) 31-Mar-21 Adited
Non-curent aset Proper, plant and oulpment Rigt of use asset Capitl work-In-prgres		4,745 2,072 85	4,870 2,311 113	2,635 837 26	2,636 90 36
Goodwlll Other intangible aet Intngble aset under development		6,112 575 797	5,830 598 763	160 797	178 734
Finacl aset (a) Jnvestent () Lans [c) Other fnanial asset Defered tx aset (net) Income t> asset (net) Otet non-current asset Totl non-curent asset		718 250 300 788 151 16,593	344 266 319 84 192 16,410	5,382 651 172 178 712 98 11,68	5,008 802 182 204 771 ns 11,585
Current aet Invntores Finncial asst (a) Trade rceivbles (b) Cah and cah equl,•alent (cJ Other ban balances (d) Lans ( e) Other fnancial a et Oer crrent aet Totl currt assb		1,913 7,335 13,780 253 3,26 2004 2859	1,586 8,026 14,408 242 2,838 1418 28,518	5,035 9,47 2 796 1,709 L029 18 018	4,297 11,41 2 671 1.470 823 1880
Totl asset		45,142	4,928	29,666	30,38
EQUIT AD LIABIIJTIES
Euit
Equit shace cpitl Other equit Equt atbUble t Sreholder ortl Company Non•contoHtng interest Totl equit		551 28730 29,281 (321 29249	550 29,023 29573 f32) 29541	551 22,541 23092 23092	550 23,429 23,979 23 979
Non-current liabite Financial Liabilites
(a) Borrowings [) Lase libilmes [<) Oter fnancial liabilites Povisions Defrred tx liabilite [net) Other Mn-crrent llabllitles Totl non-current llabllltles		238 1.76 320 1,355 271 200 4,060	453 1,958 231 1,288 182 166 4,278	659 44 1,025 1,728	769 32 956 1,757
Current liabllltle Financial llab\llte ( a) Borowng () Trade payable		2,933	2,731
(t) totl outtndlng dues of micro enterprise and small enterrses (i. totl outtndin dues of crcdllat oter tan micro enterrises and sall enterprise (c) Lese liabilites (d) Oter fnancial llabllltles Incme t liabilites [net]		75 4,970 620 317 474	72 4,460 632 302 296	9 2,996 283 101 278	11 2,741 272 103 97
Prov ons		390	384	203	200
Oter crrentlfabiUtes Totl crrent llabilltes		2054 11,833	2732 11,10	976 4,846	1229 4,653
Totl llablllts Totl equit and JlablUtes		15,893 ♦5142	15,387 44928	6574 29666	6,410 30389
					(ae 2 of 6)

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NOTES :

• 1 The above statement of unaudited consolidated and standalone flnancial results of Cyient Limited ("the Company"), which have been prepared in accordance with the Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued thereunder, other accounting principle; general y accepted in India and guidelines is ued by the Securities and Exchange Board of India ("SEBI") were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on October 13, 202 1 and October 14, 2021 respectively. The Statutory Auditors have carried out a limited review on the unaudited consolidated and standalone financial results and Issued unmodified reports thereon.

• 2 The Board of Directors at their meeting held on October 14, 2021 declared an Interim dividend of , 10 per share on race value of , 5 each, total aggregating to , 1 102 Mn.

• 3 Consolidated and standalone unaudited sta ement of cash Hows are attached In Annexure - l(A) and Annexure - 1 (B) respectively.

• 4 On July 27, 2021, the Company through Its wholly owned subsidiary Cyient Australia Pty Limited entered Into a Share Purchase Agre ment (SPA) to acquire 100% of the issued capital of Workforce Delta Ply Limited ('WPD1 for an upfront cash consideration of AIJD 3,8 Mn and e.im out payments based on future performance. WPD became a subsidiary of Cyient Australia Pty Limited effective August 05, 202 1 on satisfactory completion of the closing conditlon.s under the SPA and has been consolidated with effect from that date.

• 5 The Board of Directors of the Company at their meetlng held on October 14, 2021 approved the closure of Its wholly owned subsidiary, Cylent Israel India Limited (CI I L) in line with its strategy and simplification of legal entity structure. CIIL did not have any operations and the financial results of CIIL are not material to the Group. This has no impact on business as the same ts serviced by the existing legal entities.

6	Other income includes:							(f In Mllllons)
	Pa.rcular I. Net frel2n e, han2e 1aln/nossl Stndalone result Consolidated results	30-Seo-21 21 30	Q1a ended 30-llD-21 71 66	I 1 I	30-Seo-20 3 r931	Ha Year 30-So-21I 92I 961	Ended 30-So-20 56 (741	Yer ended 31-Mar-21 38 (261

• ii. Gain of , 343 Mn for the year ended March 31, 202 1 In the consolidated financial results pertains to reversal of contingent consideration payable oo past acquisitions which are not contractual y payable.

• 7 The Company has considered internal and e,ctemal sources of information up to the date of approval of these financial results in evaluating the possible effects that may result from the pandemic relating to COVID-19 on the carrying amounts of trade and unbilled receivables, goodwill, Investments and intangible assets. The Company has applied prudence in arriving at the estimates and assumptions and also performed sensitivity analysis on the assumptions used. The Company is confident about the recoverability of these as ets.

• 8 i. Impairment of non-current assets for the year ended March 31, 2021 in the consolidated financial results Includes a one-time charge of , 309 J.1n of goodwill relating to semiconductor business considering the business forecasts and long term outlook of the business.

• It. Impairment of non-current assets for the year ended March 31, 202 1 In the standalone financial results Includes a one-time charge of , 94 Mn relating to investment in Cylent Singapore Private Lim ted, wholly owned subsidiary, considering the business forecasts and long term outlook of the business.

• 9 Pursuant to the shareholders' approval and all necessary regulatory requirements, the Company has constituted a 'Cylent Associate Stock Option Plan 2021 Trust ('Trust'), to grant, offer and Issue options to the employees of the Company and its subsidiaries. During the half year ended September 30, 2021, the Trust has acquired 1,079,000 equity shares from the secondary market amounting to � 950 Mn based on the loan received from the Company. The Company has treated the Trust as its direct extension, such that the assets and liabilities of the Trust are included in the st[a] ndalone and consolidated financial statements and the shares acquired/held by the Trust are classified as #Treasury Shares".

• 10 During the quarter and half year ended September 30, 2021, the Company has allotted 100,821 and 172,012 equity shares of , 5 each respectively, consequent to the exercise of the stock options by the associates of the Company under the Associate Stock Option Plan.

• 11 The Code of Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment received Presidential Assent in September 2020 and Its effective date is yet to be notlned. The Company will assess and record the impact of the Code, once it Is effective.

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(Page 3 of6)

**SEGMENT REPORTING: **						( In Millions)
Segent revenue Serces Design Led Manufcturing Totl Less : Intr segent revenue Revenue fom opertons Parku]ar	30-Sen-21 Unauditd 9,233 1,894 11,127 11 11,116	Quarer Ended 30-Jun-21 Unaudited 8,798 1,784 10,582 . 10 S82	30-Sep-20 Unaudited 8,492 1,542 10,034 1 10,033	Half Year Ended J0·Sep-21 30-Sep-20 Unaudited Unaudited 18,031 17,009 3,678 2,946 21,709 19,955 11 5 21698 19950		Year Ende 31-Mar-21 Audited 34,249 7,091 41,340 16 41,324
Segent result Serces Design Led Manufcturing Totl	1,419 136 1555	1,259 120 1379	1,012 111 1123	2,678 256 2,934	2,091 94 2,185	4,097 584 4,681
**Less: **
Finance cost	88	96	101	184	201	433
Add:
**Oter unallocable income(net of unallocable ependiture) **	149	252	68	401	192	523
Share of Proft/ loss fomjoint ventre	-	.	-	-	-	-
Proft before t	1,616	1535	1090	3,151	2,176	4,771
				Asat
			30-SeP-21	30-lun•Zl	31-Mar-21	30-Sep-20
Cpitl employed(Segment asset• Segent liabilites) Segent asset Serces Design Led Manufcturing			Unaudited 19,324 9,413	Unaudited 19,225 9,345	Audited 18,943 9,354	U1auditd 19,722 8,084
Unallocable			16,405	17,184	16,631	15,467
Totl Segent Aset Segent liabilites Serces Design Led Manufcturing			45,142 6,420 3,156	4S,754 5,885 2,787	4,928 5,964 3,048	43,273 5,744 2,288
Unallocable			6,317	8,604	6,375	7,850
Totl SeJent Liabilites			15,893	17,276	15,387	15,882
Notes:

12 SEGMENT REPORTING:

(i). Segment information is presented for the "consolidated financial results" as permitted under the Ind AS 108 - 'Operating Segments'.

The services segment comprises of Transporta on, Communication & Utilities, Portfolio of Sectors and Digital Services & Solutions. The Design Led Manufacturing segment is engaged in providing electronic manufacturin[g ] solutions in the fields of trans[p] orta on, communication & utilities,[p] ortfoUo of sectors and digital services & solutions business unlts.

13 Previous period/ year figures have been regrouped/reclassified, where necessary, to conform to the current period/ year classification.

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Managing Director and CEO
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Place : Hyderabad Date: October 14, 2021

(Page 4 of 6)

						Anl<Dr·l(A)
	ConoUdated sttment of ch Rows	for te hi yea end�d			Fotc ba.ryt ended	(' in 1Wlon•l For !e yar ended
	Pan<la	Sptmb 30, 2021			Ste 30, 2020	Mrd 31, 2021
	A CH FLOW FOM OPERATNG AClV Ptt foT te pro/ ye Ariwcaa rr ~~T-u exns~~ Opr«i.ton and amor: on Bp.SI lmpa!rent of noncutrebt asct Poft on se of proper, plt ad �qupment and �nirton orle..e (net) Fice�s lnteretincome Uabillte nC longer requiled wt b.ck L on far vluaton �f fmmc insment Sarb.ed pym1mtt lmplayee Ponfar eaid a(dk lo� net Unealiud fn- IM/�n], net Opcrtn1 pr bforr wo: cpit c:l Coqu in nprtq anrt ad lWWA AJun u f (lnC)/dos In o,,ur .- Tde .enbl" Oer 6nac;l aslt Inentore Oli1 Adjl fa lnc I (d«�} ( opttl liobJl1r: Td• p;bJe Oa Ii.abiite Poon C gcrd f o.rato Net income tes pd Net ch fo fom op•rthq acvtu (A)	1n-udlt 2,63 788 1,007 (4) 18 (247) 33 74 r0 67 (357) (321 (564) 521 {152) 31		4,0BB 3,887 [634 3,253	Unauditd 1,63 523 968 (I+) 201 [231) (33) 26 167 32 3,292 162 1.215 6to (34) 26 55 24 5,410 [532 U78	Aud�d 3,638 l,133 1,9-5 274 (25) 433 (491) (341) 86 57 381 80 7,16 (900) 1,S38 61 120 737 194 16 9,850 [12921 8,558
	B C FLOW FOM lINC ACvTIE Pymcnttwud pnnhl ofpraper, pliUH id equipment and it;mgblc .rl PrCeds fom $le of propen, pl.nt and eupmcmt Payent to .cqu fnnda ;e •lnvts ttInnon c rt iveent Intre r alvtd Net ca outow Ol accWstlon of a sub1ldluy (ufer noe (ii) belo) Setement or def. d ctsd.rton pcrnln t pror yl■r acquiton Movment In oter bk b.cs Net Cb faw u in lnveu1 :cvtf ()	[359) 4 (374) 309 [180) (45) (11)		6S6	(690) 7 (15) 153 (99) (S41) (11851	(985) 36 [15 397 [622) (99) 281 11,001
	C. C FLOW FROM FNCG AC Prdase of teur ss Pcees fm sb.tl� ised on oerci!e ot .ate sock optons lntcns p■id Reptnt o non-c tnt borwg Movcmlnt in cent brow {net) ReJyent o(leseli�biliU Preed. &om us .nd 1usb.c of llt Dvdend paid (lcludn nlr I Jvrcr eduCton ,u:d protcccm hand) NM cb fow ud la fnandn1 acvth (C	{950) 58 (7S) (212) 21S (458) 2S {1,6)		'3,26l	(105) {185) S28 (Sll) 23 (8) (2781	]7 (213) (394) (63) (92S S1 (10) (2,107
	Net (daue)/ice l. Ch ad c cqulvi1nb (A+B+C Ch and c equlv;dent at ti blsnnlne ot te ycir Erec o! ucage dsrlnc 1m t1rlton of freig curnc cs ad ch eqWv.enl Cb a.nd C5b equiveot at te end ofte yer (rer noe below) No () Cah ad cs equ.vcnt campri.M of C:on h.nd B ce, wt ban in crrent ;ccut In deo aco\t Dpst wt fancl ls tan1 Unpaid divdend Ritn ln tsit			(663} 14,o8 3S U780 1 5,317 7,737 450 22 253 1378	l,4-5 8,995 35 12+S l 3,332 7,205 1.62- 26 257 u.s	S, 8,995 [l 14,48 l 3,667 10,633 24 83 14+8
	(lijNllc t OU I b ow on acquiit1:11, o s Sdj1re: Parcbn	Fo U haf yea edl Spt30, 2021			For te baf year e1ded St30, 2020	Fo tt Jtiir lndtd Ma 3112021
	Coasldcr.ton paid in ch Leu: Ca an4 ih e,uJVcat b��c1 acquLe4 on U• a�uL tOI NN c outow Ot ;OUl!lon gl $b�dj;ui �	I I		2SS 17! !BO	I	I 66 fil I 622
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Allnexure-t(BJ

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Standalone sta ment of cash nows· �lo Million<)
FOTtht:: btfyeuended For the b.alf )l'HT ended For the-yc.M C'Odir:d
Par W'S September 30, 1011 5C'p mber 30, 2020 Mard,31,2021
Un.i1udit11d O.naud.lled Aud.ited
A. CASH FLOW l'llOM OPEIIATING ACTMTIES
Profit for tba pariod/ yaar l,754- 1,563 z,181
AdNlrtJtt<ntr (qr Tax expense S28 380 739
Def!'ri!'d:ation and amorU$;1tion c�cPK . ., 505 962
Profit on sale of property, plant and equlpment and ttrmination or lease� (net) (47] (15) (16)
Fln:mce- COSt!i 51 67 146
Sb.arc•based p.yrnent ta l!!mployl!!l!!5 26 17 42
lmpalrmient of nonln.terl!St Lncome (280) {260] (544)\
U:iibU1tleJ no longc-r required written back (5) (7]\
Provision for 4!:Xpl!!rn!il credit 105-5. (net} 17 30 39\
Unrc..lised forex loss/(plnl net 10 27 (9 [1 ]\
Open ting prof be-lo.-. working cap Ital dtan,es 2,550 2,303 4,247\
Chanwin wm:lrlnacPnitat·\
Adjrmm,,.,.for (/nc>'eOff)/ ckcre<ls, fn opuallnga,ui.,,
Trade recelvablcs (H-0) 1,485 U06
Other financial ilS.Sots [136) 320 426
Otlmassets (218) 80 2
Adj'w.tmitnafor-ln�H/ (d«:rros�J ,q �mtlns, Uobtltttu:
Trade p:.iyables 2S1 293 219
OthC!r current llabUJtiH (7J 886
Provs ons 43 32 55
Ca.sb generated from operations 1,498 4,506 7,241
Net incom111 t.xu paid f.l10l 13071 1?S61
Nf:l CDb llow from op1n·ilttq activities (AJ 1,188 4199 6485
B. CASH FLOW l'llOM INVliS'JlNG ACTIVITIES
hymern toWilrds pun::hase of property. plant and equlpment ;ind lnt.ng'lbtl!I ii15Se'ts [306) [269] (457]
Pr(lceeds r'rom ,.._le of property, plane and equipment 4 2 7
Lo.ms giver, to sub�dl.irics- (230) (530)
Loans np.ild by 5ubstdtar\eJ 26 300
1nttrut received 308 153 358
Pa_ymeou to acquire fln•ncW ii ts
- Investment UI non current 1nveunuinbli [374] (15)
Mov11ml!!nti11 athe-r bank balance5 [1) (1)
Nit:I cub wit:d in UIVutin&acdvtUu (B) r3421 '3601 13381
C. CASH fLOW FROM F1NAIICNC ACTIVJTIES
Purch;2! orn-usury shares (950) .
Procteds from sh.are! isrucd on czerci$.e- oflil$50d.ile stock optloru SB 37
Repayment of lc�s-C! liabilities (213) (279) (SOS)
Proc ds frorn sale and lcascb-.ck of as.sets 25 23 51
Interest paid (2) (SJ (9)
Dividends pa.Id (lndude.s transfer to lnvenor education and protei:ticm fund} (1,863) [BJ {10)
Net cub u.sed ta tlnandqactlVHlu (CJ f:2691 (4361
Net (decrease)/increue- ln Cash iillhd c.u.h cqu.ivalont:5 (A+S.C) f.1,099) 3,570 S,711
Cash a.c:id cash equrvalcmts •t tht!! hqi.rmlns. or the year 11,5-U s1B36
�chi t:; d l.ffi;rcnc:111 on tr...ris.L.tlon or foreign t:urr�ni=:y � .1,.1Jd � cq1r,dYitlant5 s [131 ,,.,
Casb and cull ealllvaleots •t the end of tbe vear [refer note below! 9441 9,393 11.SH
Notti:
Ca$b ;nd cash t(f.u.iva.lcmts comprises of
B:almc:i!:S with banks
in currant accounts 1,147 442 885
ln d11posU a.ccounts 7,737 7,205 10,632
D,:po51ts with fu:l�dal insdtutfoM 450 1,6H
Unp:lid dlvtdcnd account 22 26 24
Remltuncicstn u..nsit 91 96
9,441 9393
(Page 6 of 6)
11..S:,U
(252)
f2,04Si
(15)
5,936
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S.R. BATUBOI & ASSOCIATES LLP

Chartered Accountants

12th Floor, Tlie Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai -- 400 028, India

Tel· +91226819 8000

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

Review Report to The Board of Directors Cyient Limited

• I. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Cyient Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as the "Group") and a joint venture for the quarter and six month period ended September 30, 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").

• This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared 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. Our responsibility is to express a conclusion on the Statement based on our review.

• 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 oflndia. 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. ClR/CFD/CMD I /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:

Holding Company:

Cyient Limited

Subsidiaries:

• a) Cyient Inc., United States of America

• b) Cyient Canada Inc., Canada

• c) Cyient Defense Services Inc., United States of America

• d) Cyient Insights Private Limited, India e) Cyient Europe Limited, United Kingdom f) Cyient Benelux BV, Netherlands

• g) Cyient Schweiz GmbH, Switzerland

• h) Cyient SRO, Czech Republic

• i) AnSem NV, Belgium

• j) AnSem B.V., Netherlands

• k) Cyient GmbH, Germany

• I) Cyient AB, Sweden m) Cyient KK, Japan

• n) Cyient DLM Private Limited, India

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• o) Cyient Singapore Private Limited, Singapore

S.R. 8atliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB·4295 Regd. Office: 22. Camac Street. BlocJ "8', 3rd Floor, Kolkata-700 016

S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants

• p) Cyient Australia Pty Limited, Australia

• q) Integrated Global Partners Pty Limited, Australia

• r) Integrated Global Partners Pte Ltd, Singapore

• s) IG Partners South Africa Pty Ltd, South Africa

• t) Integrated Global Partners SpA, Chile u) Work Force Delta Pty Ltd, Australia (acquired w.e.f. August 5, 2021)

• v) Cyient Israel India Limited, Israel

• w) Cyient Solutions and Systems Private Limited, India

Joint venture entit:

Infotech HAL Limited, India

1. Based on our review conducted and procedures performed as stated in paragraph 3 above, 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.

The accompanying Statement of unaudited consolidated financial results include the Group's share of net loss after tax of Rs. Nil and Group's share of total comprehensive loss of Rs. Nil for the quarter and six month period ended September 30, 2021, as considered in the Statement, in respect of a joint venture, based on its financial results which have not been reviewed by its auditor. The unaudited financial results and other unaudited financial information 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 the joint venture is based solely on such unaudited financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these financial results are not material to the Group. Our conclusion on the Statement is not modified with respect to our reliance on the work done and the financial results certified by the Management.

For S.R. BATLIBOI & ASSOCIATES LLP

Cha red Accountants JCAI · registration number: 101049W/E300004

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per Vikas Pansari Partner Membership No.: 093649 UDIN: 21093649AAAADL7587 Place: Mumbai Date: October 14, 2021

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12th Fioor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel· +91 22 6819 8000

S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants

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

Review Report to The Board of Directors Cyient Limited

1. We have reviewed the accompanying statement of unaudited standalone financial results of Cyient Limited (the "Company") for the quarter and six month period ended September 30, 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").

2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared 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. 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.

4. Based on our review conducted as above, nothing has come to our attention that causes us to 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.

For S.R. BA TLIBOI & ASSOC IA TES LLP Cha red Accountants JCA F1 registration number: 101049W/E300004

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per Vikas Pansari

Partner Membership No.: 093649 UDIN: 2l093649AAAADM5550 Place: Mumbai Date: October 14, 2021

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