CYll:NT •

18 July 2019

The BSE limited PJ Towers Dalal Street Mumbai 400001 Scrip Code: 532175 The National Stock Exchange of India Ltd Exchange Plaza, Bandra-Kurla Complex, Bandra (E) Mumbai-400 051 Scrip Code: CYIENT

Dear Sir,

Sub: Revised Investor Presentation - Reg.

Please find enclosed herewith revised investor presentation issued by the company on the financial results for the quarter ended 30 June 2019.

This is for your information and records.

Thanking you For Cyient limited

t�Ravi Kuma lr-l._

N. Dy. Company Secretary.

Cyient ltd.

4'" Floor, A Wing, 11 Software Units Layout. Madhapur Hyderabad-500081 India

CIN: L72200TG1991PLC013134 www.cyient.com Company.Secretary®cylent.com T +91406764 1000 F+914023110352

F orme,.ly lnfotech E.nterpnses lim1t,ed

Investor PRESENTATION

Q1 FY20

Confidentiality Statement

The information shared herein is strictly confidential, proprietary and unique to the company. It is only made and shared for the purpose and extent it is intended for and no other. Usage or sharing of the said information in any form, directly or indirectly and in any manner whatsoever, might constitute a violation of laws or regulations in vogue in geographies in which the company operates, besides breaching confidentiality. The users shall meet any liability emanating from such violation and shall indemnify company for any loss, damage, expense, penalty, fine, fee, charges incurred by company on account of any such violation.

Highlights	FinancialUpdate	BusinessUpdate
Financial Highlights•Business Highlights•Awards & Recognition•CSR Activities•	Revenue•Cost optimization•Ind AS 116•Hedge and other income•Income statement update•Cash generation•	Cost Optimization Exercise•Significant highlights•M&A update•Industry outlook•

Annexures

Highlights

Financial Highlights
Business Highlights
Awards & Recognition
CSR Activities

Highlights for the Quarter (1/2)

Revenue

0.8% YoY (₹ terms) -2.6% YoY ($ terms)

Quarterly revenue at $156.6Mn/₹10,890Mn

Consolidated EBIT Margin @ 9.2%

Services EBIT margin at 10.5% DLM EBIT margin at -0.3%

PAT growth @ 9.7% YoY

PAT for the quarter ₹905Mn

Financial Highlights for Quarter

Consolidated revenue at $ 156.6Mn; degrowth of 5.2% QoQ and de- growth of 2.6% YoY
Services revenue at $ 137.9Mn; de-growth of 6.1% QoQ (-5.7% in CC) and de- growth of 3.4% YoY
DLM revenue at $ 18.7Mn; growth of 2.2% QoQ, 3.7% YoY
EBIT margin for services at 10.5%, up 10 bps YoY (EBITDA margin for services at 14.8%, up 160 bps YoY)
EBIT margin for DLM at -0.3%, down 280 bps YoY (EBITDA margin for DLM at 1.9%, down 260 bps YoY)
Profit After Tax at ₹905 Mn for the quarter; growth of 9.7% YoY

Highlights for the Quarter (2/2)

Business Highlights

Strategic Investment in Cylus (a rail cybersecurity company) : The investment strengthens our focus on digitization and cybersecurity solutions forthe rail industry
Announced partnership with Onestrand Inc. : This partnership will allow Cyient to provide interactive technical publication solutions using Onestrand's S1000D software

CSR Activities

Continue to support 25 Government Schools – providing education to 15800+ underprivileged children
Continue to support 67 Cyient Digital Centers (CDCs) in around Hyderabad to more than 20,000+ children and 14,000+ community members
Completed training to a pilot batch of 300 community unemployed women on tailoring, bakery and beauty courses through the Cyient Urban Micro Sill Center(CUMSC) for urban poor
Cyient trained and certified 320 unemployed people underthe CyientIT/ITES Skill Centre

Financial Update

Revenue
Cost optimization
Ind AS 116
Hedge and other income
Income statement update
Cash generation

Revenue for Q1 FY20

Revenue	Q1FY19	Q2 FY19	Q3 FY19	Q4 FY19	Q1 FY20	QoQ	YoY
$ Mn	160.8	168.9	165.1	165.2	156.6	-5.2%	-2.6%
₹ Mn	10,800	11,870	11,876	11,629	10,890	-6.4%	0.8%
		Services			Group			Geography
Business Units	$ Mn	QoQ	YoY	$ Mn	QoQ	YoY		$86.8Mn
A&D	48.4	-2.8%	-0.8%	60.7	0.1%	1.6%	NAM	-2.8% QoQ
Comms	29.8	-8.9%	-12.4%	29.9	-10.3%	-17.0%		2.8% YoY
E&U	16.9	-11.8%	4.3%	20.7	-5.7%	7.3%		$44.1Mn
Transportation	17.7	-1.9%	2.5%	17.7	-1.6%	2.8%	EMEA	7.9% QoQ
Portfolio	14.3	-9.7%	-11.0%	14.4	-10.0%	-11.4%		11.5% YoY
SIA	7.6	-7.8%	-2.2%	7.6	-7.8%	-2.2%	APAC	$25.7Mn
MT&H	3.1	4.4%	21.4%	5.6	0.4%	22.8%	(incl.	-26.7% QoQ
Total	137.9	-6.1%	-3.4%	156.6	-5.2%	-2.6%	India)	-30.2% YoY
CCGrowth		-57%			-48%

Services gap QoQ primarily from Communications ($2.9 Mn), Energy and Utilities ($2.3 Mn), Portfolio ($1.6 Mn) & Aerospace &Defence ($1.4 Mn)
We expect good recovery in Q2 FY20
Cost Optimization Exercise
- Theme: To achieve sustainable margins for Cyient's Services Business through improvements in cost of delivery and sustained improvement in SG&A costs in line with best-in-class and otherinitiatives to improve profitability.
- Status update: A number of levers targeting cost of delivery and SG&A are identified for this exercise. Levers with high savings potential have been identified and initiated actions upon and regular cadence set up to track the progress.
- Next steps/milestones: Continue with actions identified through rest of the year. Additional governance, tools, process, policy and organization being defined to ensure sustainability year on year. Part of the savings net of one time costs will be visible in FY20 and 100% of the target savings to start reflecting from Q1 FY21 onwards.

Ind AS 116 - Leases

Lease accounting change

The new accounting standard Ind AS 116 Leases is effective for annual reporting beginning April 19
Lessees were hitherto required to disclose operating lease arrangements as an off-balance sheetitem and corresponding liability as a disclosure.
Ind AS 116 introduces a single lessee accounting model and requires recognition of right-of-use asset and corresponding liability for almost all leases by the Lessee.
Impact of 1.7% on OPM and additions of ₹3,206Mn to asset base
For better disclosure and to have like to like comparison, we now disclose EBIT (and not EBITDA)

Hedge Book for Q1 FY20

Despite the volatility in major currencies, the company continues to adhere to a consistent Fx policy of hedging ~70% for next 12 months for major currencies (USD, GBP, EUR, CAD and AUD)
On the current forward contracts, the company has following position for the next 12 months at current spot rates:
- Outstanding Forward Contract as on 30th June'19 is **~ $134Mn**
- If the spot rate remains at same level (as at 30th Jun'19), forex gain on current forward contracts could be ~$10Mn (~₹ 691 Mn)

Other Income for Q1 FY20

All Figures in ₹ Mn					Q1 FY20		Q4 FY19	Q1 FY19
Income from Treasury
Interest on Invesmtents/Deposits				113		135	116
Dividend on Mutual Funds					8		13	8
Subtotal (A)					121		148	124
Realised gains/(losses) on Fwd Contracts (B)					108		(6)	(46)
Unrealised Fx gains/losses) (C)					24		126	30
Others
Interest on IT Refunds				0		0	13
Reversal of Old provisions				5		30	19
Tax incentives on export of merchandise				18		280	0
Others				7		211	30
Others (D)					30		521	62
Grand total (A+B+C+D)					282		789	170
Currency	Q1 FY20			Q4 FY19	Q1 FY19
Movement	Forward	Spot	Forward	Spot	Forward	Spot
USD	70.3	69.7	67.3	70.7	67.3	67.9
EUR	85.4	78.3	84.5	80.4	75.9	79.8
GBP	96.3	89.2	94.3	93.1	87.7	91.1
AUD	52.8	48.8	52.7	50.6	50.4	50.7
CAD	54.3	51.6	53.5	52.4	50.4	52.0

Other Income movement

Other income is Lower by ₹507Mn (-64%) QoQ primarily due to lower Treasury income by ₹27Mn and lower Unrealised gains by ₹102Mn, offset by realised favourable forward contract gains by ₹114 Mn
The swing in Others portion is due to absence of Export incentives (₹280Mn), reversal of DLM put option (₹135Mn) & Certon Earn out provision reversal (₹69Mn) which occurred in Q4 FY19
Forthe full year we expect gains in tax incentives to be at similar levels of FY19, healthy Fx gains at current spot, steady treasury income, increase in realised gains and unrealised gains

Forward and spot rates represent average of monthly rates

Income statement for Q1 FY20

All Figures in ₹ Mn	Q1 FY20	Q4 FY19	Q1 FY19
Revenue	10,890	11,629	10,800
EBIT	1,005	1,490	1,031
PAT (Reported)	905	1,768	825
PAT (Normalised)	905	1,881	825
EPS (₹ Reported)	8.2	15.7	7.3
EPS (₹ Normalised)	8.2	16.7	7.3

All Figures in %	Q1 FY20	Q4 FY19	Q1 FY19
Gross Margin	34.4%	35.3%	34.3%
EBIT Margin	9.2%	12.8%	9.5%
Effective Tax Rate	22.0%	15.3%	27.1%
(excl. one-offs)ETR	220%	215%	25.2%
PAT Margin (Reported)	8.3%	15.2%	7.5%
PAT Margin (Normalised)	8.3%	16.2%	7.5%

EBIT Movement

Consolidated EBIT at 9.2% ; down 358 bps QoQ. Consolidated EBITDA at 13.3% down 180 bps QoQ
- One time impact of lower efficiencies (160 bps), lower absorption (142 bps), increased investment (58 bps), totaling to 360 bps, Fx impact (35 bps), hike impact (85 bps) offset by cost optimization program (130 bps)

Profit After Tax Movement

PAT YoY growth of 9.7%
PAT down by 51.9% QoQ primarily driven by lower EBIT and lower other income

Operating margin bridge for Q1 FY20

Particulars
EBIT Q4 FY19	12.80%
Depreciation	bps225
OPM (EBITDA) Q4 FY19	15.10%
efficiencies*Lower	bps-160
absorption*SG&ALower	-142bps
spend*IncreasedInvestment	bps-58
Fximpact	bps-35
HikeImpact	bps-85
(IndAS116)Leasereclassification	170bps
NetBenefitfromefficiencyprogram	bps130
OPM (EBITDA) Q1 FY20	13.30%
Depreciation	bps-276
(IndAS116)reclassificationLease	-130bps
EBIT Q1 FY20	9.20%

*One off issues during the quarter due to lower volume. Expected to improve in Q2 FY20 because of volume uptick

Cash Generation for Q1 FY20

Cash Generation – All Figures in ₹ Mn Q1 FY20 Q4 FY19 Q1 FY19

Services
Operating Profit	1,403	1,513	1,273
Other Income	199	985	157
Profit from Operations	1,602	2,498	1,430
DSO Movement (Receivables)	(1,320)	(474)	(1,123)
Other WC changes	593	(863)	539
Operating CF after WC changes	875	1,161	846
Less: Taxes	(240)	(366)	(142)
Less: Capex	(221)	(16)	(286)
Free Cash Flow generated (Services) - i	414	779	418
DLM
Free Cash Flow generated (DLM) - ii	(228)	(377)	27
Group FCF (i+ii)	186	402	445
FCF to EBITDA Conversion	10.8%	15.8%	29.9%

Cash and cash equivalents at a healthy levels of ₹8,213Mn
For the quarter, the cash flow conversion stood at 10.8%, primarily due to higher DSO at 104 days; excluding the one off, the normalised DSO is 93 days. DSO is expected to be <90 days leading to a release of >₹1,000Mn in Q2 FY20
DLM has consumed cash of ₹228Mn in Q1 FY20
We continue to focus on improvement in FCF conversion through focus on collection and other working capital management

Business Update

Cost Optimization Exercise
Significant highlights
M&A update
Industry outlook

Significant Developments for Q1 FY20

Reorganisation of Business Units

The Company combined energy and natural resources business' in erstwhile Industrial, Energy and Natural Resources (IENR) BU and the 'utilities business' in erstwhile Utilities & Geospatial (U&G) BU into a new business unit, Energy & Utilities (E&U) with an intent to leverage synergize and build capabilities across energy value chain
Also, Geospatial business in erstwhile U&G and the Industrial business in erstwhile IENR are now part of a new business unit, Portfolio, with an intentto execute strong solutions focus

New Business Accelerator program (NBA)

16 projects under development; Total approved projects is 19
Seeing customer level traction in the products/solutions being developed under NBA, especially in spacebots, smart cities, AR/VR and Additive manufacturing
The current NBA initiatives likely to accelerate Cyient's EPS growth by 1.5%-3.0%,from FY21 onward

SAP Hana Implementation

• Cyient has re-implemented its ERP and has moved from SAP ECC to SAP S4 Hana (S4H). We have added new modules such as Treasury, Document Management System and Business Planning and Consolidation. The new ERP wentlive from 1 st April 2019. This is a significant investment by Cyient and S4H will provide a scalable architecture that will enable faster closing and reporting, better financial controls and process automation. S4H also brings a lot of other benefits and will help Cyient get granular information which will help drive the business more efficiently.

Investment Pipeline & Focus Areas for Q1 FY20

*Pre LOI and LOI reflect a balance position

Active Investment Pursuits – Specific focus areas*

A&D	Comms	Medical	Rail
•IP led opportunities in systems,sub-systems and components inAvionics and Digital and MRO subsystems•Mechanical manufacturing inengine externals	•Wireless designing & planning inthe area of small cells•Engineer Furnish & Install &Commissioning & Install activitiesNGOSS solution providers &•Network Infrastructure provider –Build/Construct	•Design to Build companies withOEM partnership in DiagnosticImaging, In-vitro Diagnostic &Cardiology	•Signalling Application Engineering& Testing
E&U	SI&A	DLM	Corp. Inv.
•Digital solutions –Connectedequipment, Asset HealthMonitoring, Digital CapitalProjects and Industrial automationintegration	•Systems Co. with focus onEmbedded Systems & Software:Auto Expertise,Autonomous/Connected -HW &SW & IoTsystems -HW /SW	•Vertical led design specializing inhigh-mix, low-medium volumeassemblies, quick-turnprototypes and new productintroduction (NPI)	•Startup investments & strategicorganic opportunities:JV/Collaboration,IP investment

* Broad inorganic strategy focused on new geography led expansion, new Services and consolidation opportunities continue

Industry Outlook & Business Performance (1/4)

Aerospace & Defense

driven by strong commercial aircraft order backlog and defense spending. With a strong aircraft backlog, manufacturers are expected to ramp up production, hence driving growth in the sector. The defense spend is expected to grow through the year majorly driven by increased spend in emerging markets such as China, India

Communications

The Communications industry is expected to grow by 2%-3% through the year driven primarily by broadband rollout and 5G deployment with key players making significant investments in 5G technologies. The trend of increased data consumption will continue in 2019 with even greater volumes of data generated by new technologies.

Industry Outlook & Business Performance (2/4)

Energy & Utilities

The Energy and Utilities industry is expected to witness a growth of 2.5% driven by rising commodity prices, focus on grid modernization and renewable energy. The outlook for the mining sector is positive with rising commodity prices. The sector is experiencing strong outlook of future orders and reduced operational costs. The utilities industry is witnessing significant growth due to an investment in distributed and renewable power generation projects and increasing regulatory driven requirements. Large investments in grid modernization, renewable, mobility and smart metering continue to dominate capital investments, supported by operational processes to manage increasing volumes of data.

Transportation

The Rail transport industry is expected to witness a growth of 2.5% driven by growth in rail infrastructure and rail control systems. The demand for rail transport is rising in the growing megacities of Asia and India in particular. The focus on digitization, standardization and cybersecurity is expected to continue throughoutthe year.

Industry Outlook & Business Performance (3/4)

Portfolio

The industrial segment growth has been restrained due to challenges in the worldwide economic conditions, fluctuations in pricing and material costs. The market is expected to rebound by over the year in Asia Pacific region driven by increase in construction

applications. Location data continues to be prevalent in discussions around Smart Building and City projects, and new types of location data, such as 3D and building face types, are seen as critical to successful 5G roll-outs. The demand for High Definition Mapping for

Semiconductor

The semiconductor industry is expected to witness a drop of ~3% through the year, driven by a downturn in memory chip sales. Overall, chipmakers sales are expected to keep rising in the coming year, but the memory chip market is projected to shrink slightly following significant growth this year. Growth in the industry is expected to return in 2020.

Industry Outlook & Business Performance (4/4)

Medical Technology and Healthcare

The Medical device industry is poised for steady growth, with the industry expected to grow at a rate of ~5% during the year. Digital technologies such as RPA, cloud, artificial intelligence (AI), and robotics, to internet of medical things (IoMT), digital and virtual reality will continue to see increased

Cyient (Estd: 1991, NSE: CYIENT) provides engineering, manufacturing, geospatial, digital, networks, and operations management solutions to global industry leaders. Cyient leverages the power of digital technology and advanced analytics capabilities, along with domain knowledge and technical expertise, to solve complex business problems. As a Design, Build, Operate and Maintain partner, Cyient takes solution ownership across the value chain to help clients focus on their core, innovate, and stay ahead of the curve.

Relationships form the core of how Cyient works. With more than 15,000 employees in 21 countries, Cyient partners with clients to operate as part of their extended team, in ways that best suit their organization's culture and requirements. Cyient's industry focus includes aerospace and defence, medical, telecommunications, railtransportation, semiconductor, utilities, industrial, energy and natural resources.

For more information, please visit www.cyient.com ; Follow news about the company at @Cyient.

Contact Details: Investor Relations Media Relations Piyush Parekh Meeta Singh Direct: +91 40 67641537 Direct: +91 40 67481533 Mobile: +91 961 928 5249 Mobile: + 91 994 906 5300 Email: [email protected] Email: [email protected]

Board: +91 40 67641000 (Extn-1537) Board: +91 40 6748 9100 (Extn-1145)

Disclaimer

All the references to Cyient's financial results in this update pertain to the company's consolidated operations comprising:

Wholly-owned and step down subsidiaries:

Cyient Europe Limited; CyientInc.; Cyient GmbH; Cyient Australia Pty Ltd; Cyient Singapore Private Limited; Cyient KK; Cyient Israel India Limited; Cyient Insights Private Limited, Cyient DLM Private Limited, Cyient Canada Inc.; Cyient Defense Services Inc.; B&F Design Inc.; New Technology Precision Machining Co. Inc.; Cyient Benelux BV; Cyient Schweiz GmbH; Cyient SRO; AnSem NV; AnSem B.V.; and Cyient AB.

Partly owned subsidiary: Cyient Solutions and Systems Private Limited.

Joint venture: Infotech HAL Ltd (HAL JV)

The income statement and cash flow provided is in the internal MIS format. MIS format is different from the income statement published as part ofthe financial results, which is as perthe statutory requirement.

Thank you

Investor PRESENTATION Annexure

Q1 FY20

Message from the Management

Commenting on the results, Mr. Krishna Bodanapu, Managing Director and Chief Executive Officer, said, "Our Q1 FY 20 results were disappointing, we recorded a revenue of $156.6 Mn lower by 5.2% QoQ and 2.6% YoY. Our services business was lower by 5.7% QoQ predominantly driven by Communications, Aerospace, Energy and Utilities and Portfolio business units. However, our top 20 client's revenue grew by 270 bps QoQ. The DLM business grew by 2.2% QoQ. Our EBIT% at group level witnessed a degrowth of 356bps QoQ due to lower business volume, incremental spend on investments and wage hike impact.

This quarter saw us make investments in building our offerings through strategic investment in Cylus a rail cybersecurity company. This investment will allow us strengthen our focus on digitization and cybersecurity solutions for the rail industry. We will continue to invest in strategic areas through the area to strengthen our offerings.

Our outlook for the year remains positive and we are confident on double digit EBIT growth backed by revenue growth and cost optimization initiatives."

Message from the Management

Commenting on the results, Mr. Ajay Aggarwal, President & CFO, said, "While the company has challenges in the short-term, focus and investments on the long-term initiatives continue.

The introduction of our robust cost optimisation and profit improvement program has helped to clearly identify and begin implementation of potential cost reduction levers. The program is on track and a plan is in place for redesigning the company and building efficiency in systems and processes for sustainable outcomes. With operational efficiency being realised in phases in the coming quarters,the results from the initiative would strengthen our position not only forthe current year but also forthe coming years.

Cyient continues to invest in IT and technology solutions, with a strong focus on return on investments. We successfully implemented SAP S/4 Hana across the organisation as well as its seamless integration with other systems. Cyient has invested significantly in the NBA (New Business Accelerator) Program this quarter. While this do have a short-term impact on performance, the program is garnering good traction and we are confident that it will materially add to the company's EPS in the near future. We will also continue our focus on organic and inorganic investments in the industry.

The Free Cash Flow stood at INR 186 Mn impacted mainly due to one-offs in DSO and is likely to be on track for H2 with DSO.

Cyient would continue to focus on growth, improvementin operating margin and cash generation,thereby delivering on the promise of maximising value forthe shareholders."