Cyient Limited — Investor Presentation 2021

Apr 22, 2021

Investor PRESENTATION

Q4 FY21 & FY21

CYIENT © 2021 CONFIDENTIAL CYIENT © 2021 CONFIDENTIAL

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.

Leadership team

Founder Chairman and Board Member

Non Executive Chairman

KRISHNA BODANAPU MD & CEO

AJAY AGGARWAL Executive Director, President & CFO

KARTHIK NATARAJAN Executive Director, President & COO

CYIENT © 2021 CONFIDENTIAL

Highlights	FinancialUpdate	BusinessUpdate
Financial Highlights•Business Highlights•	Revenue•Income statement update•Margin bridge•Cash generation•	BU performance update•Outlook for FY22•

Highlights	FinancialUpdate	BusinessUpdate
Financial Highlights•Business Highlights•	Revenue•Income statement update•Margin bridge•Cash generation•	BU performance update•Outlook for FY22•

Highlights for the Quarter

Revenue

4.7% QoQ (₹ terms) 6.0% QoQ ($ terms)

Quarterly revenue at $149.9Mn/₹10,932Mn

Normalized EBIT^ Margin @ 12.6%

Services EBIT margin at 13.6% DLM EBIT margin at 8.8%

Normalized PAT^ Margin @ 10.1%

Normalized PAT for the quarter at ₹1,107 Mn

Financial Highlights for Quarter

• Group revenue at $149.9 Mn; growth of 6.0% QoQ (4.7% in CC) and growth of 0.4% YoY
• Services revenue at $119.6 Mn; growth of 3.7% QoQ (2.2% in CC).
• DLM revenue at $30.3 Mn; growth of 16.4% QoQ, and growth of 78.6% YoY
• Free Cash Flow generation for the quarter at INR ₹1,897 Mn, a conversion of 101.3% on EBITDA (conversion of 171.4% on PAT)
• Normalized EBIT margin excluding exceptional items at 12.6% up by 148 bps QoQ. Highest in the last eight quarters:
  • EBIT margin for services at 13.6%, higher by 233 bps QoQ
  • EBIT margin for DLM at 8.8%, lower 181 bps QoQ
• Normalized PAT at ₹1,107 Mn for the quarter; growth of 16.0% QoQ

Highlights for the Year

Revenue

-6.7% YoY (₹ terms) -10.9% YoY ($ terms)

Yearly revenue at $556.8 Mn/₹41,324Mn

EBIT

Normalised EBIT at ₹4,162 Mn

Normalized EBIT^ Margin @ 10.1%

Services EBIT margin at 11.0% DLM EBIT margin at 5.7%

Normalized PAT^ Margin @ 9.0%

7

Financial Highlights for the Year

• Consolidated revenue at $556.8 Mn; de-growth of 10.9% (12.0% in CC)
• Services revenue at $461.3 Mn; de-growth of 16.2% (17.7% in CC).
• DLM revenue at $95.6 Mn; growth of 28.3% YoY
• Normalized EBIT margin excluding exceptional items at 10.1%; up by 85 bps YoY
  • EBIT margin for services at 11.0%, higher by 46 bps
  • EBIT margin for DLM at 5.7%, higher by 599 bps
• Highest ever Free Cash Flow generation in a year at INR ₹7,609 Mn, a conversion of 113.5% on EBITDA (conversion of 204.8% on PAT)
• Normalized PAT at ₹3,714 Mn for the year; degrowth of 0.3%
• Normalized PAT for the year at ₹3,714 Mn Highest ever dividend of ₹17 per share in an year

Highlights for the Quarter

Cyient and Eolos Partner to Launch "Design for Circularity" Consulting and Engineering Practice

• New practice combines 25+ years of industrial experience and operational expertise of the two companies to supportindustries in transitioning towards greater sustainability
• The engineering practice will address the needs of industries facing the most stringent changes in their standards and regulations by offering solutions for traceability, material engineering (reduction, re-use, and regeneration), obsolescence management, and supply chain (including packaging, disposal, and waste management). The primary focus will be on the rail, automotive, aerospace, and med-tech industries with the ambition to grow in the other sectors.
• Strategic partnership to foster eco-innovation and enable long-term change of industrial processes

INTELLICYIENT' - Help Customers Accelerate Digital Industrial Transformation with Industry 4.0 Solutions

• Suite of Industry 4.0 solutions that will enable digital transformation for industries that draw significant value from their assets such as manufacturing, industrial, aerospace, automotive and off-highway, utilities and mining and natural resources
• With six digital solutions, powered by the interplay of nine technology studios, and a strong partner ecosystem, INTELLICYIENT will help enterprises achieve the full potential of digital transformation with IT-OT convergence
• Aims to focus on the four key themes of smart automation, intelligent supply chain, end-to-end visibility of workflows and assets, and next-gen workforce solutions that are driving Industry 4.0 adoption

AS9145 Supplier PPAP Platform to Support a Global SupplyChain Rollout

• Cyient will assist in selling, implementing, and supporting the solution with the global rollout of the platform while also providing integration and customization services
• Companies will be able to replace manual processes with a more robust and secure cloud platform that adheres to the latest industry best practices and compliance requirements

Financial Update

• Revenue
• Income statement update
• Margin bridge
• Cash generation

Revenue for Q4 FY21

Revenue	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	QoQ	YoY
Group
$ Mn	149.9	141.4	135.0	130.6	149.2	6.0%	0.4%
₹ Mn	10,932	10,443	10,033	9,917	10,736	4.7%	1.8%
Services
$ Mn	119.6	115.3	114.1	112.2	132.3	3.7%	-9.6%
₹ Mn	8,722	8,521	8,487	8,521	9,513	2.4%	-8.3%
DLM
$ Mn	30.3	26.0	20.9	18.4	17.0	16.4%	78.6%
₹ Mn	2,210	1,921	1,546	1,396	1,222	15.0%	80.8%

Revenue USD Mn		By Geography (%)		$ Mn	QoQgrowth	YoYgrowth
Group	Q4FY21	Q3FY21	Q4FY20	Q4 FY21
NAM	47.4%	49.0%	55.7%	71.0	2.5%	-14.6%
EMEA	24.6%	25.3%	25.7%	36.9	3.0%	-3.9%
APAC incl India	28.0%	25.7%	18.6%	41.9	15.6%	51.4%

• Services grew by 3.7% QoQ
• DLM is higher by 16.4% QoQ

Revenue for FY21

Revenue	FY21	FY20	FY19	FY18	FY17	YoY
Group
$ Mn	556.8	625.2	660.0	607.4	537.8	-10.9%
₹ Mn	41,324	44,274	46,175	39,175	36,065	-6.7%
Services
$ Mn	461.3	550.7	580.2	545.7	483.3	-16.2%
₹ Mn	34,252	38,992	40,592	35,193	32,417	-12.2%
DLM
$ Mn	95.6	74.5	79.8	61.7	54.5	28.3%
₹ Mn	7,072	5,282	5,583	3,982	3,648	33.9%

Revenue USD Mn		By Geography (%)	$ Mn	YoYgrowth
Group	FY20	FY21	FY21
NAM	55.8%	49.6%	276.0	-20.9%
EMEA	26.4%	25.7%	143.1	-13.2%
APAC incl India	17.8%	24.7%	137.8	23.6%

• Services was down by 16.2% YoY
• DLM is higher by 28.3% YoY

Income statement for Q4 FY21

All Figures in ₹ Mn	Q4 FY21	Q3 FY21	Q4 FY20
Revenue	10,932	10,443	10,736
EBIT (Reported)	1,073	1,165	464
EBIT (Normalised)	1,382	1,165	905
PAT (Reported)	1,031	954	452
PAT (Normalised)	1,107	954	754
EPS (₹ Reported)	9.4	8.7	4.1
EPS (₹ Normalised)	10.1	8.7	6.9

All Figures in %	Q4 FY21	Q3 FY21	Q4 FY20
Gross Margin	36.0%	34.6%	33.5%
EBIT Margin (Reported)	9.8%	11.2%	4.3%
EBIT Margin (Normalised)	12.6%	11.2%	8.4%
ETR (excl. one-offs)^	23.4%	23.5%	23.9%
PAT Margin (Reported)	9.4%	9.1%	4.2%
PAT Margin (Normalised)	10.1%	9.1%	7.0%

QoQ EBIT Movement

• Consolidated normalized EBIT margin stood at 12.6%; up by 148 bps QoQ
• Services EBIT at 13.6%; was up by 233 bps QoQ driven by improvement in operational metrics (209 bps), positive impact of volume on SG&A and depreciation (96 bps) partly offset by net increase in SG&A (71 bps). (Please refer slide 15).
• DLM margins at 8.8%, down by 181 bps QoQ primarily due to change in revenue mix

Profit After Tax Movement

• PAT increased by 16% QoQ primarily from higher EBIT partially offset by higher tax from higher profits
• ETR is 23.4%. Lower by 13 bps from Q3 ETR of 23.5%

Income statement for FY21

All Figures in ₹ Mn	FY21	FY20	YoYEBITMovement
Revenue	41,324	44,274	ConsolidatedEBITmarginstoodat10.1%;•
EBIT (Reported)	3,853	3,643	85bpsQoQ
EBIT (Normalised)	4,162	4,084	•ServicesEBITat11%upby46bpsYoYdriven
PAT (Reported)	3,638	3,425	improvementinoperationalmetrics(126
PAT (Normalised)	3,714	3,727	positiveFximpact(141bps),positiveimpactvolumeonSG&A(16bps)partlyoffsetby
EPS (₹ Reported)	33.1	31.1	hikes(33bps),changeinrevenuemix(67bps),
EPS (₹ Normalised)	33.8	33.9	timerestructuringcosts(89bps)anddepreciation
			impact(48bps).(Pleasereferslide15).
All Figures in %	FY21	FY20	•DLMmarginsat5.7%,up599bpsYoYdriven
Gross Margin	34.3%	34.6%	betterrevenuemixandhighervolume.
EBIT Margin (Reported)	9.3%	8.2%
EBIT Margin (Normalised)	10.1%	9.2%	ProfitAfterTaxMovement
ETR (excl. one-offs)^	23.7%	22.8%	•PATislowerby0.3%YoYprimarilyfrom
PAT Margin (Reported)	8.8%	7.7%	otherincomeandincreaseintaxpartiallyoffset
PAT Margin (Normalised)	9.0%	8.4%	higherEBIT
			•ETRis23.7%marginallyhigherYoYby90bps

All Figures in %	FY21	FY20
Gross Margin	34.3%	34.6%
EBIT Margin (Reported)	9.3%	8.2%
EBIT Margin (Normalised)	10.1%	9.2%
ETR (excl. one-offs)^	23.7%	22.8%
PAT Margin (Reported)	8.8%	7.7%
PAT Margin (Normalised)	9.0%	8.4%

YoY EBIT Movement

• Consolidated EBIT margin stood at 10.1%; up by 85 bps QoQ
• Services EBIT at 11% up by 46 bps YoY driven by improvement in operational metrics (126 bps), positive Fx impact (141 bps), positive impact of volume on SG&A (16 bps) partly offset by wage hikes (33 bps), change in revenue mix (67 bps), One time restructuring costs (89 bps) and depreciation impact(48 bps). (Please refer slide 15).
• DLM margins at 5.7%, up 599 bps YoY driven by betterrevenue mix and higher volume.

Profit After Tax Movement

• PAT is lower by 0.3% YoY primarily from lower other income and increase in tax partially offset by higher EBIT

PAT and EBIT Walk – Reported to Normalized

PAT walk - Reported to Normalised (₹Mn)

₹ Mn	Note	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Reported PAT		1,031	954	452	3,638	3,425
ExceptionalItems
Impairment of Goodwill	1	309			309
Reversal of earnouts	2	(343)			(343)
Decrease in fair value of minorityinvestment	3	110			110
Exceptional items of Q4FY20^				109		109
Normalized PAT		1,107	954	754	3,714	3,727
EPS(₹)Reported		94	87	41	331	311
EPS(₹)Normalised		101	87	69	833	933
EBIT walk -Reported to Normalised	(₹Mn)
Normalised EBIT ₹ Mn	Note	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Reported EBIT		1,073	1,165	464	3,853	3,643
ExceptionalItems
Impairment of Goodwill	1	309			309
Exceptional items of Q4FY20^				37		37
Normalised EBIT		1,382	1,165	905	4,162	4,084

• We have strong governance mechanisms in place to assess and mitigate balance sheetrisk
• As part of the risk assessment we have prudently taken calls on impairment of goodwill and minority investment

Note	FY21 Exceptional items	₹ Mn	Description
1	Impairment of Goodwill	309	CarryingvalueofthegoodwillofanEuropeanacquisitionhasbeenimpairedduringtheonunderlyingbusinessforecasts.However,businessintotalwillcontinue	quarter,based
2	Reversal of earn-outs	-343	Reversaloncontingentconsiderationpayableonpastacquisitionswhicharenotduetooneofflowerperformancefortheyear	contractuallypayable
314	Decrease in fair value ofminority investment	110	OneofourinvesteewaswasacquiredbyanIsraeliCompanyandaspartofthearrangement,holderswerenotentitledtotheproceedsofthetransaction.Accordinglywehavevalueoftheinvestment	preferreddecreasedthefairCYIENT © 2021 CONFIDENTIAL

^Refer the Investor annexure of Q4FY21 for explanation on exceptional items in FY20

EBIT margin bridge for Q4 FY21 and FY21

Particulars
EBIT Q3 FY21 (Group)	11.2%
Add: DLM impact	bps12
EBIT Q3 FY21 (Services)	11.3%
Tailwinds in Q4 FY21
Improvementsoperationalinmetrics	209bps
SGA&VolumeimpactDepreciationon	bps96
Headwinds in Q4 FY21
SGANetincreasein	bps-71
*Normalized EBIT Q4 FY21 (Services)	13.6%
Less: DLM impact	bps97
Normalized EBIT Q4 FY21 (Group)	12.6%

Levers for margin improvement in FY22 – Automation, cease and cure of low margin accounts, absorption of S&A due to growth and better revenue mix

Particulars

Normalised EBIT FY20 (Group)	9.2%
Add: DLM impact	130bps
Normalised EBIT FY20 (Services)	10.5%
Headwinds in FY21
Improvementsoperationalinmetrics	126bps
Fximpact	bps141
VolumeSGAimpacton	16bps
Headwinds in FY21
Hikeimpact	bps-33
Changeinmixrevenue	-67bps
Onetimerestructuringcosts	bps-89
Depreciationimpact	-48bps
Normalised EBIT FY21 (Services)	11.0%
Less: DLM impact	bps90
Normalised EBIT FY21 (Group)	10.1%

Cash Generation for Q4FY21 and FY21

All Figures in ₹ Mn	Q4FY21	Q3FY21	Q4FY20	FY21	FY20
Services
Profit before tax	1,204	1,109	904	4,558	4,734
(+/-) Non-cash & non-operating items	411	339	817	1,519	2,095
Operating profit before WC changes	1,615	1,448	1,721	6,077	6,829
(+/-) DSO Movement (Receivables)	540	586	(73)	3,010	(22)
(+/-) Other WC changes	4	184	19	441	(315)
Operating CF after WC changes	2,158	2,218	1,667	9,528	6,492
Less: Taxes	(415)	(382)	(390)	(1,330)	(1,443)
Less: Capex	(77)	(105)	(263)	(672)	(976)
FCF Services	1,667	1,731	1,014	7,526	4,073
DLM
Free Cash Flow generated (DLM) - ii	230	(213)	60	84	(387)
Group FCF (i+ii)	1,897	1,518	1,074	7,609	3,686
FCFEBITDAConversionto	1013%	858%	752%	1135%	552%
FCFConversionNormalizedPATto	1714%	1591%	1424%	2048%	989%

Note: Free Cash Flow (FCF), which was being earlier prepared as per management reporting, has been aligned to statutory reporting with effect from Q1 FY21. Consequently, the comparative periods have also been recast to reflect the change. The format for presentation has also been suitably amended

Cash Generation

• Cash and cash equivalents at healthy level of ₹14,650 Mn
• In Q4, the free cash flow conversion stood at 101.3% for group and 108.3% for Services. DLM has generated a cash of ₹230 Mn in Q4 FY21
• Highest ever free cash flow generated in FY21 at ₹7,609 Mn. The cash flow conversion for the year stood at 113.5% for group and 124.4% for Services. DLM has generated a cash of ₹84 Mn in FY21

Highlights	FinancialUpdate	BusinessUpdate
Financial Highlights•Business Highlights•	Revenue•Income statement update•Margin bridge•Cash generation•	BU performance update•Outlook for FY22•
Annexures

BU performance Q4 FY21

Business Units		Services			DLM			Group
	$ Mn	QoQ	YoY	$ Mn	QoQ	YoY	$ Mn	QoQ	YoY
A&D	30.3	3.9%	-33.1%	20.7	22.5%	83.5%	51.0	10.6%	-9.9%
Communications	34.8	2.2%	3.4%	0.2	202.2%	618.5%	35.0	2.5%	3.8%
E&U	15.7	5.3%	2.5%	2.6	33.1%	2.5%	18.3	8.5%	2.5%
Transportation	16.1	1.3%	7.1%	0.3	-21.1%	166%	16.4	0.8%	8.4%
Portfolio	11.9	0.2%	-16.4%	0.0	-15.6%	-37.3%	11.9	0.1%	-16.5%
SIA	7.4	22.8%	39.0%	NA	NA	NA	7.4	22.8%	39.0%
MT&H	3.3	-1.5%	-0.8%	6.5	-3.0%	121.4%	9.8	-2.5%	56.3%
Total	119.6	3.7%	-9.6%	30.3	16.4%	78.6%	149.9	6.0%	0.4%
CCGrowth		22%	-137%					47%	-35%

• Group growth stood at 6.0% QoQ and 4.7% in cc | Services growth stood at 3.7% QoQ and 2.2% in cc | DLM growth stood at 16.4% QoQ

• o Registered growth in the A&D, despite headwinds; clocked a 3.9% sequential growth in Q4 FY21
• o Highestrevenue in communications and semiconductor vertical in the last seven quarters
• o Highest everrevenue for Design Led Manufacturing business at $30.3 million
• Orderintake in Q4 FY21 is at $238 Mn, increased by 22.4% QoQ.
• Won 8 large deals with total contract potential of $91 million:
  • o 6 large deals in Services worth $71 million
• 18 o 2 large deals in DLM worth $20 million

		Services	DLM		Group
Business Units	$ Mn	YoY	$ Mn	YoY	$ Mn	YoY
A&D	125.4	-32.8%	62.1	22.9%	187.5	-20.9%
Communications	131.3	2.5%	0.3	-37.1%	131.6	2.4%
E&U	56.9	-20.1%	7.1	-34.3%	64.0	-22.0%
Transportation	61.8	-7.2%	0.9	634%	62.7	-6.0%
Portfolio	47.0	-19.7%	0.1	-77.0%	47.0	-20.0%
SIA	25.8	-3.7%	NA	NA	25.8	-3.7%
MT&H	13.2	0.2%	25.1	105.3%	38.3	50.8%
Total	461.3	-16.2%	95.6	28.3%	556.8	-10.9%
CCGrowth		-177%				-120%

• Group de-growth stood at 10.9% YoY and 12.0% in cc

• Services de-growth stood at 16.2% YoY and 17.7% in cc

• DLM growth stood at 28.3% YoY

• Cyient continued its focus on customer-centricity to record the highest CSAT (Customer Satisfaction) score ever, driven by extending exceptional supportto customers in challenging times

• The company received multiple customer endorsements for delivery excellence from key customers, including Thales and Boeing

• Cyientretained its leadership position in engineering and R&D services forthe seventh consecutive year, in the annualratings by Zinnov, a leading global management and strategy consulting firm

BU performance per new structure Q4 FY21

		Services			DLM			Group
Business Units	$ Mn	QoQ	YoY	$ Mn	QoQ	YoY	$ Mn	QoQ	YoY
Transportation	46.4	2.9%	-23.1%	21.0	21.5%	84.3%	67.5	8.1%	-6.0%
Aerospace	30.3	3.9%	-33.1%	20.7	22.5%	83.5%	51.0	10.6%	-9.9%
Rail transportation	16.1	1.3%	7.1%	0.3	-21.1%	165.8%	16.4	0.8%	8.4%
C&U	42.3	2.5%	-1.2%	0.2	202.2%	618.5%	42.4	2.7%	-0.8%
Communications	34.8	2.2%	3.4%	0.2	202.2%	618.5%	35.0	2.5%	3.8%
Utilities	7.5	3.9%	-18.1%	0.0	NA	NA	7.5	3.9%	-18.1%
Portfolio	30.9	6.5%	6.0%	9.1	5.1%	65.2%	39.9	6.2%	15.4%
Total	119.6	3.7%	-9.6%	30.3	16.4%	78.6%	149.9	6.0%	0.4%
CCGrowth		22%	-137%					47%	-35%

BU performance per new structure FY21

Business Units	Services		DLM		Group
	$ Mn	YoY	$ Mn	YoY	$ Mn	YoY
Transportation	187.2	-26.0%	63.0	24.4%	250.1	-17.6%
Aerospace	125.4	-32.8%	62.1	22.9%	187.5	-20.9%
Rail transportation	61.8	-7.2%	0.9	634%	62.7	-6.0%
C&U	159.7	-6.9%	0.3	-37.1%	160.0	-7.0%
Communications	131.3	2.5%	0.3	-37.1%	131.6	2.4%
Utilities	28.4	-34.7%	0.0	NA	28.4	-34.7%
Portfolio	114.4	-9.3%	32.3	37.9%	146.7	-1.9%
Total	461.3	-16.2%	95.6	28.3%	556.8	-10.9%
CCGrowth		-177%				-120%

Business Performance & Outlook (1/4)

Aerospace & Defense

Aerospace & Defense BU witnessed a growth of 3.9% QoQ and declined by 33.1% YoY. This is the first quarter to witness a sequential growth in services since March 2020 led by growth in some of our key customers. The recovery in commercial aviation should commence with the increase in air traffic. We expect demand to improve in the later half of the year based on the success of vaccination. Aftermarket is expected to show the fastest recovery. We are focusing on Digital and automation investments which should translate into increased business in the coming quarters.

Communications

Communications delivered a growth of 2.2% for the sequential quarter, on the top of the 5.2% growth from the previous quarter. With this, the YoY corresponding quarter performance ofthis unit was up by 3.4%.

We won 6 major deals in FY21 in the areas of fiber, wireless, system integration and 5G rollout from existing and new clients and we continue to benefit from accelerated deployment of 5G networks which are now about 10% of our revenue portfolio for this segment. We have rolled out a strategic transformation program under which we have made conscious choices to invest and develop capabilities in growth hot spots such digitaltransformation of network design & deployment, network virtualization & cloudification and Enterprise network transformation which has started to contribute significantly to our growth momentum.

The outlook for this segment for Q1 FY22 and full year remains positive, supported by favorable industry trends and enabled by our strategic transformation program which is designed to accelerate our growth momentum.

Business Performance & Outlook (2/4)

E&U

The E&U vertical grew by 5.3% QoQ and 2.5% YoY. Growth in Energy vertical was driven by recovery in a few key accounts and as an aggregation of growth across multiple smaller accounts. We see continued signs of recovery in the upstream O&G markets as oil prices continue to hover around $60/ barrel.

On the mining and natural resources side, customers are increasingly looking to re-invent their operating models including adopting remote/global engineering frameworks to suit the post-pandemic scenarios. Full year outlook remains positive with accelerated digital transformation supported by expectation of easing geo-political situations in the South China sea and pandemic situation not worsening in key geographies such as Australia, Africa as well as North and South America.

Utilities too witnessed a strong quarter and we have a robust deal pipeline which provides good growth visibility for FY22. Our approach to focus on technology led transformational programs has helped us build a strong pipeline of deals along with our partners, which we believe will translate into a differentiated positioning for our Utilities segment.

Transportation

The railtransportation grew by 1.3% QoQ and 7.1% YoY. Growth in Q4 was driven by recovery in key accounts and ramp up of new engagements initiated in 2020. Overall, the industry is seeing increased infrastructure projects funneling demand across the engineering segment. We are seeing strong growth in new accounts which is expected to drive strong growth in FY22

Business Performance & Outlook (3/4)

MTH

Medical Technology and Healthcare business unit has experienced a de-growth of 1.5% QoQ and 0.8% YoY. The QoQ de-growth was driven by right shifting of recently won services project and a slowdown in manufacturing production for one of ourtop DLM clients due to the impact of COVID-19 on the global supply chain.

The outlook for this sector for FY22 remains positive as we continue to execute and ramp-up on the recently awarded contracts while strengthening our pipeline focused on digital transformation, embedded software and DLM services.

Portfolio

Our Portfolio business witnessed a marginal growth of 0.2% QoQ and a decline of 16.4% YoY. In the geospatial side we witnessed a softening in our top 3 geospatial customers which are still impacted by Covid-19. We continue to focus on the development of 3 new solutions (5GIP, Virtual Walkout, and VMS) that support Utilities, Communications, and Energy industries as part of our horizontal strategy. Expansion of Mobile Mapping technologies and Geo AI offerings will drive vertical service line growth.

While Off-Highway customers continue to witness Covid related business impact leading to a different spending pattern, we continue to see an increased traction with our new strategic focus sub segment of automotive globally. For FY22, the automotive industry is expected to witness positive traction due to the need of increased software and digital content as well as the accelerated digitalization drive forthe off-highway sub-segment.

Business Performance & Outlook (4/4)

SIA

Semiconductor grew by 22.8% QoQ and 39.0% YoY. Growth in Q4 was driven by a recovery in the services business and strong customer demand. Customer demand for engineering services is expected to remain strong. For solutions there is a gradual recovery, though there is a risk of specific delays in projects due to deferred investment decisions.

DLM

The DLM business grew by 16.4% QoQ and 78.6% YoY. We have taken a lot of effort in localization of parts, inventory management, material cost reductions and automation which has led to a significant improvement in overall business metrics. Strong order pipeline coupled with order backlog gives us good visibility for growth in FY22.

We continue to see opportunities in the below areas:

• Continued push for'Make in India'to attract business moving out of China
• Automobile sector- Increased electrification of vehicles
• Energy sector increasing and steady fuel prices
• Potentialto attract new customers in Communication and Medical industries for new technologies

Outlook for FY22

Revenue

• We expect to grow double digit in FY22. We don't have a specific range to provide yet. We will see how H1 shapes up and comment once we have better visibility forthe full year
• In Q1 FY22, the Group revenue will witness a decline due to drop in DLM
• Services revenue will witness growth on a sequential basis in Q1 FY22
• DLM revenue drop in Q1 is seasonal and forthe full year, we expect DLM to grow about 20%

EBIT Margin

• The efficiency improvements which started in FY21 and will continue in FY22 and for the full year we expectthe margins to improve by roughly 200 bps
• Despite the headwind of wage hikes, we expect margins to be stable and improve in Q1 (roughly 50 bps).
• Margins in DLM will drop in Q1 due to lower volume and mix change but the YOY margins for the full year will improve > 200 bps.

Others

• We do not expect any export incentives in FY22 as there is no clarity on the new policy
• Q1 FY22 ETR will be in the range of 25-26%

Cyient (Estd: 1991, NSE: CYIENT) is a global engineering and technology solutions company. As a Design, Build, and Maintain partner for leading organizations worldwide, Cyient takes solution ownership across the value chain to help customers focus on their core, innovate, and stay ahead of the curve. The company leverages digital technologies, advanced analytics capabilities, domain knowledge, and technical expertise to solve complex business problems.

Cyient partners with customers 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 defense, healthcare, telecommunications, railtransportation, semiconductor, geospatial, industrial, and energy.

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

Contact Details:

Investor Relations Media Relations Mayur Maniyar Devina Wallang Mobile: +91 9224126705 Mobile: + 91 7829673285

Email: mayur.maniyar@cyient.com Email: devina.wallang@cyient.com

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; Cyient Benelux BV; Cyient Schweiz GmbH; Cyient SRO; AnSem NV; AnSem B.V.; Cyient AB; Integrated Global Partners Pty Limited; Integrated Global Partners Pte. Limited; Integrated Global Partners SpA and IG Partners South Africa (Pty) Ltd

Partly owned subsidiary: Cyient Solutions and Systems Private Limited.

Joint venture: Infotech HAL Ltd

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

Thank you

CYIENT © 2021 CONFIDENTIAL

Investor PRESENTATION Annexure

Q4 FY21 & FY21

CYIENT © CYIENT © 2021 CONFIDENTIAL 2020 CONFIDENTIAL

Message from the Management

Commenting on the results, Mr. Krishna Bodanapu, Managing Director and Chief Executive Officer, said "Q4 FY21 performance was in line with our expectations. We delivered growth of 6% QoQ and 0.4% YoY. Our services revenue at $119.6 Mn was higher by 3.7% QoQ driven by the Semiconductor and Mining & Natural Resources (MNR) sectors. The Aerospace and Defense sector witnessed a growth of 3.9% QoQ. The Design Led Manufacturing (DLM) business recorded the highest ever revenue with a growth of 16.4% QoQ. The EBIT margin at 12.6% was the highest in the last 5 years due to better efficiency and change in revenue mix. For FY21 we recorded revenue of $ 556.8 Mn lower by 10.9% YoY. While services revenue dropped by 16.2% YoY, DLM witnessed a growth of 28.3% YoY. The EBIT margin at 10.1% was higher by 85bps YoY.

This year we also delivered the highest ever Free Cash Flow (FCF) in a year at INR 761 Cr primarily due to reduction in services DSO by 20 days and lower capex. We continue to strengthen our capabilities across key focus areas and in line with our growth focus we launched the "Design for Circularity" consulting and engineering practice. This practice will focus on supporting industries in transitioning towards greater sustainability. We also launched INTELLICYIENT our industry 4.0 suite of solutions focused on asset intensive industries such as mining, manufacturing, aerospace, automotive etc. We will continue to invest in our key growth areas such as Digital, Embedded Software, Geospatial, and Networks.

For FY22, we are confident of double-digit growth. The aerospace business is on the recovery path and we expect the momentum to continue through the next year. Our DLM business is also expected to witness double digit growth. We also expect EBIT margin to improve next year by about 200 bps. We will continue to focus on operational efficiency and cash management and expect cash conversion to continue in line with the current year.

Message from the Management

Commenting on the results, Mr. Ajay Aggarwal, President & CFO, said, "I am pleased to share that Cyient achieved a PAT of INR 3,714 Mn in FY21 which is almost flat to our PAT in FY20 despite a double digit decline in revenue. Revenue for FY21 is $556.8 Mn (de-growth of 10.9% YoY; 12% in CC), EBIT (normalized) INR 4,162 Mn. The normalized EBIT margin was at 10.1% (higher by 85 bps YoY). Our sustained focus on collections and cash conservation initiatives led to significant results with Highest ever Free Cash Flow generation in a year at INR ₹7,609 Mn, a conversion of 113.5% on EBITDA, and a healthy cash balance of INR 14,650 Mn. We have consistently stood by our commitment to enhance shareholder's value. We declared a highest ever final dividend of INR 17 per share (subjectto shareholders approval).

Despite a turbulent year, we saw a well-rounded performance across all parameters for Q4FY21. Our revenue stood at $149.9 Mn (growth of 6% QoQ; 0.4% YoY); EBIT (normalized) at an impressive 12.6% (increased by 148 bps QoQ), PAT atINR 1,107 Mn (growth of 16% QoQ) and Free cash flow atINR 1,897 Mn with EBITDA conversion at 101.3%.

The company embarked on initiatives for cost optimization, operational efficiency and profit improvement. These initiatives, coupled with our enhanced digital capabilities and process optimization, bolstered the growth of Cyientthis year and would continue to yield good results in future. We continue to pursue avenues for organic and inorganic investments. We are confident of delivering a strong performance in FY22. Cyient remains relentless in its focus on sustainable and profitable growth, operational efficiency and margin improvement initiatives to accomplish its endeavor to maximize the shareholder's wealth."

Consolidated Financial Metrics

Key Financial Metrics

				Growth %				Growth %
₹ Mn	Q4 FY21	Q3 FY21	Q4 FY20	QoQ	YoY	FY21	FY20	YoY
Revenue	10,932	10,443	10,736	4.7%	1.8%	41,324	44,274	-6.7%
Normalised EBIT^	1,382	1,165	905	18.6%	52.7%	4,162	4,084	1.9%
Normalised EBIT margin	12.6%	11.2%	8.4%	148 bps	421 bps	10.1%	9.2%	85 bps
Reported PAT	1,031	954	452	8.0%	128%	3,638	3,425	6.2%
Normalised PAT^	1,107	954	754	16.0%	46.8%	3,714	3,727	-0.3%

Key Financial Metrics

$ Mn	Q4 FY21	Q3 FY21	Q4 FY20		Growth %	FY21	FY20	Growth %
				QoQ	YoY			YoY
Revenue	149.9	141.4	149.2	6.0%	0.4%	556.8	625.2	-10.9%
Normalised EBIT	18.9	15.8	12.0	20.1%	58.1%	56.3	57.0	-1.2%
Normalised EBIT margin	12.6%	11.2%	8.4%	148 bps	421 bps	10.1%	9.2%	85 bps
Reported PAT	14.1	12.9	6.1	9.4%	132.7%	49.1	48.1	2.0%
Normalised PAT	15.2	12.9	10.2	17.5%	49.5%	50.1	52.2	-4.0%

Foreign Exchange Rate

$/₹	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Quarter Average	72.95	73.87	71.94	74.21	70.82
Quarter Closing	73.44	73.27	75.39	73.44	75.39

CYIENT © CYIENT © 2021 CONFIDENTIAL 2020 CONFIDENTIAL 4 ^Refer slide 5 for details on normalized EBIT and normalized PAT

PAT and EBIT Walk – Reported to Normalized

PAT walk - Reported to Normalized (₹Mn)

₹ Mn	Note	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Reported PAT		1,031	954	452	3,638	3,425
ExceptionalItems
Impairment of Goodwill	1	309			309
Reversal of earnouts	2	(343)			(343)
Decrease in fair value of minorityinvestment	3	110			110
Exceptional items of Q4FY20^				109		109
Normalized PAT		1,107	954	754	3,714	3,727
EPS(₹)Reported		94	87	41	133	311
EPS(₹)Normalised		101	87	69	338	339
EBIT walk -Reported to Normalized (₹Mn)
Normalised EBIT ₹ Mn	Note	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Reported EBIT		1,073	1,165	464	3,853	3,643
ExceptionalItems
Impairment of Goodwill	1	309			309
Exceptional items of Q4FY20^				37		37
Normalised EBIT		1,382	1,165	905	4,162	4,084

Note	FY21 Exceptional items	₹ Mn	Description
1	Impairment of Goodwill	309	CarryingvalueofthegoodwillofanEuropeanacquisitionhasbeenimpairedduringthequarter,basedonunderlyingbusinessforecasts.However,businessintotalwillcontinue
2	Reversal of earn-outs	-343	Reversaloncontingentconsiderationpayableonpastacquisitionswhicharenotcontractuallypayableduetooneofflowerperformancefortheyear
35	Decrease in fair value ofminority investment	110	OneofourinvesteewaswasacquiredbyanIsraeliCompanyandaspartofthearrangement,preferredholderswerenotentitledtotheproceedsofthetransaction.AccordinglywehavedecreasedthefairvalueoftheinvestmentCYIENT ©CYIENT © 2021 CONFIDENTIAL2020 CONFIDENTIAL

^Refer slide 27 for explanation on exceptional items in FY20

Consolidated Revenue Segmentation

By Geography (%)

	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Americas	47.4%	49.0%	55.7%	49.6%	55.8%
Europe, Middle East, Africa	24.6%	25.3%	25.7%	25.7%	26.4%
Asia Pacific (includes India)	28.0%	25.7%	18.6%	24.7%	17.8%

By Business Unit (%)^

	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Aerospace and Defense	34.1%	32.6%	38.0%	33.7%	37.9%
Transportation	11.0%	11.5%	10.2%	11.3%	10.7%
Energy and Utilities	12.2%	11.9%	12.0%	11.5%	13.1%
Semiconductor, IoT and Analytics	5.0%	4.3%	3.6%	4.6%	4.3%
Medical, Technology and Healthcare	6.5%	7.1%	4.2%	6.9%	4.1%
Communications	23.3%	24.1%	22.6%	23.6%	20.6%
Portfolio	8.0%	8.4%	9.6%	8.4%	9.4%

^Including DLM split across BUs

Consolidated Operations Metrics

Account Receivables (in Days)

	Q4 FY21	Q3 FY21	Q4 FY20
DSO Total	84	88	95
- Billed	66	68	61
- Unbilled	18	20	34

Order Intake ($ Mn)^

	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Cyient Services	166	178	196	555	646
DLM	72	17	60	122	110
Group OI Total	238	195	255	677	756

^The Order Intake reported is the total value of all orders received during the period. Some of these orders are multi year and can be executed over more than 12 months

Consolidated Client Metrics

Top Clients: Revenue Contribution (%)

	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Top 5	33.5%	28.8%	31.4%	29.2%	31.8%
Top 10	44.1%	38.4%	43.6%	40.3%	43.2%

No. of Million $ Clients

	Q4 FY21	Q3 FY21	Q4 FY20
20 Mn+	3	3	5
10 Mn+	8	8	10
5 Mn+	30	30	28
1 Mn+	90	89	86
New Clients Added	6	13	22

There was an error in the count of $ 1Mn+ clients in Q3 FY21 which has now been corrected

Consolidated Employee Metrics

Employee

	Q4 FY21	Q3 FY21	Q4 FY20
Total Headcount	12,032	12,187	13,859
Technical & Pool	11,098	11,248	12,825
Non-Technical	333	334	349
Support	601	605	685
Voluntary Attrition	21.2%	13.2%	18.9%

Consolidated Other Financial Metrics

Capex (₹ Mn)^

	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Capital Expenditure	77	189	683	949	2138

^Capex includes investment and business capex

Cash Position (₹ Mn)

	Q4 FY21	Q3 FY21	Q4 FY20
Cash & Cash Equivalent	14,650	14,313	9,518
Cash & Bank balances	4,017	5,150	4,152
Investments in FDs	10,633	9,163	5,366
Investment in MFs	0	0	0

Outstanding Forward Contracts (Mn of respective currencies)^

	Q4 FY21	Q3 FY21	Q4 FY20
USD / INR	68.0	70.6	70.8
EURO / INR	28.5	29.1	29.5
GBP / INR	6.5	6.8	6.7
AUD / INR	26.9	28.8	28.3

^Forward contracts are taken only for services business

Consolidated Income Statement

₹ Mn	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Operating Revenue	10,932	10,443	10,736	41,324	44,274
Cost of Revenue	6,995	6,826	7,139	27,161	28,963
Direct Salary and related costs	4,031	4,219	4,837	16,766	19,625
Direct Travel	85	81	196	333	769
Delivery Management	200	209	202	912	851
Material cost	1,565	1,319	813	5,049	3,643
Other costs incl Subcontract costs	1,114	998	1,092	4,102	4,075
Gross profit	3,936	3,617	3,596	14,163	15,311
Sales and Marketing	434	423	516	1,671	2,212
General and Administration	1,629	1,544	1,698	6,385	7,139
Depreciation and Amortization	491	485	478	1,945	1,878
EBIT	1,382	1,165	905	4,162	4,084
Financial expenses	129	136	134	481	517
Other income	170	219	206	1,166	1,250
One off/ Exceptional item	76	0	108	76	108
Profit before tax (PBT)	1,347	1,248	868	4,771	4,708
Tax	315	294	208	1,133	1,076
Associate & Minority Profit	-0.4	0.1	-15	0	-13
One off item in tax	0.0	0	194.0	0	194
Profit After Tax (Reported)	1,031	954	452	3,638	3,425
Profit After Tax (Adjusted)	1,107	954	754	3,714	3,727
Basic EPS (₹) (Reported)	9.4	8.7	4.1	33.1	31.1
Basic EPS (₹) (Adjusted)	10.1	8.7	6.9	33.8	33.9
Gross Margin	36.0%	34.6%	33.5%	34.3%	34.6%
EBIT Margin (Normalised)	12.6%	11.2%	8.4%	10.1%	9.2%
Effective Tax Rate (Excl. one offs)	23.4%	23.5%	23.9%	23.7%	22.8%
PAT Margin (Reported)	9.4%	9.1%	4.2%	8.8%	7.7%
PAT Margin (Normalised)	10.1%	9.1%	7.0%	9.0%	8.4%

Consolidated Balance Sheet

₹ Mn	Q4 FY21	Q3 FY21	Q4 FY20
EQUITY AND LIABILITIES
Shareholders' funds
- Share capital	550	550	550
- Reserves and surplus	28,991	27,781	25,027
Total - Shareholders' funds	29,541	28,331	25,577
Non-current liabilities
- Long-term borrowings and liabilities	2,827	3,262	3,556
- Long-term provisions	1,288	1,299	1,151
- Deferred tax liabilities (net)	182	306	378
Total - Non-current liabilities	4,297	4,867	5,085
Current liabilities
- Short-term borrowings	2,302	3,350	2,879
- Trade payables	4,532	3,859	3,729
- Other current liabilities	3,576	3,815	3,822
- Short-term provisions	680	712	705
Total - Current liabilities	11,090	11,736	11,135
TOTAL - EQUITY AND LIABILITIES	44,928	44,934	41,797
ASSETS
Non-current assets
- Property, plant and equipment	8,655	8,910	9,135
- Goodwill	5,830	6,123	5,374
- Non-current investments	344	450	414
- Deferred tax assets (net)	319	428	396
- Other non-current assets	1,262	1,664	1,828
Total - Non-current assets	16,410	17,575	17,147
Current assets
- Inventories	1,586	1,634	2,267
- Current investments	0	3	0
- Trade receivables	8,026	7,670	7,262
- Cash and cash equivalents	14,650	14,313	9,518
- Other current assets	4,256	3,739	5,603
Total - Current assets	28,518	27,359	24,650
TOTAL ASSETS	44,928	44,934	41,797

Consolidated Cash Flow Movement

₹ Mn	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Free cash flow from operations	1,897	1,518	1,074	7,609	3,686
Investment in non current investments	18	(640)	(60)	(637)	(130)
Settlement of deferred consideration	0	0	0	(99)	(204)
pertaining to prior year acquisitions
Interest received	69	175	73	397	538
Finance costs paid	(57)	(51)	(78)	(213)	(292)
Proceeds/(Repayment) of borrowings, net	(1,273)	(118)	(394)	(1,047)	323
Repayment of lease liabilities	(244)	(122)	(226)	(874)	(947)
Payment towards Buyback of shares		0	0		(395)
Proceeds from issue of equity shares	37	0	0	37	17
Dividend paid	0	(2)	(1,182)	(10)	(3,169)
Others	(109)	44	72	(31)	108
Net change in cash	337	804	(721)	5,132	(465)
Opening cash position	14,313	13,509	10,239	9,518	9,983
Closing cash position	14,650	14,313	9,518	14,650	9,518
FCF to EBITDA^Conversion	101.3%	85.8%	75.2%	113.5%	55.2%

^EBITDA used for FCF conversion includes other income part of cash flow from operations

Note: Free Cash Flow (FCF), which was being earlier prepared as per management reporting, has been aligned to statutory reporting with effect from Q1 FY21. Consequently, the comparative periods have also been recast to reflect the change. The format for presentation has also been suitably amended

Other Income for Q4 FY21 & FY21

All Figures in ₹ Mn			Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20	For the quarter
Income from Treasury								•	Otherincomeislowerby₹49Mn
Interest on Invesmtents/Deposits			124	128	94	458	391		(down22.2%QoQ)
Dividend on Mutual Funds			0	0	8	0	29	•	Forwardcontractlossis₹18Mn,
Subtotal (A)			124	128	102	458	420		movementof₹25MnQoQ(mainly
Realised gains/(losses) on Fwd Contracts (B)			(18)	(43)	81	(180)	514		fromfavourablemovementinUSD
Unrealised Fx gains/losses) (C)			34	74	(48)	152	61
Others									contractsvsQ3)
Reversal of Old provisions			5	0	25	38	80	•	UnrealisedFxgainismainlyfrom
Rents received			2	2	2	15	14		restatementofbalancesheetitems
Tax incentives on export of merchandise			0	0	0	519	18		inUKoffsetbylossesinIndia
Others			22	58	44	165	143
Others (D)			29	60	71	736	255
Grand total (A+B+C+D)			170	219	206	1166	1250		For the year
Currency	Q4 FY21		Q3 FY21			Q4 FY20		•	Otherincomeislowerby₹84Mn
Movement	Forward	Spot	Forward	Spot	Forward		Spot		(down6.7%YoY)
USD	76.4	72.7	74.2	74.0	72.8		72.5	•	Treasuryincomeishigherdueto₹7,800
EUR	85.4	86.8	84.3	88.3	85.4		80.4		higheraverageinvestedofMn,despiteloweraverageyield
GBP	97.8	100.3	97.1	98.3	97.4		93.6
AUD	49.2	56.0	51.4	54.2	52.3		47.3	•	ForwardcontractlossismainlyfromlossinEUR,GBPandAUDcontracts

Currency	Q4 FY21		Q3 FY21		Q4 FY20
Movement	Forward	Spot	Forward	Spot	Forward	Spot
USD	76.4	72.7	74.2	74.0	72.8	72.5
EUR	85.4	86.8	84.3	88.3	85.4	80.4
GBP	97.8	100.3	97.1	98.3	97.4	93.6
AUD	49.2	56.0	51.4	54.2	52.3	47.3
CAD	55.8	57.7	56.1	56.7	56.0	54.5

Forward and spot rates represent average of monthly rates

For the quarter

• Other income is lower by ₹49 Mn (down 22.2% QoQ)
• Forward contract loss is ₹18 Mn, movement of ₹25 Mn QoQ (mainly from favourable movement in USD contracts vs Q3)
• Unrealised Fx gain is mainly from restatement of balance sheet items in UK offset by losses in India

For the year

• Other income is lower by ₹84 Mn (down 6.7% YoY)
• Treasury income is higher due to higher average invested of ₹7,800 Mn, despite lower average yield
• Forward contract loss is mainly from

Hedge Book for Q4 FY21

• Due to volatility in major currencies (USD, GBP, EUR, CAD and AUD), the company follows the policy to hedge up to 80% of net inflows forthe rolling 12 months.
• On the current forward contracts, the company has following position for the next 12 months at current spotrates:
  • Outstanding Forward Contract as on 31st Mar'21 in **~ $ 144 Mn**
  • If the spot rate remains at same level (as at 31st Mar 21), forex gain on current forward contracts could be ~$ 6.3 Mn

Cyient Metrics (Excluding Design Led Manufacturing)

Cyient Metrics (Excluding Design Led Manufacturing) (1/3)

By Geography (%)

	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Americas	52.4%	53.1%	57.0%	53.9%	58.4%
Europe, Middle East, Africa	28.3%	28.2%	27.4%	27.9%	26.5%
Asia Pacific (including India)	19.2%	18.6%	15.6%	18.3%	15.1%

By Business Unit (%)

	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Aerospace and Defense	25.4%	25.3%	34.3%	27.2%	33.9%
Transportation	13.5%	13.8%	11.4%	13.4%	12.1%
Energy and Utilities	13.1%	12.9%	11.6%	12.3%	12.9%
Semiconductor, IoT and Analytics	6.2%	5.3%	4.0%	5.6%	4.9%
Medical, Technology and Healthcare	2.8%	2.9%	2.5%	2.9%	2.4%
Communications	29.1%	29.5%	25.5%	28.5%	23.3%
Portfolio	9.9%	10.3%	10.8%	10.2%	10.6%

Onsite/offshore Split (%)

	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Onsite	53.9%	53.1%	54.1%	54.2%	55.4%
Offshore	46.1%	46.9%	45.9%	45.8%	44.6%

Cyient Metrics (Excluding Design Led Manufacturing) (2/3)

Currency Mix (%)

	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
USD	49.5%	52.3%	56.6%	51.5%	56.7%
EURO	14.8%	14.4%	13.2%	14.7%	13.9%
GBP	10.5%	9.7%	10.8%	9.9%	9.3%
AUD	13.5%	12.0%	8.5%	12.7%	9.0%
Others	11.7%	11.6%	10.9%	11.1%	11.0%

Utilization (%)

	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Utilization	83.7%	80.9%	74.5%	79.2%	76.9%

Account Receivables (in Days)

	Q4 FY21	Q3 FY21	Q4 FY20
DSO Total	81	93	101
- Billed	58	68	63
- Unbilled	23	25	38

Cyient Metrics (Excluding Design Led Manufacturing) (3/3)

Top Clients: Revenue Contribution (%)

	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Top 5	35.3%	35.3%	35.5%	35.3%	36.1%
Top 10	47.1%	47.0%	49.2%	47.0%	49.0%

No. of Million $ Clients

	Q4 FY21	Q3 FY21	Q4 FY20
20 Mn+	3	3	5
10 Mn+	8	8	10
5 Mn+	23	23	24
1 Mn+	75	77	75
New Clients Added	6	13	20

There was an error in the count of $ 1Mn+ clients in Q3 FY21 which has now been corrected

Employee

	Q4 FY21	Q3 FY21	Q4 FY20
Total Headcount	11,367	11,559	13,251
Technical & Pool	10,486	10,669	12,272
Non-Technical	311	327	341
Support	570	563	638

Cyient Metrics (Design Led Manufacturing)

Cyient Metrics (Design Led Manufacturing) (1/3)

Income Statement - Abridged (In ₹ Mn)

	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Net Revenue	2,210	1,921	1,222	7,072	5,282
Direct Salaries & other costs	280	270	247	1032	1018
Material Cost	1,565	1,319	813	5,047	3,643
Gross Profit	365	333	162	993	622
SG&A	98	64	131	337	501
Depreciation & amortisation	73	65	38	249	133
EBIT	195	204	(7)	406	(13)
Others	-14	-33	-31	-105	-81
Profit Before Tax	180	170	(38)	302	(94)

By Geography (%)

	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Americas	27.3%	30.6%	45.4%	28.7%	36.5%
Europe, Middle East, Africa	10.0%	12.5%	12.5%	15.3%	25.2%
Asia Pacific (including India)	62.7%	56.9%	42.1%	56.1%	38.3%

Cyient Metrics (Design Led Manufacturing) (2/3)

By Business Unit (%)

	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
Aerospace and Defense	68.4%	65.0%	66.6%	65.0%	67.8%
Transportation	1.1%	1.6%	0.7%	0.9%	0.2%
Energy & Utilities	8.5%	7.5%	14.9%	7.5%	14.6%
Medical	21.3%	25.6%	17.2%	26.2%	16.4%
Communications	0.6%	0.2%	0.1%	0.3%	0.7%
Portfolio	0.1%	0.2%	0.3%	0.1%	0.5%

Currency Mix (%)

	Q4 FY21	Q3 FY21	Q4 FY20	FY21	FY20
USD	37.2%	74.0%	82.5%	62.2%	80.1%
EURO	3.3%	2.0%	5.0%	3.1%	3.9%
AUD	0.0%	0.0%	0.6%	0.1%	0.7%
Others	59.5%	24.0%	12.0%	34.5%	15.3%

There was an error in currency mix in Q3FY21 presentation which has now been rectified

Cyient Metrics (Design Led Manufacturing) (3/3)

No. of Million $ Clients

	Q4 FY21	Q3 FY21	Q4 FY20
5 Mn+	7	7	4
2 Mn+	13	12	9
1 Mn+	15	12	11
New Clients Added	0	0	2

Key Operational Metrics

	Q4 FY21	Q3 FY21	Q4 FY20
Headcount	665	628	608
DSO (in Days)	97	68	45
DPO (in Days)	89	83	73
Customer Advance (in Days)	54	38	119
Inventory (in Days)	125	95	177
Total Cash (₹Million)	347	562	648

Cyient (Estd: 1991, NSE: CYIENT) is a global engineering and technology solutions company. As a Design, Build, and Maintain partner for leading organizations worldwide, Cyient takes solution ownership across the value chain to help customers focus on their core, innovate, and stay ahead of the curve. The company leverages digital technologies,

advanced analytics capabilities, domain knowledge, and technical expertise to solve complex business problems.

Cyient partners with customers 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 defense, healthcare, telecommunications, railtransportation, semiconductor, geospatial, industrial, and energy.

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

Contact Details:

Investor Relations Media Relations Mayur Maniyar Devina Wallang Mobile: +91 9224126705 Mobile: + 91 7829673285

Email: mayur.maniyar@cyient.com Email: devina.wallang@cyient.com

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; Cyient Benelux BV; Cyient Schweiz GmbH; Cyient SRO; AnSem NV; AnSem B.V.; Cyient AB; Integrated Global Partners Pty Limited; Integrated Global Partners Pte. Limited; Integrated Global Partners SpA and IG Partners South Africa (Pty) Ltd

Partly owned subsidiary: Cyient Solutions and Systems Private Limited.

Joint venture: Infotech HAL Ltd

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

Thank you

CYIENT © 2021 CONFIDENTIAL

Note on exceptional items in FY20

Sl.no	ExceptionalItems	₹ Mn	Description
1	Impairment of Global ServicesEngineeringAsia intangible asset	109	Carryingvalueoftheassethasbeenimpairedduringthequarter,basedonforecastofunderlyingbusinesscontracts.However,businessintotalwillcontinue
2	Impairment of intangible asset underdevelopment	222	One-timechargeofRs.222MnrelatingtocostsincurredondevelopmentofcustomizedUAVsystemsinasubsidiaryinviewofthepotentialdelaysinmaterializationoforders.
4	Impairment of CertsafeIP	73	Carryingvalueoftheassethasbeenimpairedduringthequarter,basedonforecastofunderlyingbusinesscontracts
4	Reversal of earn-outs (CertonandAnSem)	-333	Reversalofcontingentconsiderationpayableonpastacquisitionswhicharenotcontractuallypayableduetooneofflowerperformancefortheyear
5	IHAL receivable write-off	37	Carryingvalueoftheassethasbeenwrittenoffduringthequarter,basedonrecoverabilityassessment.
	Oneoff tax provision	194
	Impact of Taxi.Ordinance 2019	56	SwitchoverofeffectivetaxratefromcurrentregimetoOrdinanceandrelateddeferredtaximpact.
	Provision for tax underVivadSeii.Vishwas(VSV) scheme	44	AvailmentofVSVschemeandrelatedprovisions
	Othertax provisionsii.	94	Onetimeimpactofsettledassessmentsandotherprovisions