Slide 1: Corrigendum to the Investor Presentation (stock exchange letter)
24 April 2022 The BSE Limited The National Stock Exchange of India Ltd PJ Towers, 25th Floor, Exchange Plaza, Dalal Street Bandra-Kurla Complex, Bandra (E) Mumbai 400001. Mumbai-400 051. Scrip Code: 532175 Scrip Code: CYIENT Dear Sir/Madam, Sub: Corrigendum to the Investor presentation for the quart
Slide 2: Investor Presentation Q4 FY22 and FY22
INVESTOR PRESENTATION © CYIENT 2022 | Confidential Q4 FY22 and FY22
Slide 3: Confidentiality Statement
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 mann
Slide 4: Leadership Team
Leadership Team KRISHNA BODANAPU AJAY AGGARWAL KARTHIK NATARAJAN Managing Director & CEO Executive Director & CFO Executive Director & COO © CYIENT 2022 | Confidential 3
Slide 5: Highlights, Financial Update, Business Update, Annexures
Highlights Financial Update Business Update • Revenue • BU performance update • Financial Highlights • Business Highlights • Income statement update • Margin bridge • Cash generation © CYIENT 2022 | Confidential Annexures 4
Slide 6: Highlights, Financial Update, Business Update, Annexures
Highlights Financial Update Business Update • Revenue • BU performance update • Financial Highlights • Business Highlights • Income statement update • Margin bridge • Cash generation © CYIENT 2022 | Confidential Annexures 5
Slide 7: Highlights for the Quarter
Highlights for the Quarter Financial Highlights for Quarter • Group revenue at $156.7 Mn; growth of 4.6% YoY and de-growth of 0.8% QoQ (0.4% in CC) 8.1% YoY / -0.2% QoQ (₹ terms) 4.6% YoY / -0.8% QoQ ($ terms) • Services revenue at $130.6 Mn; growth of 9.2% Revenue YoY and 1.1% QoQ (1.6% in CC) Quar
Slide 8: Highlights for the Year
Highlights for the Year Financial Highlights for Year • Group revenue at $608.2 Mn; growth of 9.2% YoY 9.7% YoY (₹ terms) (8.7% in CC) 9.2% YoY ($ terms) Revenue • Services revenue at $503.5 Mn; growth of 9.2% Yearly revenue at ₹45,344Mn/$608.2Mn YoY (8.5% in CC) • DLM revenue at $104.7 Mn; growth o
Slide 9: Highlights for the Quarter: Business Highlights
Highlights for the Quarter MoU with IIT Hyderabad for Research Cyient Partners with iBASEt to Drive Launch of Firmware Over-The-Air Collaboration - Private 5G Center of Business Growth (FOT A) Solution for Connected Excellence Devices • Cyient has signed a Memorandum of • iBASEt’s industry-leading •
Slide 10: Highlights, Financial Update, Business Update, Annexures
Highlights Financial Update Business Update • Revenue • BU performance update • Financial Highlights • Business Highlights • Income statement update • Margin bridge • Cash generation © CYIENT 2022 | Confidential Annexures 9
Slide 11: Revenue for Q4 FY22
Revenue for Q4 FY22 Revenue Q4 FY22 QoQ YoY Q3 FY22 Q2 FY22 Q1 FY22 Q4 FY21 Group $ Mn 156.7 -0.8% 4.6% 157.9 150.1 143.5 149.9 • Services growth at 9.2 % YoY CC growth -0.4% 6.4% • DLM de-growth at 13.8% YoY ₹ Mn 11,812 -0.2% 8.1% 11,834 11,116 10,582 10,932 • Group growth at 4.6% YoY Services $ Mn
Slide 12: Revenue for FY22
Revenue for FY22 Revenue FY22 YoY FY21 FY20 FY19 FY18 Group $ Mn 608.2 9.2% 556.8 625.3 660.0 607.4 • Services growth at 9.2% YoY CC growth 8.7% • DLM growth at 9.5% YoY ₹ Mn 45,344 9.7% 41,324 44,274 46,175 39,175 • Group growth at 9.2% YoY Services $ Mn 503.5 9.2% 461.3 550.7 580.2 545.7 CC growth
Slide 13: Income statement for Q4 FY22
Income statement for Q4 FY22 All Figures in ₹ Mn Q4 FY22 Q3 FY22 Q4 FY21 QoQ EBIT Movement Revenue 11,812 11,834 10,932 • Consolidated EBIT margin stood at 14.5%; up EBIT (Reported) 1,708 1,642 1,073 by 182 bps YoY and 59 bps QoQ EBIT (Normalised) 1,708 1,642 1,382 • Services EBIT margin at 15.4%; u
Slide 14: Income statement for FY22
Income statement for FY22 All Figures in ₹ Mn FY22 FY21 YoY EBIT Movement Revenue 45,344 41,324 • Consolidated EBIT margin stood at 13.9%; higher by 381 EBIT (Reported) 6,297 3,853 bps YoY EBIT (Normalised) 6,297 4,162 • Services EBIT margin at 15.3%; up by 432bps YoY (Please refer slide 14 for YoY
Slide 15: EBIT Margin Bridge for Q4 FY22 & FY22
EBIT Margin Bridge for Q4 FY22 & FY22 Particulars Particulars EBIT Q3 FY22 (Group) 13.9% Normalised EBIT FY21 (Group) 10.1% Add: DLM impact 176 bps Add: DLM impact 90 bps EBIT Q3 FY22 (Services) 15.6% Normalised EBIT FY21 (Services) 11.0% Tailwinds in Q4 FY22 Tailwinds in FY22 Change in revenue mix
Slide 16: Cash Generation for Q4 FY22 & FY22
Cash Generation for Q4 FY22 & FY22 All Figures in ₹ Mn Q4 FY22 Q3 FY22 Q4 FY21 FY22 FY21 Cash Generation Services • Cash and cash equivalents, including long- Profit before tax 1,884 1,692 1,204 6,547 4,558 term treasury investments, at healthy level (+/-) Non-cash & non-operating items 407 395 411
Slide 17: Highlights, Financial Update, Business Update, Annexures
Highlights Financial Update Business Update • Revenue • BU performance update • Financial Highlights • Business Highlights • Income statement update • Margin bridge • Cash generation © CYIENT 2022 | Confidential Annexures 16
Slide 18: BU Performance Q4 FY22
BU Performance Q4 FY22 Business Units $ Mn Q4 FY22 QoQ YoY • Services growth stood at 1.1% QoQ and 1.6% in cc Transportation 47.1 -1.1% 1.5% o C&U witnessed sequential growth of 3.8% Aerospace 33.2 -0.5% 9.6% o Portfolio was relatively flat & marginal de-growth in Rail transportation 13.9 -2.4% -13.
Slide 19: BU Performance FY22
BU Performance FY22 Business Units $ Mn FY22 YoY • Services growth stood at 9.2% YoY and 8.5% in cc Transportation 189.3 1.1% o Robust growth in C&U and Portfolio of 12.6% and 17.5% Aerospace 129.4 3.2% respectively Rail transportation 59.9 -3.1% o Aerospace witnessed YoY growth of 3.2% C&U 179.8 12
Slide 20: Innovative Technology Solutions and Programs
Innovative Technology Solutions and Programs Industry Technology Solutions / Programs Accelerated Connected Product Development with enhanced security & FOTA capabilities: A Secured Firmware Over-The-Air (FOTA) Solution for Connected Devices Enhanced Fiber Planning (Virtual Walkout) solution: A sing
Slide 21: Business Performance & Outlook
BUSINESS PERFORMANCE & OUTLOOK © CYIENT 2021 | Confidential 20
Slide 22: Business Performance & Outlook (1/4)
Business Performance & Outlook (1/4) Transportation Transportation BU unit witnessed marginal de-growth on a sequential basis. The aerospace business stayed relatively flat whereas the rail transportation business witnessed a de-growth. The aerospace sector in general is showing a good recovery, whi
Slide 23: Business Performance & Outlook (2/4)
Business Performance & Outlook (2/4) Communications and Utilities Communications: Communications unit witnessed sequential growth in Q4 FY22, which was our best quarter ever. We won three major deals in Q4, one from a key client in Canada to accelerate their broadband network roll out. This deal is
Slide 24: Business Performance & Outlook (3/4)
Business Performance & Outlook (3/4) Portfolio of Services Medical Technology and Healthcare witnessed positive sequential growth in Q4 FY22. This continues to be driven by the demand for our digital engineering services for new medical device platform development, embedded hardware and software ser
Slide 25: Business Performance & Outlook (4/4)
Business Performance & Outlook (4/4) Portfolio of Services Energy, Industrial and Plant Engineering (EIP) sector provides end-to-end capabilities across the energy value chain for oil and gas, industrial portfolio, and plant engineering. Despite a marginal decline in this quarter, our outlook for FY
Slide 26: Outlook for FY23
Outlook for FY23 Revenue EBIT Margin Others • We will grow in the range • We expect the full year • In FY23 ETR is expected to of 13% – 15% in FY23 in margins to be in the range be around 27% constant currency for the of 13% to 14% Group • We have visibility for a high single digit growth in DLM due
Slide 27: About Cyient
About Cyient 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
Slide 28: Disclaimer
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; Cyient Inc.; Cyient GmbH; Cyient Australia Pty Ltd; Cyient Singapore Private Limited; Cyient KK; Cyi
Slide 29: Connect With Us
#DesigningTomorrowTogether Connect cyient.com With Us Follow us on © CYIENT 2021 | Confidential
Slide 30: Summary of changes post corrigendum
Summary of changes post earnings update Particulars Page reference no. Notes Financial Impact Vs Reported numbers Vs Investor Update to SEBI Group FCF of Q4FY22 and Full year FY22 and Cash Corrected inline with SEBI Page 7,8 and 15 FCF conversion had errors which are now No Impact generation update
Slide 31: Annexure Q4 FY22 and FY22
INVESTOR PRESENTATION © CYIENT 2022 | Confidential Annexure Q4 FY22 and FY22
Slide 32: Message from the Management (CEO)
Message from the Management Commenting on the results, Mr. Krishna Bodanapu, Managing Director and Chief Executive Officer, said “Cyient delivered a robust performance through the year in line with our expectations. For Q4 FY22 we delivered a growth of 4.6% YoY. Our services revenue at $130.6 Mn was
Slide 33: Message from the Management (CFO)
Message from the Management Commenting on the results, Mr. Ajay Aggarwal, Executive Director & CFO, said, “I am pleased to share that our consistent focus on margin improvement in FY22 led to amongst best-in-class YoY PAT growth of 40.6%. We touched a new high on Group EBIT for the year at INR 6,297
Slide 34: Consolidated Financial Metrics
Consolidated Financial Metrics Key Financial Metrics Growth % ₹ Mn Q4 FY22 Q3 FY22 Q4 FY21 FY22 FY21 Growth % YoY QoQ YoY Revenue 11,812 11,834 10,932 -0.2% 8.1% 45,344 41,324 9.7% Reported EBIT 1,708 1,642 1,073 4.0% 59.3% 6,297 3,853 63.4% Reported EBIT margin 14.5% 13.9% 9.8% 59 bps 465 bps 13.9%
Slide 35: Consolidated Revenue Segmentation
Consolidated Revenue Segmentation By Geography (%) Q4 FY22 Q3 FY22 Q4 FY21 FY22 FY21 Americas 53.5% 49.2% 47.4% 49.9% 49.6% Europe, Middle East, Africa 24.6% 25.1% 24.6% 25.7% 25.7% Asia Pacific (includes India) 22.0% 25.7% 28.0% 24.4% 24.7% By Business Unit (%) Q4 FY22 Q3 FY22 Q4 FY21 FY22 FY21 Tra
Slide 36: Consolidated Operations Metrics
Consolidated Operations Metrics Account Receivables (in Days) Q4 FY22 Q3 FY22 Q4 FY21 DSO Total 78 77 84 - Billed 55 57 66 - Unbilled 23 20 18 Order Intake ($ Mn)^ Particulars Q4 FY22 Q3 FY22 Q4 FY21 FY22 FY21 Cyient Services 188 201 166 631 555 DLM 22 25 72 101 122 Group OI Total 210 226 238 732 67
Slide 37: Consolidated Client Metrics
Consolidated Client Metrics Top Clients: Revenue Contribution (%) Q4 FY22 Q3 FY22 Q4 FY21 FY22 FY21 Top 5 26.5% 28.1% 33.5% 27.2% 29.2% Top 10 41.7% 41.7% 44.1% 38.2% 40.3% No. of Million $ Clients Q4 FY22 Q3 FY22 Q4 FY21 20 Mn+ 3 3 3 10 Mn+ 11 10 8 5 Mn+ 34 36 30 1 Mn+ 93 93 90 © CYIENT 2022 | Conf
Slide 38: Consolidated Employee Metrics
Consolidated Employee Metrics Employee Q4 FY22 Q3 FY22 Q4 FY21 Total Headcount 13,428 12,845 12,032 Technical & Pool 12,380 11,858 11,098 Non-Technical 446 347 333 Support 602 640 601 Voluntary Attrition 26.9% 29.3% 21.2% © CYIENT 2022 | Confidential 8
Slide 39: Consolidated Other Financial Metrics
Consolidated Other Financial Metrics Cash Position (₹ Mn) Q4 FY22 Q3 FY22 Q4 FY21 Cash & Cash Equivalent including treasury 15,689 14,768 14,650 investments Cash & Bank balances 4,413 4,144 4,017 Investments in FDs 8,253 7,888 10,633 Investment in MFs 693 301 0 Treasury investments 2,330 2,435 0 Cap
Slide 40: Consolidated Income Statement
Consolidated Income Statement Income Statement ₹ Mn Q4 FY22 Q3 FY22 Q4 FY21 FY22 FY21 Operating Revenue 11,812 11,834 10,932 45,344 41,324 Cost of Revenue 7,293 7,533 6,995 28,455 27,161 Direct Salary and related costs 4,558 4,541 4,031 17,713 16,766 Direct Travel 95 111 85 370 333 Delivery Manageme
Slide 41: Extract of Consolidated Balance Sheet
Extract of Consolidated Balance Sheet Balance Sheet ₹ Mn Q4FY22 Q3FY22 Q4 FY21 EQUITY AND LIABILITIES Shareholders’ funds - Share capital 552 551 550 - Reserves and surplus 30,582 28,913 28,991 Total - Shareholders' funds 31,134 29,464 29,541 Non-current liabilities - Long-term borrowings and liabil
Slide 42: Consolidated Cash Flow Movement
Consolidated Cash Flow Movement ₹ Mn Q4 FY22 Q3 FY22 Q4 FY21 FY22 FY21 Free cash flow from operations 1,225 1,596 1,897 5,719 7,609 Investment in non current investments 142 (2,325) 18 (2,557) (637) Settlement of deferred consideration (0) (0) 0 (225) (99) pertaining to prior year acquisitions Inter
Slide 43: Other Income
Other Income For the quarter All Figures in ₹ Mn Q4 FY22 Q3 FY22 Q4 FY21 FY22 FY21 Income from Treasury • Treasury income is higher due to higher yield Interest on Investments/Deposits 134 97 124 473 458 and increase in average invested cash Dividend on Mutual Funds 4 8 0 12 0 Subtotal (A) 138 105 1
Slide 44: Hedge Book
Hedge Book Value in Respective Outstanding ForwardContracts* Currency Mn. Booked Rate (in ₹) for next 12 Months Wgt.Avg Variance of 2.8 31-Mar-22 31-Dec-21 31-Mar-21 154157 7.0 6.8 135 2.1 106.6 99.6 91.4 1.2 77.9 84.6 75.8 0.4 75 75 61.9 60.7 65 57.3 56.9 30 32 28 18 20 17 28 2927 7 7 6 USD EUR GBP
Slide 45: Cyient Metrics (Excluding Design Led Manufacturing)
Cyient Metrics (Excluding Design Led Manufacturing) © CYIENT 2022 | Confidential 15
Slide 46: Cyient Metrics (Excluding DLM) (1/3)
Cyient Metrics (Excluding Design Led Manufacturing) (1/3) By Geography (%) Q4 FY22 Q3 FY22 Q4 FY21 FY22 FY21 Americas 55.5% 54.2% 52.4% 53.7% 53.9% Europe, Middle East, Africa 25.9% 28.1% 28.3% 27.3% 27.9% Asia Pacific (including India) 18.5% 17.8% 19.2% 19.1% 18.3% By Business Unit (%) Q4 FY22 Q3 F
Slide 47: Cyient Metrics (Excluding DLM) (2/3)
Cyient Metrics (Excluding Design Led Manufacturing) (2/3) Currency Mix (%) Q4 FY22 Q3 FY22 Q4 FY21 FY22 FY21 USD 52.2% 53.9% 49.5% 51.8% 51.5% EURO 11.1% 11.9% 14.8% 12.4% 14.7% GBP 9.6% 9.4% 10.5% 9.4% 9.9% AUD 11.2% 10.9% 13.5% 12.4% 12.7% Others 15.9% 13.9% 11.7% 14.0% 11.1% Utilization (%) Q4 FY
Slide 48: Cyient Metrics (Excluding DLM) (3/3)
Cyient Metrics (Excluding Design Led Manufacturing) (3/3) Top Clients: Revenue Contribution (%) Q4 FY22 Q3 FY22 Q4 FY21 FY22 FY21 Top 5 30.6% 31.5% 35.3% 32.9% 35.3% Top 10 42.6% 44.3% 47.1% 45.2% 47.0% No. of Million $ Clients Q4 FY22 Q3 FY22 Q4 FY21 20 Mn+ 3 3 3 10 Mn+ 11 10 8 5 Mn+ 25 27 23 1 Mn+
Slide 49: Cyient Metrics (Design Led Manufacturing)
Cyient Metrics (Design Led Manufacturing) © CYIENT 2022 | Confidential 19
Slide 50: Cyient Metrics (Design Led Manufacturing) (1/3)
Cyient Metrics (Design Led Manufacturing) (1/3) Income Statement - Abridged (In ₹ Mn) Q4 FY22 Q3 FY22 Q4 FY21 FY22 FY21 Net Revenue 1,977 2,161 2,210 7,813 7,072 Direct Salaries & other costs 260 291 280 1114 1032 Material Cost 1,355 1,578 1,565 5,497 5,047 Gross Profit 362 292 365 1,201 993 SG&A 10
Slide 51: Cyient Metrics (Design Led Manufacturing) (2/3)
Cyient Metrics (Design Led Manufacturing) (2/3) By Business Unit (%) Q4 FY22 Q3 FY22 Q4 FY21 FY22 FY21 Transportation total 64.9% 74.6% 69.5% 67.8% 65.9% Aerospace 64.0% 73.8% 68.4% 66.1% 65.0% Rail transportation 0.9% 0.7% 1.1% 1.7% 0.9% C&U total 0.0% 0.3% 0.6% 0.2% 0.3% Communications 0.0% 0.3% 0
Slide 52: Cyient Metrics (Design Led Manufacturing) (3/3)
Cyient Metrics (Design Led Manufacturing) (3/3) No. of Million $ Clients Q4 FY22 Q3 FY22 Q4 FY21 5 Mn+ 9 9 7 2 Mn+ 11 11 13 1 Mn+ 15 16 15 New Clients Added 0 1 0 Key Operational Metrics Q4 FY22 Q3 FY22 Q4 FY21 Headcount 594 672 665 DSO (in Days) 73 90 97 DPO (in Days) 68 70 89 Customer Advance (in
Slide 53: About Cyient
About Cyient 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
Slide 54: Disclaimer
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; Cyient Inc.; Cyient GmbH; Cyient Australia Pty Ltd; Cyient Singapore Private Limited; Cyient KK; Cyi
Slide 55: Connect With Us
#DesigningTomorrowTogether Connect cyient.com With Us Follow us on © CYIENT 2022 | Confidential
Slide 56: Summary of changes post corrigendum
Summary of changes post earnings update Particulars Page reference no. Notes Financial Impact Vs Reported numbers Vs Investor Update to SEBI Group FCF of Q4FY22 and Full year FY22 and Cash flow Corrected inline with SEBI Page 12 FCF conversion had errors which are now No Impact movement update corre