- Net profit up 16%, managed ATM services income grows 26%
- Cash Logistics Business and Managed Services & Technology Solutions rose by 15 per cent Y-o-Y to Rs 544 crore in Q2FY24
NE BUSINESS BUREAU
MUMBAI, OCT 27
CMS Info System Ltd, a managed ATM business and IT services provider, reported a 25 per cent year-on-year (Y-o-Y) growth in adjusted PAT at Rs 92 crore in the second quarter ended September 2023 (Q2FY23). It had reported a consolidated net profit of Rs 72.5 crore in the quarter ended September 2022 (Q2FY22).
Its consolidated revenues from businesses comprising Cash Logistics Business and Managed Services & Technology Solutions rose by 15 per cent Y-o-Y to Rs 544 crore in Q2FY24. The cash logistics business grew 11 per cent Y-o-Y to Rs 361 crore, and the managed services and tech solutions segment showed a 26 per cent Y-o-Y growth at Rs 206 crore, the company said in a statement.
The new business wins were Rs 500 crore in the reporting quarter. The business wins in the first half (April-September 2023) were Rs 650 crore in Managed Services. The business points for Cash Logistics grew by 12 per cent Y-o-Y at 129,000 at the end of September 2023.
Q2-FY2024 Consolidated Financial Performance:
| Revenue
Rs 544 Crore YoY Growth: 15% |
Adj. EBITDA*
Rs 157 Crore YoY Growth: 15% |
Adj. PAT*
Rs 92 Crore YoY Growth: 25%
|
Adj. PAT Margin*
17% YoY Growth: 130 BPS
|
Q2-FY2024 Segmental Performance:
Cash Logistics Business: Managed Services & Technology Solution Business#:
| Revenue
Rs 361 Crore YoY Growth: 11%
|
EBIT
Rs 95 Crore YoY Growth: 18% |
| Revenue
Rs 206 Crore YoY Growth: 26% |
EBIT
Rs 39 Crore YoY Growth: 23%
|
| #Including Cards Services. | |
Commenting on the performance of the Company, Rajiv Kaul – Executive Vice Chairman, Whole Time Director and CEO said, “Q2’FY24 is our sixth consecutive quarter with 20%+ YoY earnings growth. Our H1 revenue growth of 14% highlights the growth opportunity in the Banking and Retail sectors. Banks are focusing on expansion and refresh of their physical infrastructure, and we are seeing the organized retail category growing well post-COVID. Our consistent performance is testimony to our strong quality and execution of our order book.”
*Adjusted for share-based payment to employees. Calculation of Adj. PAT below.
| INR Cr. | Q2’FY24 | Q1’FY24 | Q2’FY23 |
| Reported PAT | 84.4 | 84.3 | 72.5 |
| Add : Non-cash ESOP Expenses
(Net of Tax) |
7.9 | 2.5 | 1.6 |
| Adj. PAT | 92.3 | 86.8 | 74.1 |
