Any current/future new fundraising through debt or equity?

There is no direct mention of any current or planned new fundraising through debt or equity in the provided transcript. The company emphasizes a cautious approach towards capital allocation, focusing on organic growth and selective acquisitions only if highly accretive. Rajiv Kaul states they are tracking M&A opportunities but are wary of purchasing businesses at high valuations, preferring to invest capital in expanding new sectors rather than buying market share. No mention is made of any planned equity issuance or debt raising during this period. ESOPs were granted in 2023 and will have som

Any current/future capex/capital investment/strategic investment?

CMS Info Systems has made a capex investment of around INR 40-41 crores in H1 FY '24. The company guides a full-year capex of INR 150-175 crores for FY '24, expected to be on target. Strategic investment includes setting up an ATM and currency recycler manufacturing plant in India in partnership with Nautilus Hyosung (Korea) to align with the government's Make in India policy and ensure supply chain control. The manufacturing plant has a capacity of about 2,000 machines per month, with potential for expansion. Recent order wins (around INR 650 crores in H1 FY '24) are asset-light and thus do n

Future growth expectations in sales/revenue/volumes?

CMS Info Systems targets a revenue growth trajectory of 15% to 17% annually up to FY ’25. Diverse business portfolio ensures steady growth, with some segments leading in certain quarters. Managed Services and Tech Solutions business expected to cross 40% revenue contribution by FY ’25. The cash logistics sector's growth will increasingly come from retail cash management, driven by formalization and expansion of organized retail touchpoints. Continued robust pipeline for ATM orders, with about 51,000 ATM RFPs expected to be awarded in H2 FY ‘24, providing momentum for banking automation and ATM

Future growth expectations in earnings/operating earnings/profits/EPS?

CMS Info Systems reported a 15% revenue growth and 25% adjusted PAT growth in Q2 FY '24, marking the sixth consecutive quarter with over 20% PAT growth. They expect to double revenue by FY ’25 from INR1,300 crores (FY ’21) to INR2,500-2,700 crores. Margin profiles are being maintained strongly despite high inflation, with EBIT margin expansion noted. Growth drivers include diversified businesses like cash logistics, managed services, and tech solutions, with managed services expected to contribute around 40% of revenue by FY ’25. Growth is anticipated across all businesses, not just retail, wi

Current/ Expected Orderbook/ Pending Orders?

The current gross order book for managed services is approximately INR 3,800 crores. Out of this, INR 2,800 crores order book has already been executed, with revenue recognized over 5 to 7 years. Recent new order wins amount to INR 650 crores in the first half of FY '24, mainly asset-light, to be accrued over 3 to 5 years. Around 51,000 ATM tenders/RFPs are expected to be awarded in FY '24, with two-thirds under the Brown Label ATM (BLA) model. CMS Info Systems is selective about participating in BLA contracts but focused on cash logistics and Remote Monitoring Service (RMS) businesses. The co

CMS Info SystemsQ2 FY24Commercial Services & Supplies

CMS Info Systems Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹221P/E: 12.4Market Cap: ₹3.7K CrSector: Commercial Services & Supplies

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

CMS Info Systems targets a revenue growth trajectory of 15% to 17% annually up to FY ’25.
Diverse business portfolio ensures steady growth, with some segments leading in certain quarters.
Managed Services and Tech Solutions business expected to cross 40% revenue contribution by FY ’25.
The cash logistics sector's growth will increasingly come from retail cash management, driven by formalization and expansion of organized retail touchpoints.
Continued robust pipeline for ATM orders, with about 51,000 ATM RFPs expected to be awarded in H2 FY ‘24, providing momentum for banking automation and ATM services.
Expansion and refreshment of bank physical infrastructure and growth in e-commerce support sustained demand.
Confidence to double revenue from INR 1,300 crores (FY ’21) to INR 2,500-2,700 crores by FY ’25 based on current momentum.

Margin guidance

Category 3

CMS Info Systems reported a 15% revenue growth and 25% adjusted PAT growth in Q2 FY '24, marking the sixth consecutive quarter with over 20% PAT growth.
They expect to double revenue by FY ’25 from INR1,300 crores (FY ’21) to INR2,500-2,700 crores.
Margin profiles are being maintained strongly despite high inflation, with EBIT margin expansion noted.
Growth drivers include diversified businesses like cash logistics, managed services, and tech solutions, with managed services expected to contribute around 40% of revenue by FY ’25.
Growth is anticipated across all businesses, not just retail, with higher momentum post-COVID.
New banking automation and ATM orders worth INR650 crores were secured in H1 FY ’24.
Pipeline for auto wins and managed services order book (~INR3,800 crores) looks promising.
The company aims for 15-17% revenue growth trajectory till FY ’25 and cautious capital deployment focused on organic growth and high returns rather than aggressive M&A.

See what CMS Info Systems management said on margin guidance — free account, 30 seconds.

Fundraise plans

There is no direct mention of any current or planned new fundraising through debt or equity in the provided transcript.
The company emphasizes a cautious approach towards capital allocation, focusing on organic growth and selective acquisitions only if highly accretive.
Rajiv Kaul states they are tracking M&A opportunities but are wary of purchasing businesses at high valuations, preferring to invest capital in expanding new sectors rather than buying market share.
No mention is made of any planned equity issuance or debt raising during this period.
ESOPs were granted in 2023 and will have some financial impact, but this is related to employee stock options, not external fundraising.
Overall, the focus appears to be on internal growth and operational expansion rather than immediate fundraising.

Order book

Yes

The current gross order book for managed services is approximately INR 3,800 crores.
Out of this, INR 2,800 crores order book has already been executed, with revenue recognized over 5 to 7 years.
Recent new order wins amount to INR 650 crores in the first half of FY '24, mainly asset-light, to be accrued over 3 to 5 years.
Around 51,000 ATM tenders/RFPs are expected to be awarded in FY '24, with two-thirds under the Brown Label ATM (BLA) model.
CMS Info Systems is selective about participating in BLA contracts but focused on cash logistics and Remote Monitoring Service (RMS) businesses.
The company anticipates continued momentum with RFPs in the pipeline for the rest of the year for managed services and tech solutions.

See what CMS Info Systems management said on order book — free account, 30 seconds.

Capex plans

Yes

CMS Info Systems has made a capex investment of around INR 40-41 crores in H1 FY '24.
The company guides a full-year capex of INR 150-175 crores for FY '24, expected to be on target.
Strategic investment includes setting up an ATM and currency recycler manufacturing plant in India in partnership with Nautilus Hyosung (Korea) to align with the government's Make in India policy and ensure supply chain control.
The manufacturing plant has a capacity of about 2,000 machines per month, with potential for expansion.
Recent order wins (around INR 650 crores in H1 FY '24) are asset-light and thus do not require heavy capex.
CMS is focusing on organic growth and being selective about acquisitions, preferring capital deployment in new sectors rather than high-priced deals in cash management.

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CMS Info Systems Q2 FY24 Earnings Call Analysis

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