CMS Info Systems reports robust growth in Q3-FY2024 with significant business wins
In the latest financial quarter ending Q3-FY2024, CMS Info Systems Limited, India’s premier business services provider specializing in banking logistics and technology solutions, announced an impressive set of results, underlining the company’s ongoing growth and strategic market positioning. The consolidated financial performance for the quarter reveals significant year-over-year (YoY) growth, with revenue hitting INR 582 Crore, marking a 19% increase. The company’s adjusted EBITDA stood at INR 163 Crore, showing a 16% YoY growth, while the adjusted Profit After Tax (PAT) surged by 22% YoY to INR 96 Crore. Notably, the adjusted PAT margin expanded by 40 basis points to 16.5%.
Segmental Performance Insights
The Cash Logistics Business, alongside the Managed Services & Technology Solution Business, demonstrated robust growth. The revenue from these segments reached INR 375 Crore, with an 11% YoY increase, while the EBIT for the same period grew by 14% YoY to INR 98 Crore.
Key Highlights and Strategic Wins
Q3-FY2024 was marked by significant business achievements for CMS Info Systems, including new business wins amounting to INR 600 Crore during the quarter, bringing the year-to-date (YTD) total to INR 1,250 Crore in the Managed Services & Technology Solution business. The company secured a mandate for its ALGO AIoT Remote Monitoring Solution across 2,000 new sites and expanded its cash logistics network by adding 4,000 business points, reflecting a 10% YoY growth. Additionally, CMS Info Systems strengthened its infrastructure by augmenting its fleet with 500 vans (YTD).
CMS Info Systems Q3-FY2024 Earnings Highlight Strong Growth and Expanding Market Footprint
Executive Insights
Rajiv Kaul, Executive Vice Chairman, Whole Time Director, and CEO of CMS Info Systems, expressed satisfaction with the company’s performance, attributing the strong revenue and PAT growth to advancements across the company’s platform. “Our integrated platform is helping us execute a large order book. We have also won new orders, and our total order book has grown to INR 4,400 Cr,” Kaul remarked. He further highlighted the company’s solutions and technology automation capabilities as key drivers for forging deeper enterprise relationships. Looking ahead, CMS Info Systems aims to achieve a growth rate of 17% – 19% in FY24, with projected revenues in the range of INR 2250-2300 Cr for FY24.
CMS Info Systems Limited stands as a leading business services company in India, offering a comprehensive suite of logistics and technology solutions to banks, financial institutions, organized retail, and e-commerce companies. With a vast presence across Cash Logistics, ATM Managed Services, and Technology Solutions, CMS is not only India’s largest cash management company by the number of ATM points and retail pick-up points but also ranks among the top ATM cash management companies globally.
The collaboration between CMS Info Systems’ expertise in banking logistics and technology services has solidified its position as a key player in India’s business services sector, poised for continued growth and innovation in the evolving market landscape.