CMS Info Systems (CMSINFO) Q2 24/25 earnings summary

Executive summary

• Revenue grew 16% YoY in H1 FY25 and 15% YoY in Q2 FY25, driven by both Cash Logistics and Managed Services & Technology Solutions segments.

• Maintained market leadership in cash logistics, banking automation, and remote monitoring, with a 17% revenue CAGR from FY09 to FY24.

• Prolonged monsoons and an extended election cycle impacted consumption, affecting cash logistics and BLA network activity.

• Recognized for financial strength and governance, winning the Best CFO 2024 award.

• New business adjacencies, especially IoT RMS and AI use cases, are scaling with pilots in retail and BFSI.

Financial highlights

• Q2 FY25 consolidated revenue was ₹6,245.37 million, up 15% YoY; H1 FY25 revenue was ₹12,240 million, up 16% YoY.

• Q2 FY25 PAT was ₹909.17 million, up 8% YoY; H1 FY25 PAT was ₹1,817 million, up 8% YoY.

• Managed services and technology revenue grew 28% YoY to ₹2,467.17 million in Q2 FY25; cash logistics revenue grew 8% YoY to ₹3,898.86 million.

• EBITDA margin declined to 24.5% in Q2 FY25 (down 230 bps YoY); PAT margin at 14.5–14.8%.

• CapEx spend in H1 FY25 was ₹657 million, with full-year estimate revised to ₹2,500–2,700 million.

Outlook and guidance

• FY25 revenue guidance remains ₹2,500–2,700 crore, with expectations to reach the midpoint.

• H2 expected to be stronger as order book execution accelerates and festive season demand picks up.

• Growth drivers include ATM outsourcing, compliance roll-outs, AloT remote monitoring, and new business lines.

• Cash logistics business projected to grow at 10–13% midterm, driven by formalization and outsourcing.

• Large addressable market (TAM) expected to reach ₹22,000 crore by FY27, with 17–25% CAGR across key segments.