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Aditya Sharma    


Mumbai, India

I am a MBA students and simultaneously reading on capital market to get some knowledge on fundamental research where I more focus on business model, opportunity size of the industry and their related parameters who help me out to find out great businesses for the investment. Nevertheless, I always look forward to learn about grow further into the same.

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Contributor since: 2022

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CMSINFO

Comments: 0 | Likes: 0 | Current Price: ₹ 472.65


CMS Info Systems Ltd

CMS Info Systems Ltd: A Leading Cash Management Company


About The Company

CMS Info Systems Limited is India's largest cash management company in terms of the number of ATM points and retail pick-up points as of March 31, 2021. The company is engaged in installing, maintaining, and managing assets and technology solutions on an end-to-end outsourced basis for banks, financial institutions, organized retail and e-commerce companies in India.

Business Segment

Cash management services (69% of FY21 revenues): Includes end-to-end ATM replenishment services; cash pick-up and delivery; network cash management and verification services;
Managed services (28% of FY21 revenues): Includes banking automation product sales, deployment, and associated annual maintenance; end-to-end Brown Label deployment and managed services for banks; The company has an order book of Rs 2,000 crore to be executed over the next 5-7 years.
Others (3.5% of FY21 revenue): Includes end-to-end financial cards issuance and management for banks and card personalization services.

Integrated Business model It caters to a broad set of outsourcing requirements for banks, financial institutions, organized retail, and e-commerce companies in India and has a track record of successfully incubating and building multiple new service lines. In 2017, they acquired the business of a small Brown Label ATM services. In addition, in 2019, they entered the multi-vendor software solutions segment and are now a leading player for multi-vendor software opportunities in India. Their presence across the entire value chain makes it a one-stop solution for its customers.

Business Highlights Snalshop

Business Key Verticals

Cash Management

  • End-to-end ATM replenishment – inclusive of cash withdrawal, ATM replenishment, cash evacuation and deposition for BNA/recyclers, day-end reporting, reconciliation and settlement
  • Cash pick up and delivery from retail outlets and enabling settlement with retailers’ banks
  • Currency movement inter/intra city for Banks

Managed Service

  • Sales, deployment, and maintenance of ATMs
  • Brown label ATM Deployment
  • Managed Services for bank owned ATM networks
  • Management and personalization of cards

Tech Solution

  • Software solutions
    AI based Remote Monitoring

PAN India Presence

CMS presence across the cash value chain

CMS Journey So Far

Business Performance

Cash Management Business

Managed Service Business

CMS Competitive Edge

India Industry Size

India Is The World’s 3rd Largest ATM Market With Significant Underpenetration In SURU(1) And Low Cash Velocity

Cash Transactions in India to grow at higher CAGR than previous years

Financial Performance

Cash Management

  • Cash management activities up +6% QoQ in Q2 despite slowdown in consumption, particularly in rural India
  • Currency handled in the quarter up 12% YoY
  • On track to achieve the company’s annual compliance target

Managed Services

  • Total orderbook expands to INR 2,800 Crore+ with INR 600 Crore+ new wins in H1
  • AI-based remote monitoring base crosses 18,500 sites in Sep’22
  • Conducting pilots with new customers in banking and NBFC space in Remote monitoring

Profit and Loss So Far

Balance Sheet

Cash Flow Statement

Management

Shareholding Pattern

Opportunity Size

Strength

Leading player in cash management business – Incorporated in 2008, CMS is the leading player across all verticals of cash management business. Along with its subsidiary (Securitrans India Private Limited), the company manages almost 70,000 ATMs (as of March 2022), which form ~46% of the total outsourced ATMs in India, and ~28% of the total ATMs in India.

Leading in cash management - CMSINFO is India’s #1 cash management company based on number of ATMs serviced and retail pick-up points as of March 31, 2022, commanding a leading ~46% market share in the ATM cash management business, ~36% market share in the retail cash management business and ~26% market share in the cash-in-transit business. The company handles ~36% of the Rs 31 trillion that makes up India’s total cash in circulation (CIC). The company is also one of the largest ATM cash management companies worldwide based on number of ATM points as of March 31, 2022.

CMS can grow double digit in the next 5 year - (1) renewal/ replacement of ATMs over next 3 years, (2) compliance requirements leading to higher realization (route and cassette swap), (3) consolidation into an oligopoly (similar to global markets) with smaller players exiting the market space owing to strict compliance regulations (requiring upfront costs), and (4) increased outsourcing by banks.

 

Disclosure:

I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Business relationship disclosure:

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Stocx Research Club). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure:

Source - Company Presentation, Research Report. Disc - Given company in the company and information is for an knowledge purpose as this is not an recommendation.

Disclosure legality:

I am not a SEBI Registered individual/entity and the above research article is only for educational purpose and is never intended as trading/investment advice.

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