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AGS Transact Technologies Results: Latest Quarterly Results & Analysis

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AGS Transact Technologies Ltd. 04 Nov 2024 12:06 PM
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H1FY25 & Q2FY25 Result Announced for AGS Transact Technologies Ltd.

Internet Software & Services company AGS Transact Technologies announced QH1FY25 & 2FY25 results

Q2FY25 Financial Highlights:

  • Total income stood at Rs 3,681 million.
  • EBITDA stood at Rs 1,047 million; EBITDA margin stood at 28.4%.
  • PAT stood at Rs 152 million.
  • Revenue from Services accounted for 87.6% of the Revenue from Operations comprising Payment Solutions (Cash and Digital) – 81.4% and AMC Services and upgrades – 6.2%.
  • Segment mix: Payment Solutions – 81.4% (Cash – 67.4% and Digital – 14%), Banking Automation Solutions – 17% and Other Automation Solutions – 1.6%

H1FY25 Financial Highlights:

  • Total income stood at Rs 7,197 million.
  • EBITDA stood at Rs 2,100 million; EBITDA margin stood at 29.2%.
  • PAT stood at Rs 290 million.
  • Revenue from Services accounted for 90.5% of the Revenue from Operations comprising Payment Solutions (Cash and Digital) – 84.1% and AMC Services and upgrades – 6.4%.
  • Segment mix: Payment Solutions – 84.1% (Cash – 67.5% and Digital – 16.6%), Banking Automation Solutions – 14.7% and Other Automation Solutions – 1.3%.

Other Highlights:

  • Commenced issuance of zero-KYC National Common Mobility Card (NCMC) as per updated RBI guidelines, at Chennai Metro and Bangalore Metro. This is in addition to the min. KYC NCMC being issued with RBL Bank. Total ~ 60,000 NCMCs issued to date.
  • Onboarded 2000 fleet vehicles in the pilot of open-loop contactless fuelling solution on Ongo app.
  • Strengthened security measures across 26,000 ATMs in its network as per the latest security upgrades released by GMV, a Europe-based global leader in advanced technology solutions.
  • Commenced Implementation & Management of Prepaid Card Platform for IndianOil’s Flagship ‘XtraPower’ Fuel & Fleet Management Program, with an Order Value of Rs 58 crore Over Five Years.
  • Successful renewal of contract from Indian Bank for reconciliation of card and digital transactions. The company will earn a projected revenue of Rs 50 crores over a period of 3 years.

Ravi B. Goyal, Chairman and MD, AGS Transact Technologies Limited said: “We are pleased to report a consistent performance during this financial year with both quarters delivering healthy EBITDA and PAT margins. In Q2FY25, our total income stood at Rs 3,681 million with an EBITDA of Rs 1,047 million and PAT of Rs 152 million. In the first half of the year, our total income was Rs 7,197 million, EBITDA Rs 2,100 million, and PAT 290 million.

As India’s payments landscape rapidly evolves, AGS Transact Technologies is well-positioned to lead this transformation. Our Ongo ecosystem taps niche opportunities like the growing mobility payments space, where initiatives like ‘Ongo Ride’ a zero-KYC, instant NCMC solution – present a great potential to benefit from the projected metro ridership growth to 12 million. Furthermore, Ongo’s fuelling solution has gained traction with over 2,000 fleet vehicles now onboarded in the pilot phase.

Our co-branded prepaid program provides Ongo users with a safer and more convenient payment experience across travel and retail touchpoints. Parallelly, the ATM segment also shows promise with the expansion of bank branches and RFPs. A recent media report indicates the country’s largest PSU considering outsourcing around 10,000 onsite ATMs, underscoring a positive trend in the industry. As digitalisation shapes banking, trends like Digital Banking Units, UPI integration, Cash Recycler Machines (CRM), and cassette swapping present new revenue streams, which will further strengthen our cash payments portfolio.

Looking ahead to the second half of FY25, we are focused on sustaining growth momentum and exploring strategic collaborations solidifying our leadership in omnichannel payments.”

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 Internet Software & Services firm AGS Transact Technologies announced Q1FY23 Result :

  • Q1FY23 EBITDA grew by more than 35% on YoY basis
  • The company’s finance cost declined by 40% in Q1FY23 to Rs. 352 mn due to redemption of NCDs post IPO of the company
  • Total income stood at Rs. 4,272 mn for Q1FY23
  • Adjusted EBITDA stood at Rs. 1,269 mn for Q1FY23; Adjusted EBITDA margin for Q1FY23 stood at 29.7%
  • PAT stood at Rs. 192 mn for Q1FY23
  • During the quarter, Revenue from Services accounted for 96% of our Revenue from Operations comprising Payment Solutions (Cash and Digital) – 80% and AMC Services and upgrades – 16%
  • Segment mix: Payment Solutions – 80% (Cash – 65% and Digital – 15%), Banking Automation Solutions – 12% and Other Automation Solutions – 8%
  • In Q1FY23, while the total income increased marginally by 3% on YoY basis
  • In Q1FY23, EBITDA witnessed a 35% YoY increase primarily on account of higher contribution and margins in the standalone, SVIL and ITSL businesses
  • During Q1FY23, the company’s finance cost declined by 40% to Rs. 352 mn due to redemption of NCDs post the IPO of the company
  • The company’s Consolidated net debt stood at Rs. 6,457 mn as on June 30, 2022
  • The company reported a PAT of Rs. 192 mn in Q1FY23 against the loss of Rs 288 mn for Q1FY22

Commenting on the performance Mr. Ravi B. Goyal, Chairman and MD, AGS Transact Technologies Limited said, “I am delighted to share that we have begun the year on a positive note with Q1FY23 EBITDA growing at more than 35% on YoY basis, and PAT stood at Rs. 192 mn. For Q1FY23, total income stood at Rs. 4,272 million as against Rs. 4,136 million for Q1FY22. Overall, the business continues to be on a growth trajectory as reflected in our operating business performance in the quarter, which would substantiate our overall FY23 performance. Our endeavor is to deliver higher profitability in FY23 as compared to FY22.

Our focus is on creating one of the largest integrated omni-channel payment platforms in the country by providing innovative digital and cash payment solutions to our clients across sectors. We will continue to leverage our digital payment platform Ongo to provide paymentas-a-convenience to corporates, merchants and consumers, through our comprehensive portfolio mix which includes all-in-one POS and Value-added Services (VAS) like prepaid or loyalty programs etc.. We are very optimistic about ATM outsourcing market owing to a healthy pipeline of fresh RFPs from leading public and private sector banks. RBI’s recent initiatives such as the Interoperable Cardless Cash Withdrawal (ICCW) on ATMs via UPI and setting up 75 digital banking units in 75 districts of the country by scheduled commercial banks, offers a vast opportunity to AGSTTL to expand our existing business.

Our longstanding relationship with our customers across industries puts us in an advantageous position for our new business and cross selling opportunities and enhances our market reputation. We will continue to leverage our key strengths/tech-capabilities to innovate and offer customized payment solutions across value chain, further contributing towards strengthening of the overall payment infrastructure in the country.”

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Software and Services company AGS Transact Technologies announced Q4FY22 results:

  • FY22:
    • Total income stood at Rs. 17,973 million for FY22
    • Adjusted EBITDA stood at Rs. 4,790 million for FY22; Adjusted EBITDA margin for FY22 stood at 26.7%
    • Adjusted PBT excluding non-recurring items stood at Rs. 869 million for FY22
    • Total Income Mix - FY22
      • During the year ended March 31, 2022, Revenue from Services accounted for 90% of our Total Income comprising Payment Solutions (Cash and Digital) – 76% and AMC Services and upgrades – 14%
      • Segment mix: Payment Solutions – 76% (Cash – 61% & Digital – 15%), Banking Automation Solutions – 11% of revenues and Other Automation Solutions – 13%
  • Q4FY22:
    • Total income stood at Rs. 4,050 million for Q4FY22
    • Adjusted EBITDA stood at Rs. 1,160 million for Q4FY22; Adjusted EBITDA margin for Q4FY22 stood at 28.6%
    • Adjusted PBT excluding non-recurring items stood at Rs. 147 million for Q4FY22
    • Total Income Mix – Q4FY22
      • During the quarter, Revenue from Services accounted for 96% of our Total Income comprising Payment Solutions (Cash and Digital) – 78% and AMC Services and upgrades  18%
      • Segment mix: Payment Solutions – 78% (Cash – 62% and Digital – 16%), Banking Automation Solutions – 14% and Other Automation Solutions – 8%

Commenting on the performance Mr. Ravi B. Goyal, Chairman and MD, AGS Transact Technologies Limited said, “FY22 has been a significant year for AGS Transact Technologies in terms of the stock exchange listing, launch of our digital platforms & solutions, expansion of ATM networks, and conceiving & delivering numerous automation solutions.

During the year ended March 31, 2022, we successfully expanded our operations servicing approximately 465,000 customer touch points across 2200 cities & towns in India. We delivered a steady financial performance in FY22 with total income of Rs. 17,973 million.

With a strong pipeline of new RFPs from leading public and private sector banks, we are very optimistic for our ATM outsourcing segment. The ATM outsourcing segment has got a shot in the arm with RBI’s proposal to set up 75 Digital Banking Units (DBUs) in 75 districts of the country by Scheduled Commercial Banks. As per RBI guidelines, banks are free to adopt an in-sourced or out-sourced model for operations of DBUs. We are looking forward to tap this opportunity. Additionally, the RBI’s circular on interoperable cardless withdrawal on ATMs (ICCW), i.e., cardless cash withdrawal from ATM via UPI, will encourage overall transactions on ATM by providing a faster & more secure form of cash withdrawal. AGS Transact pioneered this solution in 2019 with the introduction of QR-based cardless cash withdrawal on a leading public sector bank’s ATM.

Our longstanding relationship with our customers across industries puts us in an advantageous position for new business and cross-selling opportunities and enhances our market reputation.

Our near-term objectives are to grow and scale up our digital business, and pivot from payment-as-a-service, to payment-as-a-convenience through the Ongo Card and ecosystem. We will continue to add more merchants to our Ongo ecosystem, with focus on OMCs, and offer customised digital solutions in addition to the integrated payments platform via Ongo PoS terminals.”

 

 

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