Driving Banking Automation Solutions Forward
AGS Transact Technologies, under the visionary leadership of Chairman and Managing Director, Mr. Ravi B. Goyal, is making significant strides in the realm of omni-channel payment solutions in India. Let’s delve into the recent developments and the company’s forward-looking vision.
Winning Key Contracts: Fortifying ATM Outsourcing Business
AGS Transact Technologies recently secured a monumental contract with the State Bank of India (SBI) for the supply, installation, and maintenance of over 2,500 ATMs. This 7-year contract not only bolsters our ATM Outsourcing business portfolio but also aligns seamlessly with the government’s agenda of financial inclusion.
Meeting the Demands of Cash Transactions: Expanding ATM Network
In a landscape where digital payments flourish alongside cash transactions, AGS Transact Technologies stands prepared to meet the rising demand. With a robust network of ATMs and Cash Recycling Machines (CRMs) coupled with our expertise in their management, we are well-positioned to cater to the needs of major banks like Punjab National Bank and Union Bank of India. Our recent expansion of 8,000 ATMs under our managed services further underscores our commitment to comprehensive banking solutions.
Embracing Service-Oriented Model: Strengthening Managed Services
AGS Transact Technologies is undergoing a strategic shift towards a service-oriented model, focusing on high-margin businesses such as managed services. Our expansion of ATM/CRM network and deployment of dedicated cash vans for prominent banks like UBI and Canara Bank are pivotal steps in this direction. With over 78,100 ATMs/CRMs under our purview, we are actively contributing to the accessibility and growth of banking services nationwide.
Pioneering Innovation: Introducing Contactless Fuel Payments
Innovation remains at the forefront of AGS Transact Technologies’ endeavors. Our pilot program with the Ongo app for contactless fuel payments exemplifies this commitment. This open-loop fuel payment solution offers a seamless and secure payment experience at select Mumbai outlets. With over 500 fleet vehicles onboarded in the pilot phase, we are poised to revolutionize the fuel payment landscape while strengthening our digital presence in the Oil Marketing Companies (OMCs) sector.
Navigating Financial Landscape: Ensuring Sustainable Growth
While Q3 FY24 witnessed a slight dip in total income attributed to strategic downsizing of automation businesses, AGS Transact Technologies remains steadfast in its pursuit of sustainable growth. Proactive cost optimization measures coupled with disciplined contract servicing have kept us on a positive trajectory. Notably, Q2 FY24 witnessed a remarkable 98% rise in revenue from services, reflecting our strategic shift towards higher-margin ventures. Furthermore, our adjusted EBITDA margin stands robust at 23.8%.
Anticipating Future Trends: Embracing Government Initiatives
Looking ahead, initiatives like PM-KISAN and RuPay promotion are poised to stimulate both cash and digital transactions, presenting new avenues for AGS Transact Technologies. With our focus on prudent growth, major contracts like SBI, and innovative solutions like the Ongo contactless fuel payment, we are poised to stay ahead of the curve and emerge as leaders in the evolving payment landscape.
In conclusion, AGS Transact Technologies continues to spearhead expansion and innovation in the domain of omni-channel payment solutions. With a steadfast commitment to excellence and foresight, we are poised to navigate the ever-changing landscape of banking automation and emerge as trailblazers in the industry.
