Hot Pursuit     17-Nov-23
AGS Transact bags Rs 1100-cr order from SBI
The order is spread over 7 years for deploying 2,500+ ATMs.
AGS Transact Technologies announced the order win of Rs 1,100 crore over 7 years for deploying 2,500+ ATMs under outsourced/managed services portfolio from the State Bank of India (SBI).

The company will deploy these ATMs on a Transaction fee basis under the total outsourcing model. The company will begin the deployment of these new ATMs in the next calendar year.

Stanley Johnson, executive director, AGS Transact Technologies said, "As one of the leading players of ATM Outsourcing in India, addition of these 2,500+ ATMs for SBI will notably strengthen our Payment Solutions business segment. Further, Securevalue India, which is our cash management subsidiary, will be servicing a substantial number of ATMs under this order."

AGS Transact Technologies is one of the largest integrated omni-channel payment solutions providers in India in terms of providing digital and cash-based solutions to banks and corporate clients.

As of 30 September 2023, AGS Transact Technologies has installed, managed, or maintained 77,658 ATMs/CRMs across 2200 cities and towns in India.

On a consolidated basis, AGS Transact Technologies reported net loss of Rs 60.90 crore in Q2 September 2023 as against net profit of Rs 20.67 crore in Q2 September 2022. Net sales declined 8.96% YoY to Rs 376.54 crore in Q2 September 2023.

Shares of AGS Transact Technologies rose 3.88% to Rs 78.46 on 16 November 2023.

The company's current market capitalisation stands at Rs 952.53 crore on the BSE.

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