Hot Pursuit     04-Dec-23
AGS Transact completes deployment of 270 cash vans
AGS Transact Technologies informed that its wholly owned subsidiary, Securevalue India has completed the deployment of 270 dedicated cash vans (DCV) for Union Bank of India and Canara Bank.
The total order value worth Rs 250 crore for a period of 5 years. The company stated that it will earn fixed monthly revenue per DCV.

Further, the firm added that these are running contracts where it will continue to get purchase orders for additional DCVs from these two banks.

Shailesh Shetty, Managing Director, Securevalue India, said “With this deployment, we have completed about 90% of the DCVs in these contracts. This order win will significantly strengthen SVIL’s growing DCV business. Additionally, while it will contribute to the SVIL’s overall revenue stream, it will also strengthen the consolidated revenue stream of AGS Transact Technologies.

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.

The scrip slipped 2.80% to Rs 92.91 on the BSE.

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