AGS Transact Technologies hits 5% lower circuit after reporting ₹4.4 cr Q4 loss

2 min read | Updated on May 30, 2024, 17:50 IST

SUMMARY

For the full financial year 2023-24 the company posted a loss of ₹80 crore compared to a net profit of ₹36.96 crore in FY23. The company also reported a decline in its revenue from operations for the March quarter on a year-on-year basis.

AGS Transact Technologies shares hits 5% lower circuit after Q4 net loss narrows to ₹4 crore

Shares of AGS Transact Technologies dropped 5% to hit the lower circuit limit of ₹70.45 apiece on the NSE a day after the company reported more than ₹4 crore net losses in the March quarter of FY 2023-24.

AGS Transact Technologies’ net loss narrowed to ₹4.44 crore in the fourth quarter of FY24 compared to a net loss ₹15.36 crore in the year-ago period quarter. The company’s net loss for the quarter ended December stood at ₹15.38 crore.

For the full financial year 2023-24 the company also posted a loss of ₹80 crore compared to a net profit of ₹36.96 crore in FY23.

The online payment solutions provider’s revenue from operations for the March quarter declined nearly 5% to ₹349.18 crore compared to ₹424.71 crore in the same quarter of the preceding fiscal. Sequentially, the company’s revenue from operations fell nearly 7% to ₹349.18 crore compared to ₹373.74 crore in the December quarter. The company’s revenue from operations for FY24 fell 12% to ₹1,470.63 crore compared to ₹1,671.27 crore in the preceding fiscal.

The company informed the exchanges on March 4 that ‘Ongo’ the digital payments arm of AGS Transact Technologies Limited has partnered with Patanjali Ayurved Limited to launch open-loop co-branded prepaid cards. The cards can be accepted on any device on the Rupay network across India, the company said.

The company added that the card users can earn rewards on purchasing Patanjali products through these cards. The cards can also be used for various payments such as shopping, dining and for other such uses.

AGS Transact Technologies Limited (AGSTTL), established in 2002, is one of India's leading providers of end-to-end cash and digital payment solutions. The company’s services include customised software solutions which serve the banking, retail, petroleum and transit sectors.

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AGS Transact Technologies hits 5% lower circuit after reporting ₹4.4 cr Q4 loss

To trade and invest in AGS Transact Technologies shares, open a free demat account with Upstox

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