AGS Transact Tech gains 9% as firm begins installing ATMs for SBI

2 min read | Updated on June 12, 2024, 19:06 IST

SUMMARY

Shares of AGS Transact Technologies Limited surged 9% on June 12 following the company's announcement of starting the installation of 1,350 ATMs for State Bank of India (SBI). The stock closed at ₹78.79 on the NSE, boosted by this strategic move. AGS Transact Technologies, known for its integrated payment solutions, secured this order under its banking automation solutions portfolio, projecting significant growth for the segment.

AGS Transact Technologies gains 9% on beginning installation of SBI ATMs

Shares of AGS Transact Technologies Limited surged by 9% on the NSE on Wednesday, June 12, following the company’s announcement that it had started installing ATMs for the State Bank of India (SBI).

AGS Transact Technologies stock closed at ₹78.79 apiece, a rise of ₹4.52, or 6.09%. The stock opened at ₹74.86, marginally higher than its previous close of ₹74.27, and then hit an intraday high of ₹81, marking a rise of 9.06%.

The company said in an exchange filing that it has started deployment of 1,350 ATMs, an order it had won from SBI in FY24. By the first half of FY25, AGS Transact Technologies is expected to complete the entire process.

AGS Transact Technologies received this order under its banking automation solutions portfolio. It includes annual maintenance contracts that are long-term and the selling of banking automation systems. The order will help to support this business segment’s top-line growth, said the company.

Under its ATM Outsourcing portfolio in the payment solutions business segment, AGS Transact Technologies secured an order from SBI for over 2,500 ATMs and CRMs valued at ₹1,100 crore over a seven-year period.

On May 30, AGS Transact Technologies announced its financial results for the quarter and financial year ended March 31, 2024. The company’s consolidated revenue from operations was down 21.62% year-on-year (YoY) to ₹349.2 crore in Q4FY24, compared to ₹424.7 crore in Q4FY23.

The company also reported a net loss of ₹4.4 crore in Q4FY24, compared to a net loss of ₹15.4 crore in Q4FY23. In Q4FY24, AGS Transact Technologies’ adjusted EBITDA was ₹93.4 crore and the adjusted EBITDA margin was 26.2%.

Founded in 2002, AGS Transact Technologies is a provider of integrated omni-channel payment solutions. It functions through three main business segments — Other Automation Solutions, Banking Automation Solutions and Payment Solutions. As of March 31, 2024, the company has installed, overseen, or maintained 75,361 ATMs and CRMs across 2,200 cities and towns in India.

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