47.

48.

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plans, mergers and acquisitions, any consolidation or joint venture arrangements, any amendment to our
Memorandum and Articles of Association, and any assignment or transfer of our interest in any of our
licenses. While our Company and our Promoters shall comply with the provisions of the SEBI Listing
Regulations and our Promoters shall act in the interests of our Company and in case of any conflict of
interest, keep the interest of the Company first over their personal interest, we cannot assure you that our
Promoters will not have conflicts of interest with other shareholders or with our Company. Any such
conflict may adversely affect our ability to execute our business strategy or to operate our business.
‘Subject to finalization of Basis of Allotment

We have experienced negative cash flows in relation to our investing and financing activities in recent
financial periods. Any negative cash flows in the future would adversely affect our cash flows,
business, financial condition and results of operations.

We have in the past, and may in the future, experience negative cash flows. The following table sets forth
certain information relating to our cash flows for the period/years indicated:

 

 

Five For the Financial Year
months

ended

August 2021 2020 2019
31, 2021

 

‘Amount (¥ in millions)

 

 

 

 

 

Net cash generated from operating activities 2,101.93 | 4,175.64 4,460.31] 4,861.39
Net cash used in investing activities (6,417.41) | (1,563.44) | (2,906.62)| (1,653.63)
Net cash generated from / (used in) financing activities (1319.12) | 3,204.92 | (1,717.57)| @,151.78)
Net increase / (decrease) in cash and cash equivalents (6,634.60) | 5,817.12 (163.88) 55.98

 

 

 

 

 

Negative cash flows over extended periods, or significant negative cash flows in the short term, could
affect our ability to operate our business and implement our growth plans. As a result, our cash flows,
business, financial condition and results of operations could be adversely affected. For further details, see
“Management's Discussion and Analysis of Financial Condition and Results of Operations — Cash
Flows” on page 351.

Our ability to pay dividends in the future will depend on our earnings, financial condition, cash flows,
capital requirements, capital expenditures and restrictive covenants of our financing arrangements.

We have paid dividends on the Equity Shares for the financial year 2019 and have declared dividends for
the financial year 2021. We did not pay any dividends on the Equity Shares for the financial year 2020.
Our ability to pay dividends in the future will depend on our earnings, financial condition, cash flows,
capital requirements, capital expenditure and restrictive covenants of our financing arrangements. Any
future determination as to the declaration and payment of dividends will be at the discretion of our Board
and subsequent approval of shareholders and will depend on factors that our Board and shareholders
deem relevant, including among others, our future earnings, financial condition, cash flows, capital
requirements, capital expenditures, business prospects and restrictive covenants under our financing
arrangements. We may decide to retain all of our earnings to finance the development and expansion of
our business and, therefore, may not declare dividends on our Equity Shares. We cannot assure you that
we will be able to pay dividends at any point in the future. For further details, see “Dividend Policy” on
page 216.

We have referred to the data derived from two industry reports commissioned and paid for by our
Company from Ken Research which have been used for industry-related data in this Prospectus.

Unless otherwise indicated, the industry-related information contained in this section is derived from an
executive summary of a report titled “India ATM Market Outlook to 2026” dated August 2021 (the “Ken
ATM Report”) and a report titled “India Payment Services Market Outlook to 2026” dated August 2021
(the “Ken Payments Report”, and together with the Ken ATM Report, the “Ken Reports”), both
prepared by Ken Research Private Limited (“Ken Research”). We commissioned Ken Research on July
9, 2021 for the Ken Reports, and paid for such reports an agreed fee only for the purposes of confirming
our understanding of the industry in connection with the Offer. We have no direct or indirect association

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