* an increase in revenue from cash management services by 58.6% to 2 1,388.37 million for the
financial year 2020 from % 875.22 million for the financial year 2019 due to an increase in number
of ATMs serviced for cash management and other cash related services.

Our revenue from Banking Automation Solutions decreased by 14.3% to % 2,108.72 million for the
financial year 2020 from 2 2,460.98 million for the financial year 2019, primarily due to a decrease in sale
of ATMs and ATM sites primarily on account of less new orders from public sector banks.

Our revenue from Other Automation Solutions segment decreased by 25.1% to % 2,111.41 million for the
financial year 2020 from % 2,818.29 million for the financial year 2019, primarily due to a decrease in
revenue from colour automation products.

Other Income. Our other income increased by 84.9% to % 330.83 million for the financial year 2020 from
% 178.88 million for the financial year 2019, primarily due to an increase in write back of lease liabilities
(net) and rent concession to % 54.58 million for the financial year 2020 from 0.16 million for the financial
year 2019 due to write back of lease liabilities on rental sites in accordance with Ind AS 116 and an increase
in insurance claim by 33.5% to % 132.25 million for the financial year 2020 from 2 99.10 million for the
financial year 2019 due to an increase in proceeds from cash loss insurance.

Our expenses were primarily determined by the cost of raw materials and components consumed, adjusted by
changes in purchase of traded goods and inventories of finished goods and traded goods, as follows:

Cost of Raw Materials and Components Consumed. Our cost of raw materials and components consumed
decreased by 18.1% to % 2,337.10 million for the financial year 2020 from 2 2,854.50 million for the
financial year 2019, primarily due to lower consumption of raw materials in line with the decrease in sale of
ATMs and ATM sites and colour automation products.

Purchase of Traded Goods. Our purchase of traded goods decreased by 42.1% to % 303.20 million for the
financial year 2020 from % 524.00 million for the financial year 2019, primarily due to a decrease in the
number of orders for petroleum automation products.

Inventories of Finished Goods and Traded Goods. Decrease in inventories of finished goods and traded
goods was 2 101.75 million for the financial year 2020 as compared to 2 147.01 million for the financial
year 2019, primarily attributable to utilisation of inventory procured in the financial year 2019.

Employee Benefit Expenses. Our employee benefits expense increased by 1.9% to 2 2,800.76 million for the
financial year 2020 from 2 2,748.80 million for the financial year 2019, primarily due to an increase in
contribution to provident and other funds by 8.7% to % 140.52 million for the financial year 2020 from
% 129.33 million for the financial year 2019 primarily due to a change in the components of our salary
structure in computing the contribution to provident fund under the Employees' Provident Funds and
Miscellaneous Provisions Act, 1952 pursuant to a judgment of the Supreme Court dated February 28, 2019,
and an increase in gratuity expenses by 22.7% to %52.34 million for the financial year 2020 from
% 42.67 million for the financial year 2019 due to a change in discount rate under the actuarial valuation.

Other Expenses. Our other expenses increased by 4.0% to % 7,837.84 million for the financial year 2020
from 2 7,533.24 million for the financial year 2019, primarily due to an increase in subcontracting expenses
by 31.8% to 2 1,701.30 million for the financial year 2020 from % 1,291.20 million for the financial year
2019 due to an increase in costs for off-roll employees for one of our subsidiaries, an increase in transaction
expenses by 71.6% to % 861.53 million for the financial year 2020 from 2 502.20 million for the financial
year 2019 in line with an increase in revenue from digital payment services, an increase in sales promotion
expenses to 2 78.03 million for the financial year 2020 from 2 2.58 million for the financial year 2019
primarily due to various events, seminars and business promotion activities conducted by us, and
recognition of initial public offer expenses of = 102.21 million for the financial year 2020.

Finance Costs. Our finance costs decreased by 4.6% to % 1,304.01 million for the financial year 2020 from
% 1,366.61 million for the financial year 2019 primarily due to a decrease in interest expense on measured at
amortized cost on lease liabilities by 4.0% to % 522.23 million for the financial year 2020 from % 543.98 million
for the financial year 2019 due to a decrease in lease liabilities by 3.5% to 2 4,801.29 million for the financial
year 2020 from 2 4,977.33 million for the financial year 2019.

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