Dependence on a Few Customers and Suppliers

The following table sets out our revenues from certain of our customers, namely ICICI Bank Limited, Bank of
Baroda and Axis Bank Limited, each of whom constituted more than 10% of our total income for the five
months ended August 31, 2021 and the financial years 2021, 2020 and 2019:

(@ in millions, except for percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Five months ended Finandal Years
August 31, 2021 2021 2020 2019

Caen % of % of % of % of

Revenue Revenue Revenue Revenue
Revenue Revenue Revenue Revenue

from from from from
Operations Operations Operations Operations
ICICI Bank Limited 1,118.87 14.9% 3,134.11 17.8% 3,926.26 21.8% 3,907.24 21.6%
AXIS Bank Limited 974.48 12.9% 2,542.99 14.5% 2,438.01 13.5% 2,021.26 11.2%
Bank of Baroda 435.96 5.8% 1,252.11 71% 1,459.06 8.1% 2,233.81 12.4%

 

 

 

For the five months ended August 31, 2021 and the financial years 2021, 2020 and 2019, we derived an
aggregate of 2 4,624.86 million, = 11,042.60 million, 2 11,270.23 million and 2 12,212.75 million of revenue
from our top 10 customers, constituting 61.4%, 62.8%, 62.6% and 67.6% of our revenue from operations,
respectively. See “Risk Factors — Internal Risk Factors — We derive a substantial portion of our revenues from
a limited number of customers. If one or more of our top customers were to suffer a deterioration of their
business, cease doing business with us or substantially reduce its dealings with us, our revenues could decline,
which may have an adverse effect on our business, results of operations, cash flows and financial condition.” on
page 28.

We have entered into cooperation agreements with Diebold, under which we acquired the rights to assemble and
distribute ATMs and cash dispensers in India. In 2016, we also entered into an alliance with ACI, a leading
international payments solution provider, which has further strengthened our value proposition to customers.
See “Our Business — Description of our Business — Our Suppliers and Technology Partners” on page 173.

New Products or Business Segments

Except as disclosed in “Our Business” on page 153, we have not announced and do not expect to announce in
the near future any new products or business segments.

Significant Developments Occurring after August 31, 2021

Except as disclosed in this Prospectus, no circumstances have arisen since the date of the last restated financial
information as disclosed in this Prospectus which materially and adversely affect or are likely to affect, our
operations or profitability, or the value of our assets or our ability to pay our material liabilities within the next
twelve months.

Recent Accounting Pronouncements

On March 24, 2021, the MCA, through a notification, amended Schedule III of the Companies Act. The

amendments revise Divisions I, II and III of Schedule III and are applicable from April 1, 2021. All amendments
to Schedule III affecting us have been implemented in our Restated Consolidated Financial Information.

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