under which we are operating could have an adverse effect on our internal controls over
financial reporting, our ability to ensure business continuity during this disruption, our ability to
meet a number of our compliance requirements in a timely manner, and the operations of our
customers and other third parties.

In response to the COVID-19 pandemic, we initiated business continuity processes, such as increasing our focus
on digital initiatives and increasing our digital footprint, specifically in the OMC sector. We also initiated
tracking procedures, enforced restrictions on business travel and circulated advisory notices and instructions to
all employees. Further, in response to the COVID-19 pandemic, the RBI allowed banks and lending institutions
to offer moratoriums to their customers to defer payments under loan agreements until August 31, 2020 and
pursuant thereto, we availed a moratorium for loans representing 4.8% of our total borrowings as of March 31,
2021.

On September 1, 2020, the Indian Government permitted states to resume all activities and function normally,
while continuing with restrictions only in certain containment zones and on January 16, 2021 began its
vaccination distribution effort. However, with the second wave of COVID-19 having spread throughout India in
2021 which led to lockdowns implemented periodically to varying degrees by state governments and local
administrations, there remains significant uncertainty relating to the long-term adverse impact of the COVID-19
pandemic on the Indian economy, as well as the global economy and financial markets, and as a result we are
unable to accurately predict the long-term impact of the COVID-19 pandemic on our business. To the extent
that the COVID-19 pandemic adversely affects our business and operations, it may also have the effect of
heightening many of the other risks described in the “Risk Factors” section. See “Risk Factors — Internal Risk
Factors — The Coronavirus Disease 2019 (COVID-19) pandemic has had and may continue to have certain
adverse effects on our business, operations, cash flows and financial condition. The continuing impacts of the
Coronavirus Disease 2019 (COVID-19) are unpredictable and could be significant, and the extent to which it or
the effect of outbreaks of any other severe communicable disease may continue to do so in the future is
uncertain and cannot be predicted.” on page 25.

Ability to Deliver New and Innovative End-to-end Solutions

The business segments in which we operate are characterised by evolving industry standards, changing customer
preferences and introduction of new technologies, products and services. Responding to opportunities to expand
into other services to complement our core payment and banking offerings is a key element of our growth
strategy. As new technologies develop, our infrastructure may need to be replaced or upgraded, or we may need
to develop completely new services, such as our initiative to develop mobile payments services, to maintain our
competitive position. We expect that our ability to anticipate these technological advances and develop
innovative end-to-end solutions for our customers to meet their requirements in a timely and cost-effective
manner will have a significant effect on our results of operations.

Further, we believe that the diversification of our business and revenue base is a key component of our success.
We believe that our financial performance is tied to our ability to provide diversified, customised end-to-end
solutions to existing and new customers. We derive a significant majority of revenue from our Payment
Solutions segment, particularly from providing ATM outsourcing and cash management services. We are
growing our digital solutions business and to the extent that our diversification strategy is successful, it will
mitigate risks associated with revenue concentration.

Continued Relationships with Customers, Key Partners and Vendors

We have developed strong relationships with several key customers. We intend to deepen our relationships with
our customers by offering customised, end-to-end payment transactions and automation solutions and procure
repeat orders. Our ability to maintain and strengthen our relationships with such customers will affect our
revenues.

We have established relationships with several key partners and vendors. Our ability to continue to offer our
products and services is dependent on our continued relationships with such key partners and vendors. We
believe that our long-standing relationship with such companies has led to effective knowledge sharing and the
adoption of global best practices, thereby enabling us to improve and develop our in-house service capabilities.
Such tie-ups have also allowed us to develop credibility, as we are able to cater to our customers in a quick and
effective manner. Consequently, the development and continued maintenance of relationships with our partners
and vendors is a key factor in the operation of our business.

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