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 was % 744.34 million for the five months ended August 31, 2021.

e Purchase of Traded Goods. Our purchase of traded goods was % 238.80 million for the five months
ended August 31, 2021.

e Inventories of Finished Goods and Traded Goods. Decrease in inventories of finished goods and traded
goods was 2 66.55 million for the five months ended August 31, 2021.

e Employee Benefit Expenses. Our employee benefits expense was % 1,088.12 million for the five months
ended August 31, 2021.

© Other Expenses. Our other expenses was 2 3,544.61 million for the five months ended August 31,
2021.

Finance Costs. Our finance costs was = 971.28 million for the five months ended August 31, 2021.

Depreciation and Amortisation. Our depreciation and amortisation expenses was 2 1,016.39 million for the five
months ended August 31, 2021.

Share of net loss of associate. Our share of net loss of associate, comprising and representing our share of net
losses of our associate, PT. Nova Digital Perkasa, was 2 7.95 million, or 0.1% of our total income, in the five
months ended August 31, 2021.

Total Tax Expense. Our total tax expense was % 126.05 million for the five months ended August 31, 2021.

Loss for the Period Attributable to Equity Shareholders. Our loss for the period attributable to Equity
Shareholders was 2 181.05 million for the five months ended August 31, 2021.

Financial Year 2021 Compared to Financial Year 2020

Total Income. Our total income decreased by 2.0% to % 17,971.52 million for the financial year 2021 from
% 18,335.26 million for the financial year 2020, primarily due to a decrease in revenue from operations.

Revenue from Operations. Our revenue from operations decreased by 2.3% to = 17,589.44 million for the
financial year 2021 from % 18,004.43 million for the financial year 2020 due to a decrease in revenue from
services by 4.4% to % 15,358.64 million for the financial year 2021 from % 16,063.43 million for the
financial year 2020, primarily as a result of:

* a decrease in revenue from AMC services and upgrades by 20.0% to % 1,873.32 million for the
financial year 2021 from 2 2,340.70 million for the financial year 2020 as a result of less orders
from customers of our banking services on account of lockdowns due to the COVID-19 pandemic;
and

* a decrease in revenue from digital payment services by 13.9% to % 2,139.88 million for the
financial year 2021 from % 2,485.91 million for the financial year 2020 primarily due to a decrease
in revenue from toll and transit solutions on account of closure of the Kochi Metro and the
Bangalore Metro due to restrictions imposed as a result of the COVID-19 pandemic, which was
partially offset by an increase in revenue from our POS business by 2.2% to & 1,543.11 million for
the financial year 2021 from @ 1,510.60 million for the financial year 2020,

which were offset by an increase in revenue from cash management services by 45.0% to
% 2,012.89 million for the financial year 2021 from 2 1,388.37 million for the financial year 2020 due to an
increase in number of ATMs serviced for cash management and growth in our dedicated cash van business.

The decrease in revenue from services was partially offset by:

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