(loss) before tax was % (55.00) million, 2824.27 million, %1,195.24 million and 2788.89 million, respectively,
our EBITDA was 2 1,940.62 million, 24,767.60 million, 74,954.61 million and 24,428.75 million, respectively,
and our EBITDA Margin was 25.5%, 26.5%, 27.0% and 24.3%, respectively.

Our Competitive Strengths
Our principal competitive strengths are as follows:
Omni-Channel Integrated Payment and Cash Solutions Provider

We were one of the largest integrated omni-channel payment solutions provider in India in terms of providing
digital and cash-based solutions to banks and corporate clients, as of March 31, 2021 (Source: Ken Payments
Report). We serve diverse industries such as banking, retail, petroleum, toll and transit, cash management and
fintech in India and other select countries in Asia. We believe that our services help increase the speed and
accuracy of cash as well as digital payment transactions. In addition, the size and wide reach of our operational
network enables us to realize economies of scale.

As part of our digital payments solutions, we offer a payments platform, customized solutions and related
managed services to cater for end-users, merchants, banks, bank agents as well as other ecosystem partners. Our
payment platform accepts payments through a broad spectrum of options including magnetic stripe, chip and
pin, contactless, Bharat QR, Unified Payment Interface (“UPI”) and Aadhaar Pay, which we believe makes us a
partner of choice for merchants. We also provide device-based solutions such as “Smart POS” GPRS terminals,
Digital M-POS terminals and Public Switched Telephone Network (“PSTN”). Our device-less portfolio
comprises static Bharat QR, payment gateway and remote payment solutions. We also offer customized mobile
wallet solutions that can be integrated with existing payment solutions. In addition to offering customized
payment solution to merchants, we also process transactions using our switching platform, along with payment
and settlement services, which enables faster processing and easy reconciliation to our merchants. Through our
technological partnership with ACI, we offer our customers a variety of payment solutions including BASE 24-
eps, Universal Payment Framework (“UPF”), and fraud management as a service on a pay-per-transaction basis,
significantly reducing the complexities associated with adopting these solutions especially for smaller banks and
financial institutions. We also provide support services such as a 24x7 call centre, merchant management
services, software development, operations services and monitoring services.

As part of our cash payments solutions business, we offer a portfolio of banking services and automated banking
products, such as ATM and CRM outsourcing and managed services, manufacturing and deployment of ATMs.
and CRMs and self-service terminals. We also have the ability to customize, integrate, maintain and manage
such products for our customers. Since we commenced this business in 2004, we have developed in-house
technology and expertise to deal with the entire product life cycle of ATMs, CRMs and related services,
including manufacturing of ATMs, site identification, site build up, deployment, maintenance and operations
including monitoring, cash management, first line maintenance and second line maintenance. Our integrated
operations are further facilitated by our in-house cash management capabilities and transaction switching
services. We are the only company in India to provide the full range of services in the ATM managed services
market, namely: ATM equipment and supply, maintenance of ATMs, managed services, ATM replenishment
and CIT and retail cash management and cash pickup and delivery (Source: Ken ATM Report). Further, as of
March 31, 2021, we were the second largest company in India in terms of (i) revenue from ATM managed
services under the outsourcing model, and (ii) revenue from cash management and number of ATMs
replenished (Source: Ken ATM Report). As of August 31, 2021, we provided cash management services to
46,214 ATMs and serviced approximately 4,210 cash pick-up and doorstep banking points. We believe that the
size of our operations, experience and overall infrastructure gives us a significant competitive advantage.

We believe that our ability to provide services across the cash and digital value chain from transaction touch
points, channel handlers, core processing, settlement and clearing, authorization systems and back office has
allowed us to become the preferred partner for cash and digital payment solution needs of our customers.
Further, by leveraging our end-to-end capabilities, we believe that we are able to unlock operating efficiencies
and synergy benefits.

Customer Driven Portfolio with Strong Capabilities to Develop Customized Solutions In-house

We believe our experience and expertise, coupled with our knowledge of the industries in which our customers
operate, enable us to provide them with customized solutions. We regularly interact with customers to

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