altogether. For example, 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. Pursuant to such measures, we availed a moratorium for loans representing 4.8% of our
total borrowings as of March 31, 2021. We resumed payment on such loans, in tranches, upon the
expiration of the moratorium on August 31, 2020. In addition, the COVID-19 pandemic has also
adversely impacted our ability to make payments to our employees in respect of their salaries,
reimbursements and statutory dues for the five months ended August 31, 2021 and the financial years
2021 and 2020. For further details, see “—Our business and results of operations could be adversely
affected by any disputes with our employees, customers or vendors. Further, we have experienced delays
in making payments to vendors and of salaries, reimbursements and statutory dues to our employees,
which may adversely affect our reputation, cash flows, financial condition and results of operations” on
page 36. Existing insurance coverage may not provide protection for all costs that may arise from all
such possible events. Additionally, if any one or more of our employees are identified as a possible
source of spreading COVID-19 or any other similar epidemic, we may be required to quarantine
employees that are suspected of being infected, as well as others that have come into contact with those
employees, which could have an adverse effect on our business, results of operations, cash flows and
financial condition.

Our Board had previously approved our restated consolidated financial information as at and for the five
month period ended August 31, 2021 and as at and for the years ended March 31, 2021, 2020 and 2019
(the “Original Restated Consolidated Financial Information”), which included a note relating to the
management’s assessment of the impact of COVID-19 on the business of our Company, our Subsidiaries
and Associate. Our Statutory Auditors had issued an examination report on the Original Restated
Consolidated Financial Information on November 22, 2021. We have subsequently revised the Original
Restated Consolidated Financial Information to update the note relating to the management’s
reassessment of the impact of COVID-19 (see Note 51 of Annexure VI of the Revised Restated
Consolidated Financial Information) which has been approved by our Board at its meeting held on
January 6, 2022. Our Statutory Auditors have issued an examination report relating to the Revised
Restated Consolidated Financial Information on January 6, 2022, which supersedes their examination
report dated November 22, 2021 (relating to the Original Restated Consolidated Financial Information).

We derive a significant portion of our revenues from our customers in the banking sector in India.
Consequently, any adverse development in the growth of the number of Automated Teller Machines
(ATMs) or the usage of Automated Teller Machines (ATMs) in India could have an adverse effect on
our business, results of operations, cash flows and financial condition.

We derive a significant portion of our revenues from our customers in the banking sector in India. Our
banking sector operations comprise Banking Automation Solutions, which includes the supply and
installation of ATMs and other automated banking products, ATM site development and the provision of
services, including maintenance, software and hardware upgrades and spare parts, and Payment
Solutions, which includes ATM and CRM outsourcing and managed services, cash management services,
iCDs, digital payment services which include toll and transit solutions, transaction switching services,
services through POS machines and agency banking. For the five months ended August 31, 2021, and
financial years 2021, 2020 and 2019, our aggregate revenue from our customers in the banking sector
were 66.9%, 68.1%, 71.7% and 70.8% of our total revenue from operations, respectively. The success of
our business thus depends on various factors, including the ability of the banks to grow and maintain
their existing ATM network in India, the demand for ATM services, our ability to successfully sell,
deploy, operate, maintain and manage ATMs and ATM sites, our relationship and commercial
negotiations with banks and financial institutions, consumer spending habits, such as carrying out
transactions at ATMs, and macroeconomic conditions in India and globally. Government policies may
also affect our business. For example, the Government of India’s demonetization of the currency in
November 2016 led to a shortage of currency circulation and a decline in the number of transactions on
the ATM network, slowing the growth of the ATM managed services market during the financial year
2017. Recently, during the lockdowns imposed as a result of the COVID-19 pandemic, cash in
circulation increased. However, due to reduced movement during the lockdowns and reluctance to use
cash in transactions, this led to less withdrawal of cash from ATMs in general. In addition, as new
banking licences for potential entrants to the banking industry are difficult to obtain in India, our
customer pool may be limited, which could also have an adverse effect on our growth.

Further, under our current arrangements with banks, we either derive our fees on a lump sum basis or on
the basis of the number of successful financial and, in certain cases, non-financial transactions at an
ATM. In cases where we derive our revenues on a per transaction basis, our transaction fees are

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