AGS Transact Technologies Ltd (AGS) is one of the largest integrated omnichannel payment solutions provider in India. It is well positioned with end-toend capabilities across cash & digital payment ecosystems being 1) India's 2nd largest player in ATM and cash management services, 2) largest deployer of POS terminals at OMCs and 3) has strong clientele such as - ICICI Bank, Axis Bank, HDFC Bank, Federal Bank etc. We expect growth to further accelerate led by 1) strong POS deployment order book from major OMCs, 2) strong growth in adoption of cash recycler machines (CRMs) and 3) company's ability to create value added innovative digital solutions. In FY21 the company showed resilient revenue performance at Rs17.6bn with...