Transaction Solutions International has provided an update to market on its performance in India. ATM transaction volumes for the September quarter exceeded 130 million, up 5.7% QoQ, while revenue was up 2.34% QoQ to A$12 million. Discussions are underway to significantly expand the ATM and security monitoring network. TSI is also progressing option to acquire the remaining 75.11% of TSI India that it doesn’t own.
- TSI India reports strong Q2/17 performance:
- ATM transaction volumes for the quarter exceed 130 million;
- Revenue for the quarter of INR 606 million (~AU$12m);
- Both transaction volumes and business revenues showed strong Quarter-on-Quarter (QoQ) growth, 5.7% and 2.34% QoQ respectively;
- ATMs business continues to benefit from increased size of operations and economies of scale:
- 600 additional ATMs deployment under approval;
- SREI ATMs roll out continues, with deployment now underway in 6 Indian states;
- Discussions initiated for deployment of 2,000 ATMs covering Public Sector Banks, Private Banks, and White Label ATM operators;
- Active discussions for potential management rights or buy-out of entire PSU Bank of 8,000+ ATM network;
- E-surveillance solutions now live in multiple banks:
- TSI India has completed deployment at 300+ sites for Andhra Bank;
- Secured order of 185 sites with new client Kotak Mahindra Bank;
- Advance discussions with 2 private sector banks for 300+ units;
- ill Pay business continues to progress well with Phase I deployment completed for the Punjab Power State Electricity Board and additional orders secured in the Madhya Pradesh region during the quarter;
- TSI India expands partnership with BTI Payments Pvt Limited for integrated power solution product; and
- Due diligence of TSI India underway with BDO Advisory (WA) Pty Ltd now engaged to assist in the process; no conclusion can be drawn at this stage in relation to an outcome.
Transaction Solutions International (“TSN” or “the Company”) (ASX: TSN), is pleased to provide the following operations update by Indian-focussed Automatic Teller Machine (ATM) and electronic payment and financial services company, TSI India. TSN and its subsidiaries hold a 24.89% equity interest in TSI India. Please note that TSI India operates on a March 31st year end.