Ann: TSN Business Update, page-7

Solid update I thought. Nothing concrete as yet, but their plan is starting to become a lot clearer.

Few points...

DWX

If TSI should become the managed service and technical support partner for their cyber security business then that could be interesting. Even if TSN decided not to proceed with the TSI aquisition, TSN could still have their foot in the door with TSI.

Looking to extend service offerings to 'complimentary' services in the areas of threat detection, vulnerability assessment and penetration testing. TSN persuing organic and inorganic approaches to scale up in these areas. Keywords - scale up.

TSN seeking new technology partnerships, specifically in threat detection as well as assessing opportunities for geographic expansion. Lovely if it all comes together.

But what I liked to hear most was that their plan is to implement a number of initiatives to improve current efficiency and effectiveness in sales and delivery to improve revenue and profitability.

TSI India

May to August - transactions numbers on the rise. Solid steady uplift.

Transactions between enquiries to withdrawals returning to pre demonitisation levels. More withdrawal transactions = higher fee for TSI.

Positive EBITDA for the months of July and August. This is a welcome turnaround from previous quarter or so.

Tony