Ann: New agreement with Central Bank of India, page-49

I have now purchased a small amount of shares. One particularly interesting thing I noticed is that even during 2019-2020, before the RBI increase the interchange fee paid to TSI by 25%, the company was still making ~2m/year in EBITDA. From what reading I have done, most ATM companies in India at the time were losing money. This implies that TSI has a cost advantage over some of its competitors. I also don't see any reason why the RBI would put the interchange fee back down - why would they be trying so hard to give us new ATMs if they didn't want to increase ATM usage in the country. This indicates to me that the increase in EBITDA margin from 2020 to 2021 will probably be sustainable.