AGS Transact Tech jumps on managing IOCL's prepaid card platform for 5 years

AGS Transact Technologies rallied 3.86% to Rs 110.30 after the company has implemented and commenced managing the prepaid card platform for 'XtraPower', the fuel and fleet management program of Indian Oil Corporation (IOCL).

IndianOils XtraPower is accepted at more than 35,000 IOCL fuel retail outlets in India and processes fuelling transactions worth more than Rs 70,000 crore annually.

The company will received a fixed fee for these services, generating an estimated revenue of approximately Rs 58 crore over five years.

The companys end-to-end platform & management services include, developing & hosting the application, provisioning the IT infrastructure (hardware & software); providing application maintenance support & change management; managing backend operations; and implementation of security operations center (SOC) and a security information and event management (SIEM) system to strengthen the platforms cybersecurity framework and enhance threat detection capabilities. Furthermore, the company will also manage card issuance for Indianoils XtraPower program.

Ravi B. Goyal, chairman and MD, AGS Transact Technologies said, We are delighted to partner with IndianOil on their flagship XtraPower fuel & fleet management program. At AGS Transact, we are dedicated to transforming the mobility ecosystem in India. By offering comprehensive prepaid card platform and management services, we aim to drive the modernisation of fleet management solutions across the country. This collaboration reinforces our commitment to delivering innovative, secure payment solutions that empower businesses to operate more efficiently and with greater ease."

AGS Transact Technologies is one of the largest integrated omni-channel payment solutions providers in India in terms of providing digital and cash-based solutions to banks and corporate clients.

The company reported consolidated net profit of Rs 13.85 crorein Q1 FY25, steeply higher than Rs 0.64 crore posted in Q1 FY24. Revenue from operations was at Rs 339.79 crore in Q1 FY25, declined 8.5% year on year.

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