Affle India Q2 Results Review - Encouraging Expansions In Margins; Outlook Remains Healthy: Axis Securities

Axis Securities Report

Affle India Ltd. reported strong growth backed by robust device addition and healthy international business. The company's Q2 FY23 revenue stood at Rs 355 crore, up 2% QoQ and 29.1% YoY, aided by robust device addition and strong cost-per-converted user business.

Affle India’s operating margins improved by 50 bps QoQ to 20.3% (in line with the management expectations) due to lower inventory and data costs.

Backed by the company's robust return on investment-driven CPCU strategy, the management is confident of gaining the margin profile with strong volume growth moving forward.

Affle India recorded a net Income of Rs 59 crore, reporting a healthy growth of 6.2% QoQ and 39.6% YoY.

The conversion rate continued to remain robust with the converted users for Q2 FY23 at 65 million, registering a strong volume growth of 4.7% QoQ. Average CPCU also remained strong at Rs 51/user in Q2 FY23.

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