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Dolat Capital Report
Affle India Ltd. reported revenue decline of 7.2% QoQ (our estimate: down 12.1%) led by strong organic growth of ~6.7% QoQ and ~45% YoY.
Jampp (35% of revenue) revenues were down by 9% QoQ, (Jampp Ebitda came in at 7%). The conversions (volume) remained healthy at 56.6 million (down 3.2% QoQ) and cost per converted user (was down by 1.5% QoQ to Rs 51.
Ebit margin declined by 147 bps QoQ to 15.6% (our estimate: 15.6%) - in line.
Employee expense were up 14.5% QoQ led by headcount addition and incentives. Conversion efficiency was almost flat as IDC as % of revenue stood at 63.4% in Q4 .
Affle has delivered strong FY22 (organic growth 45%) and expect the momentum to continue in FY23 led by its ability to deliver industry leading growth supported by superior tech stack and right positioning in the relevant customer in high-growth markets.
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