Affle India Q4 Review - Below Expectation Due To Seasonally Weak Quarter; Outlook Healthy: Axis Securities

The management has indicated robust revenue growth guidance for FY24 backed by strong deal wins.

<div class="paragraphs"><p>Geolocated Ads for Apps by Affle India's app. (Source: Company website)</p></div>
Geolocated Ads for Apps by Affle India's app. (Source: Company website)

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Axis Securities Report

In Q4 FY23, Affle India Ltd. reported tepid growth with revenue at Rs 356 crore, registering a degrowth of 5.4% QoQ. Consolidated Ebitda for the quarter de-grew by 10.8% QoQ to Rs 712 crore, led by the lower international business.

Affle India’s Ebitda margins also declined by 140 basis points QoQ to 20% in Q4 FY23. It reported a net income of Rs 62 crore, down 9.5% QoQ.


From a long-term perspective, we believe Affle has strong device additions and better client additions. We believe the company has better penetration in the international business and strong revenue growth potential going ahead.

Click on the attachment to read the full report:

Axis Securities Affle Q4FY23 Result Update.pdf
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