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News: Affle reported record revenue growth in Q4FY24 aided by healthy growth in converted users, strategic acquisition synergies, GenAI efficiencies and securing additional patents. The company reported total revenue of ₹ 506.2 crore, up 1.5% QoQ & 42.3% YoY. Consumer platform CPCU business grew by 5.5% QoQ & 57.5% YoY to ₹ 503.9 crore, driven by increase in converted users which grew by 5.5% QoQ & 41.4% YoY to 88.4 mn conversions while average CPCU was flat QoQ & grew by 11.3% YoY to ₹ 57. The company reported EBITDA of ₹ 98 crore while adjusted EBITDA margin (adjusted for liabilities written back) came at 19.5%, flat QoQ. The PAT stood at ₹ 87.5 crore. For FY24, Affle reported revenue of ₹ 1,842.8 crore, up 28.5% YoY. The consumer platform CPCU business reported revenue of ₹ 1,759.7 crore, up 33.5% YoY, driven by growth in both converted users (up 28.2% YoY) and average CPCU (up 9.6% YoY). The EBITDA was ₹ 360 crore and the adjusted EBITDA margin (adjusted for liabilities written back) came at 19.6%, down ~80 bps YoY.
Views: The company’s revenue growth in seasonally weak Q4 was robust with strong performance in CPCU revenue. The growth was seen in converted users whereas average CPCU remained flat QOQ. The company saw increased traction in its CPCU model adoption and application for premium use cases which is a positive indication for near-term revenue growth. The company expects to maintain a topline growth of 20%+ in FY25 as well.
Impact: Positive