- 05 Aug 2024
- ICICI Securities
Affle: Strong performance, likely to maintain growth momentum throughout FY25
AFFLE - 1575 Change: -5.60 (-0.35 %)News: Affle reported a strong revenue growth in Q1FY25 aided by highest conversions till date, GenAI efficiencies and securing additional patents. The company reported total revenue of ₹ 519.5 crore, up 2.6% QoQ & 27.8% YoY. Consumer platform CPCU business grew by 2.7% QoQ & 37% YoY to ₹ 517.6 crore, driven by increase in converted users which grew by 2.7% QoQ & 32.2% YoY to 90.8 mn conversions while average CPCU was flat QoQ & grew by 3.6% YoY to ₹ 57. The company reported EBITDA of ₹ 104.5 crore while adjusted EBITDA margin (adjusted for liabilities written back) came at 20.1%, ~up 70 bps QoQ. The PAT stood at ₹ 86.6 crore.
Views: The company’s revenue growth in Q1 was broad based across India and International markets. Growth was seen in converted users whereas average CPCU continues to remain flat QOQ. The company saw strong momentum in its CPCU business as its top industry verticals continued to show favourable momentum. We await management commentary on demand and growth.
Impact: Positive