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Yes Securities Report
Emudhra Ltd. reported inline financial performance for the quarter. The sequential revenue growth and Ebitda margin for the quarter were as per estimates. It reported sequential revenue growth of 20.8% QoQ, led by Trust Services (up 48.2% QoQ) and Enterprise solutions (up 10.6% QoQ).
The Enterprise segment continues to maintain robust growth trajectory led by strong traction in Middle East, the U.S. and Asia Pacific. The international revenue mix continues to increase led by the expansion of enterprise business in foreign markets.
The pricing pressure in the trust services business is largely over and the segment has returned to normal growth trajectory. Ebitda margin for the quarter declined by 47 basis points QoQ to 29.3% for the quarter on account of higher operational expenses incurred in expanding its presence in the foreign markets of the U.S. and Europe.
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