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Yes Securities Report
Emudhra Ltd. reported mixed financial performance for the quarter. The sequential revenue growth for the quarter was above estimates; while Ebitda margin was slightly below expectation.
It reported sequential revenue growth of 25.4% QoQ, led by trust services (down 0.4% QoQ) and enterprise solutions (up 39.9% 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 is expected to resume normal growth from FY24E onwards.
Ebitda margin for the quarter declined by 372 bps QoQ to 30.9% for the quarter on account of higher operational expenses. The demand environment remains strong led by rising digitalization across sectors.
We expect enterprise segment to grow faster than Trust Services, driving the overall growth of the company. Its strong portfolio of enterprise solutions and deep relationships with system integrators should help to drive the Enterprise business. The Ebitda margin is expected to improve in medium term going ahead led by positive operating leverage.
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