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ICICI Direct Report
Affle India Ltd.'s revenues increased 12.2% QoQ (20.4% YoY) to Rs 89.8 crore mainly led by inorganic revenues (that contributed approximately Rs 18.5 crore in the quarter).
Organic revenues fell 4.4% YoY in Q1 FY21 mainly led by approximately 10% YoY dip in organic cost per converted user (CPCU) revenues. CPCU revenues fell due to severe impact in April, May.
However, Affle India is seeing significant improvement in CPCU revenue in June quarter that has gone to average of Rs 1 crore/day. If we extrapolate this, it will lead to Rs 90 crore of organic CPCU revenues in Q2 FY21E leading to organic growth of approximately 47% QoQ.
Considering this organic revenue trajectory, acquisition of Appnext and Mediasmart Mobile will lead to overall revenue growth of 44.8% YoY to Rs 483 crore in FY21E.
Adjusted Ebitda margins were flat on a QoQ basis at 25.0%. Profit after tax margins were at 20.9%, an increase of 180 basis points QoQ mainly led by lower tax expenses.
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