ICICI Direct: Affle India - Healthy Performance Despite Challenging Times

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..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..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Direct: Affle India - Healthy Performance Despite Challenging Times

Affle India saw significant improvement in CPCU revenue in June quarter, rising to an average of Rs1 crore/day, ICICI Direct says.

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