We expect strong INR revenue growth of 66.6% YoY led by broad-based growth across CPCU, Non CPCU, India and International markets. Share of inorganic revenue (Jampp) is expected to be ~42%, organic revenue growth will also remain strong. Affle will benefit from deeper verticalization across segments, followed by focus on vernacular, early mover in connected TV in India. Market momentum remains towards digital advertising.
We expect margins to decline in Q2FY22 due to low margin Jampp business. (contributing ~42% to revenue) Margins are expected to improve in coming quarters as profitability of Jampp improves.
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