Sharekhan's research report on Affle (India)
Affle delivered strong growth on all fronts in a seasonally weak quarter, led by 45% organic growth and strong revenue contribution from Jampp’s acquisition. With significant investments on its consumer platform tech stack, markets and talents globally, end-to-end offerings and alignment of IPs for future requirements, the company is well poised to capture market opportunities at a scale going ahead. Jampp’s EBITDA margin is expected improve to mid-teen level in FY2023E and over 20% in FY2024E. Hence, we expect the company’s EBITDA margin to improve to 21.0% and 23.1% in FY2023E and FY2024E, respectively.
Outlook
We maintain Buy with a revised PT of Rs. 1,300, given its strong earnings growth potential, robust product propositions and favorable sector tailwinds.
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