Affle India ends in green on filing 10 more patents in artificial intelligence

In Q2FY24, Affle posted revenue of Rs 431 crore, registering a growth of 6.1 percent on a QoQ basis and 21.6 percent YoY basis.

Shares of Affle (India) jumped on November 23 after the company said it has applied for 10 patents in India in artificial intelligence (AI) and machine learning (ML), in addition to the five patents it had informed about last week.

As of market close, the stock gained 1.78 percent at Rs 1085.35 on the BSE.

Those 10 patents filed relate to transferring data in a safe way, detecting fraud, error minimisation, and categorising and storing data. The five earlier patents were related to biometric authentication, managing secure cloud-based enclave, among others.

In Q2FY24, Affle posted a revenue of Rs 431 crore, registering a growth of 6.1 percent over the last quarter and 21.6 percent on-year. Its consolidated EBITDA for the quarter grew 11.5 percent QoQ to Rs 87 crore, led by a sharp recovery in the international business. Moreover, the company’s EBITDA margins improved by 40bps QoQ to 20.2 percent. It reported a net income of Rs 67 crore, up 1 percent QoQ.

“From a long-term perspective, we believe Affle has strong device additions as well as a good record of client additions. We believe the company has superior penetration in the international business and strong revenue growth potential going ahead,” Axis Securities said.