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Prabhudas Lilladher Report
Affle India Ltd. reported exceptionally strong revenue growth up 103.6% YoY much above our and consensus estimates (our estimate: 66.6%, consensus: 68%) led by strong growth in organic business (34% YoY) as well as Jampp (revenue of ~Rs 824 million, ~50% above pre-acquisition quarterly revenue run-rate of ~Rs 545 million).
This reflects Affle India’s success in bringing back growth focus in Jampp which was struggling with growth and profitability pre-acquisition.
Converted users in cost per converted user business grew at strong rate of 73% YoY and cost per converted user rate jumped to Rs 51.3 (up 22.1% QoQ) led by higher share of international revenue (66.9% in Q2, Jampp based in Latin America contributed 30% of revenue).
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