Affle India Q1 Review - Result Beat On All Count, Conversions Business Sees Traction: Dolat Capital
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Dolat Capital Report
Affle India Ltd. reported revenue growth of 7.7% QoQ (our estimate: 1.0% de-growth) led by continued traction in cost per converted user (CPCU) business which grew 9.2% QoQ while the non CPCU business declined by 1.0% QoQ.
The conversions remained healthy at 31.5 million and CPCU rate inched up to Rs 42.
Ebit margin declined 107 basis points QoQ to 19.6% (our estimate: 19.7%).
The slight miss in margins was due to leadership and sales investment in international markets.
Affle India reiterated that it is well positioned to navigate the privacy related concerns in the digital world and do not see any material threat from this as believes that consumers around the globe will opt-in to ensure free consumption of apps.
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