Affle 3i (AFFLE) Q4 21/22 earnings summary

Executive summary

• FY2021-22 ended with record revenue, conversions, profitability and operating cash flow; Revenue from Operations grew 109.3% YoY.

• Converted users reached 195.3mn; the five-year CAGR was 59.5% for total revenue and 60.2% for normalized PAT.

Financial highlights

• Revenue from contracts with customers was Rs. 10,816.56mn, up 109.3% YoY; total revenue was Rs. 11,533.31mn, up 106.7%.

• PAT attributable to equity holders was Rs. 2,138.78mn, up 58.7% YoY; normalized PAT was Rs. 1,833.57mn, up 77.8%, excluding fair-value gains and specified tax/exceptional items.

• Adjusted EBITDA was Rs. 2,134.99mn, up 63.8%; EBITDA margin was 19.7% vs. 25.2% in FY2020-21.

• Operating cash flow rose to Rs. 2,059.83mn from Rs. 1,017.88mn; cash and cash equivalents plus other bank balances reached Rs. 6,046.19mn.

Outlook and guidance

• Strategy targets more than 10bn connected devices, with growth priorities in vernacular offerings, verticalization, OEM/operator partnerships and connected-device experiences.

• Growth plans include deeper emerging-market penetration, expanded customer revenue, technology and IP investment, future-use-case development and selective acquisitions.