Affle Q2 FY2024 revenue up 21.6%; net profit at Rs 66.8 crore

Affle (India) Limited, a consumer intelligence driven global technology company, has reported a robust performance for the second quarter and half-year ended September 30, 2023. Affle’s consolidated revenue from operations in Q2 FY2024 stood at Rs 431.3 crore, an increase of 21.6% y-o-y from revenue of Rs 354.6 crore in Q2 last year.

EBITDA stood at Rs 87.2 crore, an increase of 20.6% y-o-y. EBITDA margin was at 20.2% in Q2 FY2024. Profit after tax (PAT) increased by 13.8% y-o-y to Rs 66.8 crore from Rs 58.7 crore in Q2 last year.

This growth was broad-based coming from both CPCU business and non-CPCU business, across India & International markets.

For H1 FY2024, consolidated revenue from operations stood at Rs 837.9 crore, an increase of 19.3% yo-y. EBITDA was at Rs 165.3 crore, an increase of 17.3% y-o-y and EBITDA margin stood at 19.7%. PAT increased by 17.4% y-o-y to Rs 133.0 crore.

The CPCU business noted strong momentum, delivering 7.2 crore converted users in Q2 FY2024, an increase of 11.4% y-o-y, and taking the total converted users delivered in H1 FY2024 to 14.1 crore. The CPCU Revenue stood at Rs 400.6 crore in Q2 FY2024, an increase of 21.6% y-o-y. The top industry verticals for the company continued to be resilient, helping it register a robust growth anchored on the CPCU business model.

Commenting on the results, Anuj Khanna Sohum, MD and CEO, Affle, said, “Affle’s growth has been broad-based coming from both existing and new customers, across India & global emerging markets, which continue to perform well despite the tough macro-economic conditions globally. The resilient nature of our business helped us achieve highest quarterly revenue run rate, highest EBITDA, consumer conversions and CPCU rate in Q2 FY2024.”

“Our consistent growth trajectory is well supported by greater consumer adoption of connected devices, unique ROI-linked CPCU business model, relentless focus on R&D and strong operational execution focused on 4Ps – People, Platforms, Productivity and Profitability,” he added.

Affle will continue to augment its business by strengthening its technological edge and investing in developing innovative solutions for its customers globally. The company recently released GenAI-powered multilingual capabilities on iOS Appstore.

Looking forward, Sohum said, “We remain focused on fortifying our ecosystem-level partnerships with deeper strategic realignment and are investing to further expand our tech IP, product propositions and our on-ground presence across geographies to drive sustainable growth for all our stakeholders.”