Affle India Ltd

About

Affle India is a technology company with a proprietary consumer intelligence platform that delivers consumer acquisitions, engagements, and transactions through relevant mobile advertising. It’s a Singapore-based company founded in 2005 and entered India in 2006. They work on Paas (Platform as a Service).[1]

Key Points

Business Segments
Consumer platform (97%) - New consumer conversions (acquisitions, engagements, and transactions) through relevant mobile advertising, retargeting existing consumers to complete transactions for e-commerce companies, An online to offline (“O2O”) platform that converts online consumer engagement into in-store walk-ins.

Enterprise platform (3%) – provides end-to-end solutions for enterprises to enhance their engagement with mobile users such as developing Apps, enabling offline to online commerce for offline businesses with e-commerce aspirations, and providing enterprise-grade data analytics for online and offline companies.

See full details
  • Market Cap 14,188 Cr.
  • Current Price 5,324
  • High / Low 6,287 / 2,502
  • Stock P/E 93.4
  • Book Value 135
  • Dividend Yield 0.00 %
  • ROCE 39.2 %
  • ROE 45.9 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 50.21%

Cons

  • Stock is trading at 39.55 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding has decreased over last quarter: -2.71%
  • Tax rate seems low
  • Earnings include an other income of Rs.51.77 Cr.

Peer comparison

Sector: Miscellaneous Industry: Miscellaneous

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
60 74 60 75 85 94 80 90 135 150 142 152
45 51 40 56 63 67 60 67 101 112 107 117
Operating Profit 15 23 20 19 22 27 20 22 34 38 34 35
OPM % 26% 31% 33% 25% 26% 29% 25% 25% 25% 26% 24% 23%
Other Income -0 -0 0 0 1 2 3 2 2 1 36 13
Interest 0 0 0 0 0 0 1 1 1 1 1 1
Depreciation 3 2 3 2 3 3 5 4 5 5 5 5
Profit before tax 12 20 17 16 19 25 18 20 30 34 64 41
Tax % 16% 19% 17% 19% 19% 16% 16% 7% 10% 9% 8% 13%
Net Profit 10 16 14 13 16 21 15 19 27 31 59 36
EPS in Rs 4.24 6.72 5.96 5.43 6.11 8.41 6.00 7.36 10.58 12.02 22.95 13.41

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
167 249 334 517 579
122 179 246 387 437
Operating Profit 46 70 88 130 142
OPM % 27% 28% 26% 25% 25%
Other Income 0 0 6 42 52
Interest 1 1 1 4 5
Depreciation 8 10 13 20 21
Profit before tax 37 60 79 148 169
Tax % 24% 18% 17% 9%
Net Profit 28 49 66 135 152
EPS in Rs 11.46 20.10 25.70 52.87 58.96
Dividend Payout % -0% -0% -0% -0%
Compounded Sales Growth
10 Years:%
5 Years:%
3 Years:46%
TTM:66%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:69%
TTM:114%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:84%
Return on Equity
10 Years:%
5 Years:%
3 Years:50%
Last Year:46%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021
24 24 26 26
Reserves 6 48 204 333
Borrowings -0 9 68 119
46 77 105 275
Total Liabilities 76 158 402 753
27 57 163 361
CWIP -0 2 5 40
Investments 0 0 0 76
49 99 234 276
Total Assets 76 158 402 753

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021
42 48 72 102
-29 -50 -162 -175
-4 8 139 53
Net Cash Flow 9 6 49 -20

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 36 70 81 76
Inventory Days
Days Payable
Cash Conversion Cycle 36 70 81 76
Working Capital Days -35 -9 15 16
ROCE % 108% 43% 39%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
68.38 68.38 68.38 68.38 68.38 63.80 62.60 59.89
8.78 8.48 7.54 7.59 8.37 14.85 17.28 18.25
11.27 11.19 11.40 10.95 10.34 8.49 6.93 7.00
11.57 11.95 12.69 13.08 12.92 12.86 13.19 14.86

Documents