Published on 26/07/2022 2:25:50 PM | Source: Yes Securities Ltd

Update on eMudhra Ltd By Yes Securities

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Q1FY23 Result Highlights

Result Highlights

* Revenue grew by 15% QoQ ( up 21.7% YoY) to Rs 522mn in Q1FY23, led by Enterprise solutions that grew by 52% YoY to Rs 331mn( 63.3% of revenue); while Trust Services declined by 9% YoY to Rs 191mn( 36.7% of revenue). However, the Trust services grew 6% QoQ on sequential basis

* Enterprise solutions: The total count of enterprise India partners grew by 8% QoQ to 288. The total count of enterprise India customers grew by 4% QoQ to 614. The total count of enterprise Global partners grew by 2% QoQ to 277. The total count of enterprise Global customers grew by 25% QoQ to 50

* Trust Services: The total count of channel partners grew by 2.5% QoQ to 100,033. Retail customers count grew by 5.0% QoQ to 159,136. The retail contributes 24% to the trust service revenue

* Export mix was 36.7% in Q1FY23   compared to 18.7% in Q4FY22 as exports continue to be key growth driver of enterprise business.

* EBITDA margin was down 120 bps QoQ, (up 574 bps YoY) to 39.4%. The YoY improvement in EBITDA margin was led  by positive operating leverage.( Employee cost was 27.7% of revenue in Q1FY23 compared to 30.7% in Q1FY22).  

* Reported net profit of Rs 137mn, that grew by 44.4% YoY( up 27.0% QoQ). PAT margin grew by 247bps QoQ to 26.3%.

* Post IPO, it has become net debt free company on June 07, 2022.

* It has 191,000+ Retail customers and more than 600 + enterprise customers.  

* It has cumulatively issued 50mn digital signature certificates since inception

* It has 37.9% market share as the largest certifying authority in India and has 92% retention ratio for Enterprise and Digital customers  


Q1FY23 key project wins

* Implemented emCA Certificate Lifecycle Management for a large Telecom Company in Asia Pacific to help them issue digital signature certificates for various B2G and B2B use cases

* Implementing ePassport rollout for a country in Middle East using emCA and allied solutions to comply with ePassport issuances as per International Civil Aviation Organization

* Won deals from Smart Cities in India for digital signature based authentication for secure user and device access

* Implementation of solution for usage and integration of identity backed digital signatures for a Blockchain platform in USA for secure exchange of documents

* Completed rollout of emSigner for end to end paperless transformation for a large Bank in West Africa for various use cases across retail and corporate banking customers


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