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In-line performance; high tax outgo drags down APAT

Earnings snapshot: 4QFY24

* Revenue grew by ~14% YoY to INR14.5b (in line)

* EBITDA margin came in at 3.9% (in line), down 100bp YoY and up 20bp QoQ. EBITDA decreased 11% YoY to INR566m, in line with our estimate.

* Adjusted net loss stood at INR128m vs. INR8m in 4QFY23 (our estimate of INR6m loss).

* Supply Chain Management recorded revenues of ~INR13.7b (+14.6% YoY) and EBIT loss of ~INR114m.

* Enterprise Mobility Services reported revenues of INR784m (+3.9% YoY) and EBIT of ~INR21.5m.

FY24 performance summary:

* MLL reported revenue of ~INR55b (+7.4% YoY), EBITDA margin of 4.2% (- 90bp YoY) and adjusted net loss of INR586m (vs. APAT of INR263m in FY23).

* CFO stood at INR22.7b vs. INR11.9b in FY23.

* Total borrowings as of Mar’24 stood at INR33.8b (vs. INR40b as of Mar’23). ? The board has recommended a dividend of INR2.5/share.

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