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Affle 3i Ltd - Stock Valuation and Financial Performance

BSE: 542752 | NSE: AFFLE | BPO/ITeS | Small Cap

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Affle 3i Share Price

 ₹1,430.75 -9.10 -0.63%
as on 13-Mar'25 16:59

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Overall Rating ⓘ
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1. Quality


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2. Valuation


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3. Price Trend


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Affle 3i stock performance -

PE Chart Key Ratios
P/E Ratio (CD):
55.22
Market Cap:
20,226.5 Cr.
52-wk low:
998
52-wk high:
1,883.1

Is Affle 3i Ltd an attractive stock to invest in?


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10 Year X-Ray of Affle 3i: Login to view analysis.

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Standalone Basis P Consolidated Basis P
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Affle 3i Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % ⓘ0%0%0%0%74.5%43.1%39.4%28%20.2%16.3%-
Value Creation
Index ⓘ		NANANANA4.32.11.91.10.50.2-

Growth Parameters ⓘ

Growth Parameters Colour Code Guide ⓘ

Sales ⓘ00002493345171,0821,4341,8432,170
Sales YoY Gr.-NANANANA33.8%54.8%109.3%32.6%28.5%-
Adj EPS ⓘ00004.15.210.615.81720.626.1
YoY Gr.-NANANANA27.5%104.4%48.5%8.1%20.7%-
BVPS (₹) ⓘ000061828.188.2109.3177.2199
Adj Net
Profit ⓘ		000049.466.1135210227288366
Cash Flow from Ops. ⓘ000047.871.9102206260262-
Debt/CF from Ops. ⓘ00000.20.91.20.70.40.7-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNA49.2%52.8%28.5%
Adj EPS ⓘNA38.3%24.7%20.7%
BVPSⓘNA97.1%84.7%62.2%
Share Price - 37% 6.3% 39.9%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity % ⓘ		000068.243.94627.317.214.513.9
Op. Profit
Mgn % ⓘ		000028.526.225.119.620.119.520.6
Net Profit
Mgn % ⓘ		000019.819.826.219.515.915.616.9
Debt to
Equity ⓘ		00000.10.30.30.10.10.1-
Working Cap
Days ⓘ		00000115131102115135170
Cash Conv.
Cycle ⓘ		00000-30-32-23-20-22119

Recent Performance Summary

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Latest Financials - Affle 3i Ltd.

Standalone Consolidated
TTM EPS (₹) 7.7 26.1
TTM Sales (₹ Cr.) 683 2,170
BVPS (₹.) ⓘ 130.3 199
Reserves (₹ Cr.) ⓘ 1,802 2,767
P/BV ⓘ 11.05 7.24
PE ⓘ 186.67 55.22
From the Market
52 Week Low / High (₹) 998.00 / 1883.10
All Time Low / High (₹) 150.21 / 1883.10
Market Cap (₹ Cr.) 20,226
Equity (₹ Cr.) 28.1
Face Value (₹) 2
Industry PE ⓘ 66.3

Quarterly Results

Standalone Basis
Consolidated Basis
 Jun'24 YoY Gr. Rt. %Sep'24 YoY Gr. Rt. %Dec'24 YoY Gr. Rt. %Mar'25 YoY Gr. Rt. %
Sales (₹ Cr.)ⓘ 0 N/A0 N/A0 N/A0 N/A
Adj EPS (₹) ⓘ 0 N/A0 N/A0 N/A0 N/A
Op. Profit Mgn % ⓘ N/A N/AN/A N/AN/A N/AN/A N/A
Net Profit Mgn % ⓘ N/A N/AN/A N/AN/A N/AN/A N/A

Management X-Ray of Affle 3i:

Shareholding Pattern

JavaScript chart by amCharts 3.21.5
JavaScript chart by amCharts 3.21.5Promoters:55.03%Institutions:31.08%Non-Institutions:13.89%

Promoter's Holding & Share Pledging

JavaScript chart by amCharts 3.21.5Sep22Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec240%10%20%30%40%50%60%70%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Affle 3i

MRP
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MOS
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DP
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Base EPS
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DPS
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MRP: ₹ 0
DP: ₹0
Base EPS ₹:
DPS ₹:
MOS (%):
Save my Valuation
Expected EPS Growth Rate:
0%
Base 0%
50%
Expected Rate of Return:
0%
Base 0%
50%
Future PE:
0
Base 0
200
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max

Event Update

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Analyst's Notes

Affle India: Q1FY24 Result Update - 12 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

407

+17%

Contribution trend shift towards International (65.3% to 69.3%)

EBITDA

78.1

+15%

Converted users @ 68.7Million(61.9 in Q1FY23), CPCU @ Rs 55(52 in Q1FY23)

EBITDA Margin

19.2%

-40 bps

Margin decline slightly due to higher employee costs

PAT

66.2

+21%

 

Steady results.

 

Initiating Coverage: Affle Ltd. - 03 Apr 2023

About the Company:

Affle India is a technology company with a proprietary consumer intelligence platform that delivers consumer acquisitions, engagements, and transactions through relevant mobile advertising. It is an Indian company with subsidiaries abroad. India is one of the select markets in the world where digital advertising spends continue to grow at a rapid pace. The digital advertising industry in India grew by 35.3% in 2021 on a YoY basis. Digital media has been leading the growth rally for the Indian advertising industry, growing at almost twice the rate of the overall industry.

The company has two business segments:

The Consumer Platform provides services for leading brands and B2C companies globally by delivering user acquisitions, recommendations and conversions through relevant mobile advertising. The Consumer Platform offers new consumer conversions, retargeting existing consumers and an online to offline platform that converts online consumer engagement into measurable in-store walk-ins. Revenue is earned on a Cost Per Converted User (CPCU) basis, which includes user conversions based on consumer acquisition and transaction models.

Revenue is also earned through awareness and engagement type advertising (Non-CPCU). The CPCU revenue for FY2021-22 on a consolidated basis was Rs. 9,740.18 million, a y-o-y growth of 126.8% from Rs. 4,294.32 million in FY2020-21.

Enterprise Platform: 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.

Platform-wise break up of Revenue                      

Consumer Platform Revenue Mix

Industry Overview:

The pace of digital adoption is rapidly accelerating, transforming both the economy and society and fundamentally altering the way people behave and interact. The exponential increase in machine-readable data available over the internet is a defining characteristic of this digital transformation, giving rise to a data-driven, digitally intelligent ecosystem at an unprecedented scale.

Furthermore, the growth of mobile internet is set to accelerate even further with the advent of 5G, which is scaling up faster than any previous mobile network generation. Industry projections suggest that Global 5G subscriptions will surpass 1 billion by the end of 2022.

Competitors: Tradedesk, InMobi, Criteo, Pubmatic, Magnite, Digital turbine operate in developed markets of US & Europe. Amongst competitors, only Affle and InMobi have patents related to mobile advertising segment with new patents granted in 2022 being 3 and total of 20 patents with Affle.

Business Performance:

Affle delivered revenue growth of 6.1% and a PAT growth of 17.6% QoQ in Q3 FY2023. It achieved revenue CAGR of 58.5% in Q3 over the last 3-year period, much ahead of the industry growth trends. CPCU business delivered 67.8 million user conversions during the quarter, at an INR 51 CPCU rate.

Overall, CPCU revenue for Q3 increased by 14% y-o-y, ahead of the total revenue growth of 10.8% YoY. In terms of 9M FY2023, company achieved revenue growth of 40.6% YoY, PAT growth of 40% YoY and this growth was largely well-balanced across the three quarters.

Click here to checkout 10 Year Financial X-Ray                                                                            

Risks:

Customers can reduce their marketing spends due to decline in Startup funding in key markets like India, South East Asia, Middle East and Latin America.

Adverse Data protection Laws such that Personal Data Protection Act (PDPA) that Government of India intends to implement which is in-line with the Data Protection Laws enacted in Europe shall increase the Data Inventory Cost.

Outlook:

Based on continued optimism, greater recovery across industries, and further innovations on mobile and in OTT/CTV video streaming, it is expected that global ad spends will continue to outperform those in the past, potentially even doubling in next years.

Despite major changes in data privacy laws, tracking, and regulation, digital ad spend is expected to show steady growth. Specifically, within the digital landscape, mobile advertising is projected to account for a considerable and growing share of digital ad spend. Looking ahead to India, it is expected that the country's consumer digital economy will be a USD 800 billion market in 2030, representing an approximately 10x growth from 2020 (as per EY).

View All Notes

Key Ratios of Affle 3i

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Peer Comparison

Company Name CMP(₹)
Change ₹(%)
Market Cap
Net Sales (₹ Cr.)
Latest EPS (₹)
Net Profit Margin %
Latest P/E
Latest P/BV
Quess Corp 610.3 -3.3 (-0.5%) Small Cap 19,100 24.9 1.6 24.6 3
eClerx Services 2,521.9 -89 (-3.4%) Small Cap 2,926 109 17.2 24 5.7
CMS Info Systems 435.6 -11.8 (-2.6%) Small Cap 2,265 22.3 15 20.1 3.4
Affle 3i 1,430.8 -9.1 (-0.6%) Small Cap 1,843 26.1 15.6 55.2 7.2
Firstsource Solution 303 -3.8 (-1.2%) Small Cap 1,601 6.1 19.8 50.6 8.1
Hinduja Global Soln. 488.2 0.8 (0.2%) Small Cap 1,578 -41.5 -5 - 0.8
Protean e-Gov Tech. 1,283.1 -18.9 (-1.5%) Small Cap 881 23.1 11.4 56.4 5.4
Inventurus Knowledge 1,651.2 -81.7 (-4.7%) Small Cap 873 19.6 38.8 88.3 8.6
Matrimony.Com 509.5 -25.9 (-4.8%) Small Cap 481 22.6 10.3 23.6 4.7
Alldigi Tech 907 3.3 (0.4%) Small Cap 314 45.9 20.2 19.7 5.9
Shows rows:

Profit And Loss

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales2493345171,0821,4341,843
Operating Expenses ⓘ 1792473878701,1451,483
Manufacturing Costs1341932986818861,128
Material Costs000000
Employee Cost 212754130187235
Other Costs ⓘ 2427355972120
Operating Profit ⓘ 7087130212289360
Operating Profit Margin (%) 28.2%26.0%25.1%19.6%20.1%19.5%
Other Income ⓘ 0742735457
Interest ⓘ 11471119
Depreciation ⓘ 101320324972
Exceptional Items ⓘ 000000
Profit Before Tax ⓘ 6079148245282327
Tax ⓘ 111413303630
Profit After Tax 4966135215245297
PAT Margin (%) 19.6%19.6%26.1%19.8%17.1%16.1%
Adjusted EPS (₹)4.05.110.616.118.421.2
Dividend Payout Ratio (%)0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 722293591,1751,4552,483
Share Capital ⓘ 242525272728
Reserves ⓘ 482043331,1481,4292,455
Minority Interest000120
Debt964117148103178
Long Term Debt72889895273
Short Term Debt236285951105
Trade Payables5275126256252383
Others Liabilities ⓘ 3955181259214290
Total Liabilities ⓘ 1724237831,8402,0263,334

Fixed Assets

Gross Block1202434568299751,405
Accumulated Depreciation638096130189261
Net Fixed Assetsⓘ 571633616997861,144
CWIP ⓘ 2540424998
Investmentsⓘ 0076135037
Inventories000000
Trade Receivables4874108235245317
Cash Equivalents ⓘ 30126636056461,237
Others Assetsⓘ 3454135124301500
Total Assets ⓘ 1724237831,8402,0263,334

Cash Flow

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity ⓘ 4872102206260262
PBT ⓘ 6079148245282327
Adjustment ⓘ 1117-17-16642
Changes in Working Capital ⓘ -14-14-17-10-47-72
Tax Paid ⓘ -9-11-12-28-40-34
Cash Flow From Investing Activity ⓘ -50-163-175-556-197-577
Capex -15-31-49-73-92-116
Net Investments -6-470-349-25-156
Others ⓘ -30-85-125-134-80-306
Cash Flow From Financing Activityⓘ 813953615-59783
Net Proceeds from Shares ⓘ 08605910744
Net Proceeds from Borrowing ⓘ 000000
Interest Paid ⓘ -1-1-2-3-6-13
Dividend Paid ⓘ 000000
Others ⓘ 9545527-5352
Net Cash Flow ⓘ 648-202654468

Finance Ratio

Standalone Basis Consolidated Basis
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)67.4343.4545.942818.6715.1
ROCE (%)74.4643.0939.4427.9520.2416.29
Asset Turnover Ratio1.451.120.860.820.740.69
PAT to CFO Conversion(x)0.981.090.760.961.060.88
Working Capital Days
Receivable Days706764586156
Inventory Days000000
Payable Days000000

Affle 3i Ltd Stock News

Affle 3i Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Affle 3i on 13-Mar-2025 16:59 is ₹1,430.8.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 13-Mar-2025 16:59 the market cap of Affle 3i stood at ₹20,226.5.
The latest P/E ratio of Affle 3i as of 13-Mar-2025 16:59 is 186.7.
The latest P/B ratio of Affle 3i as of 13-Mar-2025 16:59 is 11.05.
The 52-week high of Affle 3i is ₹1,883.1 and the 52-week low is ₹998.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Affle 3i is ₹682.6 ( Cr.) .

About Affle 3i Ltd

Affle India was incorporated as ‘Tejus Securities Private Limited’ under the Companies Act, 1956, with a certificate of incorporation issued by the Registrar of Companies, Maharashtra (RoC) on August 18, 1994 at Mumbai. Subsequently, the name of the company was changed to ‘Affle (India) Private Limited’ and a fresh certificate of incorporation was issued by the RoC on September 29, 2006. The company was subsequently converted to a public limited company and the name of the company was changed to present name, i.e., ‘Affle (India) Limited’, and a fresh certificate of incorporation consequent upon conversion was issued by the RoC on July 13, 2018.

Affle is a global technology company with a proprietary consumer intelligence platform that delivers consumer engagement, acquisitions and transactions through relevant Mobile Advertising. The platform aims to enhance returns on marketing investment through contextual mobile ads and also by reducing digital ad fraud. While Affle's Consumer platform is used by online & offline companies for measurable mobile advertising, its Enterprise platform helps offline companies to go online through platform-based app development, enablement of O2O commerce and through its customer data platform.

Business area of the company:

The company is a global technology business. It has two business segments i.e Consumer Platform and Enterprise Platform. The company’s Consumer Platform primarily provides the services of new consumer conversions (acquisitions, engagements and transactions) through relevant mobile advertising; retargeting existing consumers to complete transactions for e-commerce companies through relevant mobile advertising; and an online to offline (O2O) platform that converts online consumer engagement into in-store walk-ins. The company’s Enterprise Platform primarily provides end-to-end solutions for enterprises to enhance their engagement with mobile users.

Products

  • MAAS Mobile Advertising
  • RevX Programmatic Ad Platform
  • Vizury Engage360 Omnichannel Marketing
  • Mediasmart Programmatic & Proximity Marketing
  • mFaaS Fraud Detection
  • Shoffr O2O Marketing Platform
  • mKr8 Rich Media & Video
  • mDMP Data Management
  • mCDP Audience Intelligence
  • ARC App Development
  • Markt Multi-Channel Commerce

Awards and Accreditations

  • 2016: The company received membership of Internet and Mobile Association of India, valid for the period from April 1, 2016 to March 31, 2017.
  • 2016: The company was recognised as the 'Top App Monetization Platforms 2015' by Business of Apps.
  • 2016: The company was recognised as the 'Top Mobile Ad Mediation Platforms' by Business of Apps in 2016.
  • 2017: The company received membership of Internet and Mobile Association of India, valid for the period from April 1, 2017 to March 31, 2018.
  • 2017: The company received the Enabling Technologies - Innovation (Silver) award at The Maddies.
  • 2017: The company received the “Best Big Data Technology Platform (Gold)” and the “Best Brand Awareness Campaign Using Mobile (Gold)” awards at the Indian Digital Awards by IAMAI.
  • 2018: The company received membership of IAMAI, valid for the period from April 1, 2018 to March 31, 2019.
  • 2018: The company received the “Digital Marketing Excellence in Retail (Gold) for Puma” and the “Digital Marketing Excellence in Healthcare/ Pharma (Gold) for Dettol” awards at Digixx Awards 2018.
  • 2018: The company received the Augmented Reality Campaign For Dish TV (Bronze) at the Campaign Asia Digital Crest Awards 2018.
  • 2019: The company received the award for “Best Use of AR/VR in a Marketing Campaign (Silver) for Dish TV” at the India Digital Awards from IAMAI and Times Now.
  • 2019: The company received the “Best Technology Platform (Gold) for mFaas” at the Digixx Awards 2019.
  • 2019: The company received the award for “Ad Network of the Year” at the Indian Agency Awards, AgencyCon.
  • 2019: The company received the award for mobile advertising at the Singapore Business Review Technology Excellence Awards 2019.

Major events and milestones

  • 2007: Launch of first product “SMS 2.0” in partnership with Bharti Airtel in India in June 2007. Subsequent to the launch, this product and partnership was scaled pan-India in December 2007.
  • 2009: Announcement of first significant mobile monetization partnership with NDTV Convergence.
  • 2012: Launch of Mobile Advertising Agency 'ad2c'.
  • 2012: Launch of Cross Screen Advertising Platform “Ripple” in August, which was followed by announcement of partnerships with Yahoo, ESPN Cricinfo & India Today for this platform.
  • 2014: Launch of mobile marketing platform 'ad2campaign'.
  • 2015: Launch of end-to-end “Mobile Audience as a Service (MAAS)” platform in March 2015.
  • 2017: Launch of “Mobile Ad Fraud detection (mFaaS)” platform which was later awarded by the IAMAI as the Best Big Data Technology Platform in 2017.
  • 2018: Acquisition by Affle International of Affle Global’ consumer platform and enterprise platform-based business undertaking and 100% of the equity interests in the Indonesian Subsidiary, each effective July 1, 2018.
  • 2019: Acquisition by Affle International of the Shoffr Business Undertaking on May 18, 2019, effective February 19, 2019.
  • 2019: Acquisition by Affle International of the RevX Business Undertaking one June 28, 2019, effective April 1, 2019.
  • 2020: Acquisition by Affle International of the Mediasmard, a Europe based mobile programmatic and proximity marketing platform.
  • 2020: Acquisition by Affle International of the Appnext, a mobile app discovery and recommendation platform business.
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