Any current/future new fundraising through debt or equity?

eMudhra Limited partially closed its Qualified Institutional Placement (QIP) recently. The funds raised through QIP are intended for multiple purposes: - To fund working capital requirements, especially in the fast-growing US market. - To finance strategic acquisitions. - To invest in new product development, including post-quantum cryptography, fully homomorphic encryption, and mobile PKI. - Some portion is reserved for general corporate purposes, providing flexibility for any other needs. There is no specific mention of any upcoming or additional fundraising via debt or equity beyond

Any current/future capex/capital investment/strategic investment?

eMudhra Limited plans capital investments primarily in product development, including three key products: post-quantum cryptography, fully homomorphic encryption, and mobile PKI. Investments are being made in R&D for these cybersecurity-focused products, with specifications drafted and development outsourcing underway. There is an ongoing strategic allocation of funds from the QIP proceeds towards: - Working capital, especially for the growing US market. - Strategic acquisitions to support growth and expansion. - Development of the new cybersecurity products mentioned above.

Future growth expectations in sales/revenue/volumes?

FY23-24 revenue guidance around Rs. 360 crores with over 40% growth expected for the year. For FY24-25, management anticipates around 25-30% revenue growth, incorporating new cybersecurity products. International business expected to grow faster than domestic, with a focus on markets like the US, Middle East, Africa, and APAC. Mobile PKI and post-quantum cryptography product rollouts planned before March 2025, contributing to future growth. Enterprise business growing rapidly with about 35-40% order book growth and good sustainability in international revenues. India trust service business gro

Future growth expectations in earnings/operating earnings/profits/EPS?

Company targets overall revenue growth of around 30% for FY24-25, lower than the prior year’s 40%+ (Page 9, 14). EBITDA margins expected to be maintained at about 30% for the next one year, with PAT margins around 20% (Page 12). ESOP charges will continue, but are mostly non-cash and do not dilute equity (Page 9). International business growth is prioritized, expected to surpass domestic business, with better realizations and profitability (Page 13). Enterprise business expected to grow 15-20% in India; trust service in India around 15% growth/year (Page 13). New product launches (post quantum

Current/ Expected Orderbook/ Pending Orders?

The company typically provides order book details only at the fiscal year-end. As of December (Q3 FY24), the order book showed strong growth, approximately 35% to 40% higher compared to the previous March. The management highlighted good order book growth in this period. This indicates robust demand and momentum in securing future contracts, especially driven by international expansion and enterprise business segments.

eMudhraQ3 FY24IT - Services

eMudhra Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹653.45P/E: 47.0Market Cap: ₹5.4K CrSector: IT - Services

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

FY23-24 revenue guidance around Rs. 360 crores with over 40% growth expected for the year.
For FY24-25, management anticipates around 25-30% revenue growth, incorporating new cybersecurity products.
International business expected to grow faster than domestic, with a focus on markets like the US, Middle East, Africa, and APAC.
Mobile PKI and post-quantum cryptography product rollouts planned before March 2025, contributing to future growth.
Enterprise business growing rapidly with about 35-40% order book growth and good sustainability in international revenues.
India trust service business growth expected around 15% annually.
Growth targeted while maintaining EBITDA margins around 30% and PAT margins near 20% in the near term.
Focus on expanding wallet share within existing large customers and acquiring higher-value clients.

Margin guidance

Category 3

Company targets overall revenue growth of around 30% for FY24-25, lower than the prior year’s 40%+ (Page 9, 14).
EBITDA margins expected to be maintained at about 30% for the next one year, with PAT margins around 20% (Page 12).
ESOP charges will continue, but are mostly non-cash and do not dilute equity (Page 9).
International business growth is prioritized, expected to surpass domestic business, with better realizations and profitability (Page 13).
Enterprise business expected to grow 15-20% in India; trust service in India around 15% growth/year (Page 13).
New product launches (post quantum cryptography, mobile PKI, fully homomorphic encryption) expected to contribute to growth, targeted for implementation before March 2025 (Page 16).
Cautious optimism on incremental growth from new products; 30% growth guidance includes these products but no incremental growth currently assumed (Page 16).

See what eMudhra management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

eMudhra Limited partially closed its Qualified Institutional Placement (QIP) recently.
The funds raised through QIP are intended for multiple purposes:
- To fund working capital requirements, especially in the fast-growing US market.
- To finance strategic acquisitions.
- To invest in new product development, including post-quantum cryptography, fully homomorphic encryption, and mobile PKI.
- Some portion is reserved for general corporate purposes, providing flexibility for any other needs.
There is no specific mention of any upcoming or additional fundraising via debt or equity beyond the recently closed QIP.

Order book

Yes

The company typically provides order book details only at the fiscal year-end.
As of December (Q3 FY24), the order book showed strong growth, approximately 35% to 40% higher compared to the previous March.
The management highlighted good order book growth in this period.
This indicates robust demand and momentum in securing future contracts, especially driven by international expansion and enterprise business segments.

See what eMudhra management said on order book — free account, 30 seconds.

Capex plans

Yes

eMudhra Limited plans capital investments primarily in product development, including three key products: post-quantum cryptography, fully homomorphic encryption, and mobile PKI.
Investments are being made in R&D for these cybersecurity-focused products, with specifications drafted and development outsourcing underway.
There is an ongoing strategic allocation of funds from the QIP proceeds towards:
- Working capital, especially for the growing US market.
- Strategic acquisitions to support growth and expansion.
- Development of the new cybersecurity products mentioned above.
Implementation timeline for these new products is targeted before March 2025.
The company is cautious but optimistic about growth contributions from these products.

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