Emudhra Limited · NSE:EMUDHRA
Emudhra — Q4 FY2024 Earnings Presentation
32 slides from Emudhra's earnings presentation, Apr 30, 2024
Slide 1: Stock exchange cover letter for earnings presentation
EL/SEC/2024-25/ 11 April 30, 2024 Corporate Relationship Department The Manager, Listing Department BSE Limited National Stock Exchange of India Limited 1st Floor, New Trading Ring Rotunda "Exchange Plaza', C-1, Block G, Building, P J Towers, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (E), Mum
Slide 2: FY2024 Investor Presentation
FY2024 Investor Presentation Enabling Enterprise Transition to Zero Trust April 2024 www.eMudhra.com
Slide 3: Table of Contents
Table of Contents 1 Business review, products and market opportunity 2 Financial Review 3 Trends and Strategies 4 Annexures
Slide 4: Business review, products and market opportunity
1 Business review, products and market opportunity
Slide 5: At a glance
At a glance Market Leadership Market Opportunity 1 FY2024 Performance Trust Services Digital Security Total Revenue $1.75 Bn $12.5 Bn Rs. 3,800 Mn India’s largest certifying + 49.6% YoY authority 1 + 13.6% CAGR 3 + 17.8% CAGR 3 Paperless Transformation EBITDA #1 in Digital Identity and Trust in Indi
Slide 6: Identity and Security are central in Enterprise Transition to Zero Trust
R0 “Identity” and “Security” are central in Enterprise Transition to Zero Trust eMudhra is a “One Stop Shop” solution provider in Authorization/Signing deploying PKI for enabling enterprise transition to Zero Trust Trust Services Largest CA in India to issue individual/organization digital signature
Slide 7: Slide 5 review comments
Slide 5 R0 emAS and emDiscovery new name to be kept or continue with old Ritesh Raj Pariyani, 2024-04-25T09:48:57.743 RV0 0 We would suggest to continue with the old and announce the rebranding during the Q4 FY24 Earnings call Rohit | Churchgate Partners, 2024-04-29T16:49:19.193
Slide 8: Traceability and Verifiability driving Identity backed Digital Signatures
“Traceability” and “Verifiability” are driving use of Identity backed Digital Signatures for paperless transformation • emSigner offers Enterprise grade digital signature workflow capabilities with a global digital trust service backbone at competitive pricing • Focus on integrating Digital ID and e
Slide 9: Cyberthreats and data breaches driving strong authentication adoption
Cyberthreats, Data breaches and data privacy are driving adoption of strong authentication, access and encryption solutions • emAS/emCA/emDiscovery offer a powerful suite of solutions for enabling strong authentication and access control using PKI • Extensive capabilities for auto discovery, renewal
Slide 10: Our solutions power mission critical applications
Our solutions power mission critical applications Integrated Identity and Access Encryption and Key Management for Enterprise wide paperless Management for a very large public secure communications for a Defense transformation with eSign/eStamping in sector Bank Agency in India BFSI and Capital Mark
Slide 11: Customer Engagement Lifecycle
Customer Engagement Lifecycle “Land” and “Expand” strategy Flexible Pricing Models Enter with one use case – Volume based Yearly Billing multifactor authentication Cross-sell/upsell to augment use cases for PKI or Based on # of In some cases quarterly or paperless transformation of departmental work
Slide 12: Partnerships and Thought Leadership
Partnerships and Thought Leadership Platform Integrations System Integrator Partnerships Regional Resellers Global Memberships 10
Slide 13: Awards and Accolades
Awards and Accolades eMudhra wins Excellence in IT/ITES eMudhra gets mentioned as a Lightweight eMudhra has been accepted by IGTF as at ET Business Awards 2024 CLM Example Vendor in the 2024 an Authentication Provider, making it Gartner® report Effectively Manage Your one of the only five commercial
Slide 14: FY2024 & Q4 FY2024 Financial Performance
1 FY2024 & Q4 FY2024 Financial Performance
Slide 15: FY2024 Performance Highlights
FY2024 Performance Highlights Total Income from Operations Rs. 3,800 Mn • Revenue growth driven by Enterprise + 49.6% YoY Solutions primarily due to penetration in new geographies, upselling to EBITDA EBIT Net Profits existing customers in existing markets, increased deal values in cyber security Rs
Slide 16: Q4 FY2024 Performance Highlights
Q4 FY2024 Performance Highlights Revenue from Operations Rs. 1,031 Mn + 30.5% YoY • Revenue growth driven as a result of strong performance in trust services and international markets EBITDA EBIT Net Profits • EBITDA/PAT growth despite increased Rs. 363 Mn Rs. 307 Mn Rs. 212 Mn investment into sales
Slide 17: Financial Performance
Financial Performance Revenue From Operations Profit after Tax (Rs. Mn) (Rs. Mn) 3,731 22% 24% 19% 20% 2,488 1,826 764 612 1,316 411 254 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 EBITDA and Margin EBIT (Rs. Mn) (Rs. Mn) 37% 36% 31% 31% 1,165 957 926 768 688 557 408 320 FY21 FY22 FY23 FY24 FY21 FY22 FY
Slide 18: Key Business Indicators
Key Business Indicators Revenue has been shifting more towards enterprise solutions and overseas markets with recurring revenues of 67% in the current year vs 65% previous year Revenue Mix (Enterprise Solutions & Services /Trust Services) Revenue Mix - Geography (Rs. Mn) (Rs. Mn) 1044 2047 850 891 3
Slide 19: Enterprise Solutions – Operational Performance
Enterprise Solutions – Operational Performance Revenue Breakup by Sector Revenue Breakup (Partner/Direct) Revenue Break Up by Product 24% 26% 32% 52% 74% 76% 16% Cyber Security Paperless Government BFSI Private Sector Partner Direct Existing vs New Customer by Value Opening Solution Order Book (Rs.
Slide 20: Trust Services – Operational Performance
Trust Services – Operational Performance “Brand” positioning helped drive stickiness in channel and growth in retail despite partner model change # of Users (Retail) (in ‘000) 345.98 Revenue break up by segment • Trust Services continues to see price 249.38 stability and volume growth as per 191.20
Slide 21: Strong Return Ratios
Strong Return Ratios Demonstrated efficient use of capital with a focus on RoE * Return on Equity % Return on Capital Employed % 30.4% 34.3% 24.0% 31% 22.6% 28.1% 14.9% 19.5% FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 Trade Receivables - Collection days 95 94 80 36 FY21 FY22 FY23 FY24 RoE and RoCE figu
Slide 22: Consolidated Statement of Profit and loss
Consolidated Statement of Profit and loss Q-o-Q Y-o-Y (Rs. Million) Q4 FY2024 Q3 FY2024 Q4 FY2023 FY2024 FY2023 Y-o-Y Growth(%) Growth(%) Total Income 1,031.0 995.1 3.6% 789.8 30.5% 3,800.4 2,540.6 49.6% Gross Margin 719.1 643.6 11.7% 567.7 26.7% 2,576.4 1,941.4 32.7% Gross Margin (%) 69.7% 64.7% 71
Slide 23: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (Rs. Million) FY2023 FY2024 Non-Current Assets 2,117 3,105 Property, plant and equipment 915 1,106 Right-of-Use Assets 85 2 Capital work-in-progress 366 303 Intangible assets 582 908 Goodwill 39 511 Intangible assets under development 106 203 Financial Assets 19 17
Slide 24: Consolidated Balance Sheet
Consolidated Balance Sheet Equity and Liabilities (Rs Million) FY2023 FY2024 Total Equity 3,924 6,621 Equity 375 404 Other Equity 3,549 6,217 Non-Current Liabilities 115 122 Borrowings 0 0 Lease liabilities 62 0 Deferred Tax Liabilities (Net) 25 67 Provisions 28 26 Other non-current liabilities 0 29
Slide 25: Trends and Strategies
3 Trends and Strategies
Slide 26: Focus on R&D in cutting edge allied areas
Focus on R&D in cutting edge allied areas Post Quantum Cryptography (PQC) Development of modules for integrating PQC compliant algorithms based on global standards for key/certificate generation, signing and validation across eMudhra’s suite of products Redefining data security and secure data searc
Slide 27: Investing in International Growth
Investing in International Growth Direct market focus with customers and sales teams on ground Markets with initial penetration but focus on ecosystem development through key local partners eMudhra selects new markets based on • Initiatives or availability of digital identity • Focus on eGovernance
Slide 28: Building product depth and verticalization to differentiate
Building product depth and verticalization to differentiate emSigner / Paperless Transformation emAS|emCA|emDiscovery / Cyber Security • Build ecosystem around use • Comprehensive capability and integration of KYC around certificate lifecycle verification/ Digital Identity into management to differe
Slide 29: Annexures
4 Annexures
Slide 30: A quick video overview of how our products work
A quick video overview of * how our products work * *emDiscovery is being rebranded as Certinext emAS is being rebranded as SecurePass
Slide 31: Disclaimer and Contact Information
Disclaimer and Contact Information Disclaimer This presentation contains statements that are “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to “eMudhra” future business developments and
Slide 32: eMudhra global office locations
eMudhra enables enterprises and consumers to engage, exchange information and transact securely, efficiently and Amsterdam with enhanced customer experience. Bengaluru Bogota Dubai Corporate Office: Jakarta ClN - U72900KA2008P1C050368 New Jersey No.56, Sai Arcade, 3rd Floor, Outer Ring Road, Devarab