Questions across 6 calls

Deep Shah

B&K Securities

Affle 3i Limited

Affle 3i Limited CC-Feb26.pdf · 2026-02-02

Kapil, the first question is on the opening commentary that you made about slightly higher agency business. What I see is the incremental revenue, over the last six months, has been 968 million, i.e., Q3 minus Q1 incremental revenues. But incremental debtor increase is INR 15-19 million. Is there something more to it ? We are used to looking at Affle generating 90%-100% OCF. That entirety will be taken care of in 4Q?

Perfect, that's clear and reassuring also. Secondly, on this increase in CPCU rate, 3.1% y-o-y, is this largely on account of better quality of campaigns which we have undertaken? I am asking this as the share of Developing or Emerging Markets rather has increased, which would typically naturally put strain on the CPCU rate and yet we have delivered an increase of 3.1%. Is this a shift of the nature of campaigns that we have undertaken? Or is this the dollar appreciation which has helped us?

Affle 3i Limited CC-Nov25.pdf · 2025-11-03

The first question is on the revenue split. After, I think, about 7 quarters, we have seen non -CPCU revenue again at roughly INR 15 crores. Is this a one- time project or did a client want something non-CPCU? Because directionally, we have been focusing only on the CPCU side. Some clarity here could be useful.

Perfect. This is useful. The second question is for Kapil. We have seen now 6-7 quarters of margin improvements. This time also, we have seen some improvement despite some provisions that we would had to take. So, 2 sub- parts here. First, if you could quantify if that's material enough or if you could quantify the provisioning? Secondly, what part of it do you think is actually due to operating leverage, because we also saw some cost rationalization that you spoke about in the opening remarks? Is all of that sustainable? Is it all operationally driven? If you could give some idea around this, it will be helpful.

Affle 3i Limited CC-Mar25.pdf · 2025-05-12

Hi, sir. Good morning. Thanks for the opportunity. The patents that we've announced, if you could just help us explain a bit better. Given we already have an mFaaS platform and this one is also to do with some of the audit checks or the fraud checks, thus if you can help me understand better what is this and how is it different? How does it help us?

So, generally in your experience, what has been the duration between, let’s say, conceptualizing something to a patent being granted to be able to monetize it in a way that puts us in a much superior position . If you could quantify this, if it's possible?

Affle 3i Limited CC-Sep24.pdf · 2024-11-11

Congrats on good set of numbers. The first question is around this antitrust legislation, which is going on in the United States. While it might be sub -judice, I don't expect a comment on the particular legislation per se, but if you could help us understand how does it impact our industry and in which condition we are better off, because the initial hypothesis suggest that should that condition or should that legislation go through, it would be positive for us because the strength of the leader comes down. But that is the initial hypothesis. Is that true? Your comments on that would be useful. Second, when we say 20% growth, you mean for the medium term, right? Because given how well you performed in first half of this year , full year growth could be much higher. I understand that Jampp recovery happened in the third quarter last year, but then we also had the India GST impact on RMG, which shooed away those revenues. So, just a clarification on near term that when you say 20%, it is for the medium term? FY25 growth could actually be higher given how well the first half has been?

Indegene Limited

Indegene Limited CC-Nov25.pdf · 2025-10-31

So we've seen some growth assumption this quarter. And if I hear Manish comments at the start of the call, it seems that some of the disruption or some of the uncertainties, which are keeping brands on the fence are getting gradually resolved. Now what I understand is whenever there is some disruption, it is that time when we gain the most, at least that's how history has been? But it, of course, comes with some lag. So if -- I don't expect guidance, but if you could give a slightly qualitative answer about how historically has that conversion been? And do you foresee some of it to come by, say, in 12 months or in 24 months? Some qualitative understanding around this could be useful. Secondly, as a subtext to this question, the kind of disruption that we've seen in the past, these ones would be pretty small compared to them. Would that be a right assessment? Or these disruptions and these solutions are also materially large enough to change the trajectory for us?

Cartrade Tech Limited

Cartrade Tech Limited CC-Jun25.pdf · 2025-07-28

So, Vinay, actually, I wanted to understand a bit on nature of our employee cost ex ESOP. So when I see our, say, consumer business, they have been growing pretty much in single digits Y- on-Y, of course, other than 4Q. So what would be the split between, say, fixed cost and variable cost here because I assume some of it would be incentives based on the kinds of?

Correct. So then it would be very logical to assume that the incremental EBITDA margins for the business as a whole will keep on improving even from these levels akin to what typical