amber ent.

• break 52 week high after consolidation
  *. FII stake inc.

Rategain – Q2FY24

Source – https://www.youtube.com/live/GCvPd-PA2gQ?feature=shared

Updates from the above interview

• Was looking for expansion in the Middle east, but those plans have been paused due to the ongoing conflict.
• No impact of interest rates and the Ukraine and Russia conflicts.
• 35% organic growth.
• Plan is to reach 1000crs revenue by FY24 and then double this revenue in 3 years (Approx 200cr gross profit even assuming 20% GM)
• The M&A plans are for all three verticals, Distribution, DaaS and MarTech. The ticket size is around $20m dollars, some could be more.
• Trying to fill in the whitespaces to form a fully integrated platform company with a lot of cross sell opportunities.
• Have a programmatic M&A plan and they have a database of 350 companies and at any point of time they are talking to a dozen of them and there are a couple of companies which are in the advanced stages of negotiations.
• Looking for companies that can give adjacent capabilities.
• Have around 435crs of cash in the balance sheet.
• Very judicious about what they pay and most of the acquisitions are around 1-2x the annual revenue.
• Geographically their revenue comes 60% from NA, 25% from EMEA, and the rest from the rest of the world.
• Penetration was small in middle east and latin america and now looking to expand there.
• The Middle East expanded dramatically but that has been put to pause.
• Revenue split by the verticals – 45%-Hotels,20%-destination management companies (Visit CA, Incredible India), 15% from OTAs, 5% – airlines and 5% from car rental companies.
• Deal wins 3x of last year, no slowdown seen.

Disc : Invested and increased holdings after the Q2 results.

Did not understand what you meant here. Can you please explain

28% degrowth in high margin export market really dented this quarter…domestic market grown 12%
Going ahead its important to see how new launches at higher price point perform, how quick North America (Largest Market in the world) develops and Morris JV…interesting to note Mr. Jalan mentioned Morris will use India manufacturing base for export market…more details he promised to share post next quarter.
H2 is always better than H1 and Q4 is always the best quarter for the company…
Disc. Invested and biased…

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.bseindia.com/xml-data/corpfiling/AttachLive/91cd8308-e825-4ec5-9659-ffdd96b42a55.pdf

Consolidated nos do NOT show a revenue dip. Can you share more insights on your comment?