Q3 FY-22-23 Result update
Results looks good and are in line with my revenue estimation (as per monthly update data). If we go by their past performance they have underperformed and that is not due to some slowdown but due the Downtime of their App in NOV month so they could not grew MoM during that month. Again in its 7-Feb update they have mentioned about UID downtime and it has affected its operation. This frequent glitch is not acceptable as it is a Digital only biz. Salary and Depreciation as a percentage of expenses has gone up and was expected due to new office, increased salary of Jaijash and new recruits. These expenses may stabilize sooner then later and profit matrix should improve from hereon. No update on Stu Cred Alumni biz segment, i think if Growth in AUM > revenue from traditional trends then i think they have started Alumni biz. Lets see what happens.
Disc: Holding
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