eMudhra – building seamless digital and paperless experiences

My take on the FY24 Q1 result:

• Revenue growth continues to be robust. There overseas expansion is bearing fruit on topline front.
• Margin compression for future growth is acceptable but management has been saying that margin compression is due to costly hiring for overseas expansion but the same is not getting reflected in employee cost as % of revenue, as it is hovering around 25% in last 5 quarters whereas in last 5 quarters margins have contracted by 10%. Need to further look to identify the reason.

Below is concall summary