My Take on the quarterly results:
| Q1’2024 | Q1’2024 IoT | Q1’2024 Core Revenue | Q4’2023 | Q4’2023 IoT | Q4’2023 Core Revenue | |
|---|---|---|---|---|---|---|
| Total | 89.40 | 22.80 | 66.60 | 72.50 | 14.80 | 57.70 |
| Sale of Hardware | – | 15.10 | – | – | 10.40 | – |
| Sale of Map & Data Services | – | 7.70 | – | – | 4.40 | – |
| EBITDA | 37.40 | 1.43 | 36.00 | 29.00 | 0.59 | 28.41 |
| EBITDA Margin | 41.83% | 6.27% | 54.05% | 40.00% | 3.99% | 49.24% |
Im trying to slice and dice the numbers so that we can get a clear picture on IoT and Non-IoT (core business). Basically, beyond what is given in the presentation.
Core Business:
- The Total Revenue has gone up 15% q-o-q in the core business from 57.7crs to 66.6crs.
- EBITDA has gone up from 28.4crs to 36crs, EBITDA Margin has gone up from 49.24% to 54.01%.
IoT Business: This has to be broken in two parts Hardware & Services.
- Hardware Business has grown from 10.4crs to 15.1crs growth of 45%
- Service Business has grown from 4.4crs to 7.7crs growth of 75%.
- Overall EBITDA Margins have grown from 3.99% to 6.27%
Notes:
-
C&E business has shown an impressive growth of 51%. C&E business now is bigger than the A&M business. This is a very good sign for the company as this ecosystem is likely to be much bigger than the A&M and is also expected to grow faster.
-
A&M business is also witnessing strong traction due to premiumisation push from the OEMs. This trend is likely to continue.
-
Looking at the EBITDA Margin expansion in the core business its evident that operating leverage is kicking in. Not sure how much headroom still exists on this front as the contribution margin is already very high.
| Subscribe To Our Free Newsletter |
