My thoughts
- There is a long term story and then there is a medium term one. In long run, the other products might be more relevant. In the medium term however, we have to take note that, 80% of the current revenue (last Q) came from evok and this contribution grew from around 66% in Q2’24. All said and done market is giving such fantastic trailing multiples as it’s discounting the evok;s growth trend of last few qtrs to continue.
- If there is a question mark raised on the evok business segment’s growth then we have to sit up and take note. The reduction in govt. incentive was the first dent. then this revelation of Cosmos Payee PSP Nos for Aug.
- Can the shift from evok 2.0 to 3,0 have caused this reduction in volume for Cosmos? I doubt it, because NPST is bound by agreement for 99% uptime (Page 194 Rhp) . New version of software are typically not deployed by such disruptions in a industry as critical as dealing with payment systems.
- NPST’s share in the fees earned for providing the evok services to cosmos is 75% of what cosmos earns from merchant. So it’s very much like disrupting your own services not just a service to a customer.
- I am not able to figure if there is a seasonality aspect to the evok nos. or some other aspect that we are missing.
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