Mumbai,1st November 2024: Unicommerce eSolutions Limited (BSE: 544227) (NSE: UNIECOM), announced its audited financial results for the quarter and for the half year ended 30th September 2024.
Key Financial Highlights for Q2FY25 are as follows:
· Revenue increased by 13.0% YoY to INR 293.1 Mn in Q2FY25 from INR 259.3 Mn in Q2FY24
· Adjusted EBITDA increased by 33.5% YoY to INR 61.7 Mn in Q2FY25 from INR 46.2 Mn in Q2FY24
· Adjusted EBITDA margins increased by ~322 bps YoY to 21.0% in Q2FY25 from 17.8% in Q2FY24
· PAT increased by 21.1% YoY to INR 44.7 Mn in Q2FY25 from INR 36.9 Mn in Q2FY24
Key Financial Highlights for H1FY25 are as follows:
· Revenue increased by 11.1% YoY to INR 567.8 Mn in H1FY25 from INR 510.9 Mn in H1FY24
· Adjusted EBITDA increased by 29.0% YoY to INR 106.3 Mn in H1FY25 from INR 82.5 Mn in H1FY24
· Adjusted EBITDA margins increased by ~259 bps YoY to 18.7% in H1FY25 from 16.1% in H1FY24
· PAT increased by 25.4% YoY to INR 79.9 Mn in H1FY25 from INR 63.7 Mn in H1FY24
For the quarter and half year ended 30th September 2024:
· Annual Recurring revenue stood at INR 1,172.3 Mn, reflecting a growth of ~13.0% YoY
· Client Concentration (Top 10 Clients Revenue) for Q2FY25 reduced to 21.6% compared to 26.3% in Q2FY24, whereas for H1FY25, it reduced to 21.2% compared to 30.4% in H1FY24
· In Q2FY25, we added 100+ Enterprise clients. For the quarter ended 30th September 2024, our Enterprise clients stood at 904
· The number of order items processed for the quarter stood at 232.8 Mn, a growth of 21.9% YoY, whereas for H1FY25, the number of order items processed stood at 445.6 Mn, witnessing a growth of 27.6% YoY. The Annual Transaction run rate is 931 Mn+
Commenting on the results, Mr. Kapil Makhija, Managing Director & CEO said, “We are pleased to report strong performance on a QoQ and YoY basis. In Q2FY25, we gained significant momentum, acquiring over 100+ new enterprise clients, including a few marquee names such as VIP Bags, Landmark Group etc. We continue to demonstrate 100%+ NRR in our Enterprise business, driven by strong client retention. India’s eCommerce industry continues to grow, driven by increasing digital adoption and shifting consumer preferences. While the long-term outlook continues to be positive, in the short term, the e(1)commerce growth continues to be soft overall. While the festive season sales demonstrated a strong start, but beyond the sale period, the softness continues, similar to last year. Given the overall macros, our focus is to drive growth from existing clients through cross sell/upsell initiatives, continuing a strong momentum of acquiring new clients and continue our investment in building new products (UniShip and UniReco). Both of our new products are gaining strong traction with early adopters. These products are currently in the build phase, and we are optimistic they will gain momentum as they mature. With the promising long-term outlook for India’s eCommerce market and our competitive advantages, we are confident that Unicommerce will continue its trajectory of consistent growth with expanding profitability, as we have consistently demonstrated over the years.”
Commenting on the financial performance, Mr. Anurag Mittal, Chief Financial Officer said, “We are pleased to report that in Q2FY25, our revenue increased by 13.0% YoY, reaching INR 293.1 Mn. For H1FY25, the revenue increased by 11.1% YoY to INR 567.8 Mn. Adjusted EBITDA for the quarter rose by 33.5% YoY, amounting to INR 61.7 Mn. For H1FY25, Adjusted EBITDA witnessed a growth of 29.0% YoY and stood at INR 106.3 Mn. As we continue to reap the benefits of operating leverage, adjusted EBITDA margin for Q2FY25 expanded by 322 bps YoY to 21.0%, whereas for H1FY25 increased by 259 bps YoY and stood at 18.7%. Profit after tax also saw a YoY growth of 21.1% to INR 44.7 Mn in Q2FY25. For H1FY25, profit after tax grew by 25.4% YoY to INR 79.9 Mn. Cash and bank balance stood at INR 811.9 Mn. as of September 2024. Cash flow from operations were positive INR 161.0 Mn. in H1FY25 compared to negative cash flow from operations of INR 13.1 Mn. in H1FY24. The Company’s revenues are linked to the volume of transactions and the growth in transaction numbers is expected to drive further business growth. Furthermore, sustained investments in existing products, the introduction of new products and the operational efficiencies provided by our scalable model positions us well for the future growth and profitability. With over 100+ new enterprise clients added in Q2FY25, we are optimistic these new clients will drive further growth in the coming quarters.”
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