AIL/EP/2020-21/Q4 May 29, 2021

To

BSE Limited National Stock Exchange of India Ltd

Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C-l, G
Dalal Street, Mumbai 400 001 Block, Bandra Kurla Complex, Bandra
(East), Mumbai - 400 051

Scrip Code: 542752 Symbol: AFFLE

Re: Earnings Presentation on the Audited Consolidated Financial Results of the Company for the
fourth quarter and financial year ended March 31, 2021

Dear Sir/ Madam,

In accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, please find enclosed herewith the Earnings Presentation on the Audited
Consolidated Financial Results of the Company for the fourth quarter and financial year ended March
31, 2021.

Submitted for your information and records.

Thanking you,

Yours Faithfully,
For Affle (India) Limited

Parmita Choudhury
Company Secretary & Compliance Officer

Affle (India) Limited

Regd. Office | 102, Wellington Business Park-I, Off Andheri Kurla Road, Marol, Andheri (East), Mumbai – 400059
Communication Office |P 606-612, 6th floor, Tower C, JMD Megapolis, Sohna Road, Sector – 48, Gurgaon:122018
(P) 0124-4992914 (W) www.affle.com CIN: L65990MH1994PLC080451
Affle (India) Limited
Q4 & 12M FY2021 Earnings Presentation
For the period ended March 31, 2021

Consumer Intelligence Driven Global Technology Company

 15+ years Global
Track record Reach & opportunity

Performance driven Leading

Business model In India

Scalable Committed
Data platforms Leadership

Built to Last High Positive

Growth markets Cashflows

Growth driven Robust

Global customer base Profitability

Accelerated Strategic
Consumer digital adoption Organic & inorganic growth plan
Affle | Performance Highlights
Revenue1 Growth EBITDA2 Growth *PAT Growth FY2021 Highlights & Ratios
*Normalized PAT (Refer slide 4
12M FY2021 vs. 12M FY2020 for the detailed working)

Operating Cash Flow3 up 43.4% y-o-y

FY2021

Up 54.8% Up 46.4% Up 57.4%

Y-o-Y Y-o-Y Y-o-Y
Operating Cash Flow3 / PAT: 99.9%

Q4 FY2021 vs. Q4 FY2020

**ROE: 37.6%
Q4 FY2021

Up 76.9% Up 63.4% Up 73.6%

Y-o-Y Y-o-Y Y-o-Y **ROCE: 19.7%

Note: 1) Revenue from contract with customers; 2) Creditors written back which are part of ‘Other Income’ in the reported financials, are operating income in nature and adjusted in
EBITDA (Refer slide 4); 3) Operating cash flows adjusted for Deferred Tax Liability on account of Goodwill (one-time expense)
**Return on Equity = (PAT / Total Shareholder’s Equity); Return on Capital Employed = [EBIT /(Total Assets – Current Liabilities)] 3
Consolidated Financial Summary
In Rs. million Q4 FY2021 Q4 FY2020 Y-o-Y Growth 12M FY2021 12M FY2020 Y-o-Y Growth
Q4 FY2021
Operating Revenue from Contracts with Customers 1,416 800 76.9% 5,168 3,338 54.8%
Expenses Inventory and Data Costs 812 459 76.9% 2,977 1,921 54.9%
broadly in- Employee Benefits Expense 164 64 154.4% 540 273 97.8%
line to the Other Expenses 95 75 26.9% 354 265 33.9%
previous Add: Creditors written back 1 (Other Operating Income) 1 9 3 9
quarter
EBITDA 345 211 63.4% 1,300 888 46.4%
trend (Q3)
% EBITDA Margin 24.3% 26.1% 25.1% 26.5%
Depreciation and Amortisation Expense 52 48 196 133
Finance Costs 13 6 36 14
Other Income (Excl. Creditors written back) 360 25 412 52
Profit Before Tax 640 182 252.4% 1,479 792 86.7%
Total Tax 54 29 129 137
(Subtract): Non-controlling Interest 1 0 2 0
2
Profit After Tax (Net of Non-controlling interest) 585 153 282.7% 1,348 655 105.8%
% PAT Margin 32.9% 18.3% 24.1% 19.3%

Calculation of Normalized 'Profit After Tax'

1. Other Income (Excl. Creditors written back) comprises:
1.a. Gain on revaluation of financial instruments 340 - 340 -
1.b. Other Income in ordinary course of business 20 25 72 52
2. Tax outgo on Gain on financial instruments 9 - 9 -
PAT – (1.a.)
+ (2.) + (3.) 3. Deferred Tax Liability on account of Goodwill 12 - 14 -
Normalized PAT 265 153 73.6% 1,031 655 57.4%
Normalized PAT Margin % 18.5% 18.3% 19.7% 19.3%
Note: 1) For clarity, creditors written back which are part of ‘Other Income’ in the reported financials, are operating income in nature and adjusted in EBITDA
2) Q4 & 12M FY2021 PAT attributable to equity holders of the Company after subtracting Non-controlling interest (On account of 5% shares of Appnext Pte. Ltd., Singapore) 4
Annual Performance Trend (Consolidated)
Revenue CAGR 45.7%
EBITDA CAGR 41.9%
PAT CAGR 54.7%

Y-o-Y Growth 54.8% 46.4% 57.4%

5,168
Particulars in Rs. million

3,338
2,494
1,672 1
1 1,300 1,031
2
703 888 655
455 278 488

FY2018 (Unaudited) FY2019 FY2020 FY2021

Revenue from Operations EBITDA PAT

Note: 1) Creditors written back which are part of ‘Other Income’ in the reported financials, are operating income in nature and adjusted in EBITDA (Refer slide 4)
2) Normalized PAT (Refer slide 4 for the detailed working) 5
Cashflows Trend and Return Ratios (Consolidated)

Operating Cash Flows (Rs. mn) Return Ratios (As of March 31, 2021)

Adjusted OCF / PAT Ratio 99.9%

*ROE (%)
37.6%
(Return on Equity)

1,030 *ROCE (%)

19.7%
(Return on Capital Employed)

719
*ROA (%)
17.9%
(Return on Assets)
478
419

Gross Debt/Equity (x) 0.33x

FY2018 (Unaudited) FY2019 FY2020 FY2021 Net Debt/Equity (x) 0.15x

Adjusted for Deferred
Tax Liability on
account of Goodwill of
Rs. 14.18mn
(one-time expense)

*Return on Equity = (PAT / Total Shareholder’s Equity); Return on Capital Employed = [EBIT /(Total Assets – Current Liabilities)]; Return on Assets = (PAT/Total Assets)
6
Quarterly Performance Trend (Consolidated)

Revenue from Operations (Rs. mn) Performance Discussion (Q4 FY2021)

Y-o-Y growth in all quarters ▪ Strong business momentum in Q4

▪ Revenue from operations increased by 76.9% y-o-y driven

by broad-based growth across both: 1) Total converted
users (CPCU business), and 2) Non-CPCU business, coming
from both India & International markets
1,505
1,416
1,350 ▪ Inventory & Data cost at 57.4% of revenue from contracts
with customers, in line with the annual trend
945 898 ▪ Enhanced human resource capabilities to deepen our
847 800
741 746 technology and access towards emerging markets. This was
604 605
544 to drive growth as an integrated in-app, on-device and
proximity marketing platform with new innovations
towards Connected devices, leading to an increase in
Employee Expenses on a y-o-y basis

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ▪ Operating expenses broadly in line with the previous

FY19 FY19 FY19 FY19 FY20 FY20 FY20 FY20 FY21 FY21 FY21 FY21
quarter trend (sequential)
Note: Q3 continues to be highest quarter during the year on account of
business seasonality
7
Quarterly Performance Trend (Consolidated)

EBITDA (Rs. mn) & EBITDA Margin (%) PAT (Rs. mn) & PAT Margin (%)

Y-o-Y growth in all quarters Y-o-Y growth in all quarters

30.7% 33.2%
22.2% 25.5% 25.0% 25.7% 28.9% 26.1% 25.0% 25.5% 25.5% 24.3%
22.0% 23.8% 17.6% 18.3% 22.3% 18.3% 20.4% 19.7% 20.2% 18.5%
14.1% 17.1%
384
344 345 1 306 2
273 269 265
228 217 211
1 225 214
201 187 188
163 145 156 153
154 132
121 103
77

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY19 FY19 FY19 FY19 FY20 FY20 FY20 FY20 FY21 FY21 FY21 FY21 FY19 FY19 FY19 FY19 FY20 FY20 FY20 FY20 FY21 FY21 FY21 FY21

Note: 1) Creditors written back which are part of ‘Other Income’ in the reported financials, are operating income in nature and adjusted in EBITDA (Refer slide 4)
2) Normalized PAT (Refer slide 4 for the detailed working) 8
CPCU Business | Annual Performance Trend (y-o-y)

# Converted Users (mn) Average CPCU (Rs.) CPCU Revenue (Rs. mn)

FY2021 105.3 40.8 4,294

vs.

FY2020 72.3 41.0 2,965

vs.

FY2019 55.0 40.3 2,220

9
CPCU Business | Q4 Performance Trend (y-o-y)

# Converted Users (mn) Average CPCU (Rs.) CPCU Revenue (Rs. mn)

Q4 FY2021 29.6 40.9 1,211

vs.

Q4 FY2020 16.3 40.1 654

vs.

Q4 FY2019 13.4 40.0 535

10
Verticalized Focus on High Growth Categories
Top 10 Resilient Verticals across E, F, G, H Categories Revenue Contribution from E, F, G, H Categories

90%+
Category E Category F
74%

EdTech FMCG
E-commerce Fintech

FY2020 FY2021
Entertainment Foodtech
Increasing Revenue Diversity
Revenue contribution from top 10 customers
Category G Category H (as % of consolidated revenue)

64.5%

44.8% 42.8%
Gaming Government

Healthtech

Groceries FY2019 FY2020 FY2021

11
Mobile Connected Global Ecosystem Growing Robustly
Global Industry Trends India Industry Trends

c.6bn new connected consumer devices to be Significant increase in India’s digital user base with
added by 2025 globally strong user affinity

Devices in billion Users in million

3.2 902
810
727
652
525 585
1.5 1.3
0.9
0.4

Smart Home Consumer Smart Wearables Others FY2020 FY2021E FY2022E FY2023E FY2024E FY2025E
Devices Electronics Vehicles

Global CAGR (FY20-25E) India CAGR (FY20-25E)

9.0% 11.3% 32.4% 24.0%

Digital Ad Spend Mobile Ad Spend Mobile Ad Spend E-commerce Market

Source: Frost & Sullivan Report titled “Industry Insights on the Advertising and Ad Tech Market”, 2021
12
Affle | Recent Developments and Recognitions

Affle platforms recognised as top performers in the latest Affle continues to be recognized as a Great Place to Work by
AppsFlyer Performance Index across multiple categories Great Places To Work® Institute in 2021

13
Affle | Investors Information
Shareholding Pattern (At closure of QIP) *Brokerages Covering Affle (As on date)

Institutional
Total Shares Outstanding as on April 29, 2021 – Dolat Dalal &
Research Nomura
26,650,212 Desk Capital Broacha

HNI / Retail Axis

8.6% Promoters & Sharekhan ICICI Direct
Promoter Group Desk Securities

*In order of coverage initiated

Mutual Funds / Banks
/ Insurance / AIFs /
24.4% QIBs

FIIs / FCBs Key Market Updates

59.9% ✓ Constituent of MSCI Global & Domestic Small Cap
Indeces; Nifty MidSmallcap 400 and Nifty Smallcap 250
7.1% Others
Indeces

✓ Ranked amongst top 250 companies on NSE & BSE

14
 Affle | At a Glance

ABOUT BUSINESS SEGMENTS GLOBAL REACH

o Global technology company 1) Consumer Platform: Delivers acquisitions, India, South East Asia (SEA), Middle East and
engagements & transactions for leading brands and Africa (MEA), North America (NA), Europe,
B2C companies. Also, includes retargeting & push Japan, Korea and Australia (JKA)
o Leading market position in India
notification for e-commerce (98.2% FY2021 revenue)1
o Profitable business model 2) Enterprise Platform: Enabling offline businesses to
go online through App development, O2O2 commerce
49.7% 50.3%
& data analytics (1.8% FY2021 revenue)1 India revenue1,3 International revenue1,3
o Well-defined strategic growth plan FY2021 FY2021

END TO END MOBILE ADVERTISING R&D FOCUS WITH A STRONG PATENT FINANCIAL SUMMARY5
PLATFORM PORTFOLIO (12M FY2021 Consolidated)

o In-house data management platform with over 3 10 1 4 Revenue Rs. 5,168mn

2.2 Bn4 connected devices reached, that drives Patents Patents filed in Patent related Patents
our predictive optimization algorithm registered in USA & India for to retargeting filed in EBITDA Rs. 1,300mn
o Fraud Detection platform to help deliver high US for digital digital ad fraud business filed Singapore
ROI to our customers advertising detection in US PAT Rs. 1,031mn
1) For twelve months ended Mar 31, 2021 on a consolidated basis; 2) O2O: Online to Offline; 3) Region-wise contribution and is different from the billing entity-wise segmental break-up disclosed in
financial results; 4) For the 12 months period of Apr 1, 2020 to Mar 31, 2021; 5) Refer slide 4 for detailed financial working and adjustments 15
Affle | Cost Per Converted User (CPCU) Business
87.3% of Consumer Platform revenue contributed by CPCU model in Q4 FY2021 and 12.7% from Non-CPCU

New user conversion Existing user repeat New/existing user

(online) conversion (online) conversion (offline)

Use Case – Targeted new user

Use Case – Target interested user to Use Case – Online bookings to drive
acquisition optimized to in-app
complete the transaction offline walk-ins (O2O)
transaction/registration/event

16
Disclaimer
This presentation and the accompanying slides (the “Presentation”) have been Certain statements contained in this Presentation are statements of the Company’s
prepared by Affle (India) Limited (“Affle” or the “Company”) solely for information beliefs, plans and expectations about the future and other forward looking
purposes and does not constitute an offer to sell, or recommendation or statements that are based on management’s current expectations or beliefs as well
solicitation of an offer to subscribe for, or purchase any securities, and nothing as a number of assumptions about the Company’s operations and factors beyond
contained herein shall form the basis of any contract or commitment whatsoever. the Company’s control or third party sources and involve known and unknown risks
This Presentation is strictly confidential and may not be taken away, copied, and uncertainties that could cause actual results to differ materially from those
published, distributed or transmitted or reproduced or redistributed or passed on contemplated by the relevant forward looking statements. Forward looking
directly or indirectly to any other person, whether within or outside your statements contained in this Presentation regarding business trends or activities
organization or firm, or published in whole or in part, for any purpose by recipients should not be taken as a representation that such trends or activities will continue
directly or indirectly to any other person. This Presentation is not intended to be a in the future and no undue reliance should be placed on them.
prospectus (as defined under the Companies Act, 2013, as amended) or an offer
The information contained in this Presentation is not to be taken as any
document under the Securities and Exchange Board of India (Issue of Capital and
recommendation made by the Company or any other person to enter into any
Disclosure Requirements) Regulations, 2009, as amended.
agreement with regard to any investment. You will be solely responsible for your
The information contained in this Presentation should be considered in the context own assessment of the market and the market position of the Company and you
of the circumstances prevailing at the time, and to be read in conjunction to our will conduct your own analysis and be solely responsible for forming your own view
financial results, uploaded on the Stock Exchanges where the Company is of the potential future performance of the business of the Company.
listed. This Presentation will not be updated to reflect material developments
By attending this presentation and/or accepting a copy of this document, you
including economic, regulatory, market and other developments, which may occur
agree to be bound by the foregoing limitations and conditions and, in particular,
after the date of the Presentation. You acknowledge and agree that the Company
will be taken to have represented, warranted and undertaken that: (i) you have
and/or its affiliated companies and/or their respective employees and/or agents
read and agree to comply with the contents of this notice including, without
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might otherwise arise is hereby expressly disclaimed.

17
Contact Us
Website
www.affle.com

Investor Relations Contact

investor.relations@affle.com

India Offices
Gurgaon, Mumbai and Bangalore

International Offices
Singapore, Indonesia, UAE, Spain, Israel & Thailand