eMudhra Limited Q1 FY2025 Earnings Call Summary
Key Financial Highlights
• Date of Call: July 31, 2024
• Total Income: Increased by 17.7% year-over-year
• EBITDA Growth: 19%
• PAT Growth: 11.1%
Business Performance
• Strong BFSI Sector Performance: Continued digital transformation projects despite delays from central elections.
• Expansion Plans: Growth in the U.S. and Europe; strategic investments in emerging markets.
• New Business Model: Introduction in trust services expected to enhance future revenue.
• Ikon Subsidiary: Significant contribution to revenue growth.
Inquiries and Discussions
• Revenue from Ikon: Primarily service revenue with some product revenue.
• Operating Expenses: Increased due to manpower costs related to the service business.
• Recent Acquisition: Aimed at enhancing email security product portfolio, expected to boost revenue.
Enterprise Business Growth
• Strong Order Book: Notable growth in the enterprise segment, especially in the Middle East, Africa, and the U.S.
• Cybersecurity Business: Positive traction leveraging competitor incidents to gain new customers.
• Email Security Integration: Part of the existing cybersecurity stack for accelerated growth.
Challenges and Strategies
• Revenue Dip in Trust Services: INR 6 crores decline due to regulatory changes.
• New Pricing Strategy: Aims to balance retail and channel partner prices for better revenue realization.
• Tax Regulation Changes: Potential 10-20% reduction in demand for digital signature certificates.
Customer Growth
• Customer Count: Increased from approximately five last year to two to three additional customers this year.
Conclusion
• Optimism for Growth: eMudhra remains confident in its growth trajectory and market expansion plans.
• Invitation for Further Information: Participants encouraged to reach out to Investor Relations for more details.

eMudhra Limited Investor/Analyst Call Summary
Acquisition of TWO95 International Inc.
• Date of Announcement: July 8, 2024
• Acquisition Date: July 3, 2024
• Valuation: $10.1 million
• Strategic Goals:
• Enhance U.S. market presence
• EPS accretive for shareholders
• Maintain management continuity at TWO95
TWO95's Profile
• Customer Base: 20-25 clients in healthcare, utilities, government, and financial services
• Revenue Growth: 16.7% last year
• Revenue Composition: 70-80% from cybersecurity
Integration Plans
• Team Size: 50-60 members from TWO95
• Revenue Goals: Generate an additional USD 2-3 million in product revenue within the first year
• Promoter Lock-in: Two-year lock-in due to payment structure and contracts
Revenue and Growth Strategy
• U.S. Revenue Target: Increase from USD 15-16 million to USD 40-50 million in two years
• Growth Strategy: Leverage organic growth and acquisitions
Technological Compatibility
• Focus Areas: Cybersecurity and digital transformation
• Enhancements: Improved certificate lifecycle management and signing processes
• Cross-Selling Potential: Emphasis on training for effective integration
Organizational Structure
• Management Location: Current management in Texas; asset on the East Coast
• Sales Teams: Separate teams for services and products
• International Sales Leadership: Led by Arvind in Dubai
Financial Guidance
• Projected Revenue Growth: 30-32% to INR 500 crores, including acquisitions
• Margin Expectations: Slight dip due to acquisitions, aiming for 18% overall margin
Future Acquisitions
• Focus: Small service or product companies in the U.S.
• Timeline: Potential deals within the current financial year
Long-term Strategy Concerns
• Question Raised: Focus on IT services vs. product companies
• Response: Emphasis on diversification and broader customer base for product penetration
Revenue per Employee
• TWO95's Revenue per Employee: Approximately USD 130,000
• Market Positioning: Cost-effective alternative to dominant players like DocuSign
Partnership with SAP
• Integration: Customers can use emSigner within SAP systems
• Partnership Level: Lower than that of DocuSign
Conclusion
• Call Closure: Thanked participants for their questions and interest.

eMudhra Limited Earnings Call Summary (Q4 FY24)
Submission Details
• Date of submission: May 6, 2024
• Earnings call date: April 30, 2024
• Submitted to: BSE and NSE
• Key personnel:
• Venkatraman Srinivasan (Executive Chairman)
• Ritesh Raj Pariyani (CFO)
• Hosted by: IIFL Institutional Equities
• Transcript and audio available on investor website
• Signed by: Johnson Xavier (Company Secretary and Compliance Officer)
Financial Performance Highlights
• Total Income Growth:
• Q4: 30.5% YoY increase
• Fiscal Year: 49.6% increase
• EBITDA Growth:
• Q4: 39.9%
• Fiscal Year: 25.8%
• Profit After Tax (PAT):
• Q4: 24.8% increase
• Market Penetration:
• Focus on digital security solutions (public key infrastructure, digital signature certificates)
• Strong demand for products like emSigner and emAS, especially in BFSI and pharmaceuticals
• International Expansion:
• Growth in North America and the Middle East
• Successful integration of Ikon acquisition
• Strategic Shift in India:
• Unbundling hardware from contracts to improve delivery
Financial Details from CFO
• Revenue Growth:
• Q4: 29.8%
• Fiscal Year: 50%
• Key Revenue Drivers:
• Trust Services and enterprise solutions
• Order Book for FY25:
• Opening figure: Rs. 149 crores
• Expected revenue growth: 25%-30%
• Solutions and Services Segment:
• Generated around Rs. 268 crores
Market Insights and Future Projections
• Trust Business Surge:
• Attributed to price increases and new CCA guidelines
• Challenges in India:
• High receivables from government contracts
• International Growth Potential:
• Opportunities in Africa and ongoing discussions in the USA
• Projected Margins for FY25:
• EBITDA margin: 30%
• PAT margin: 18%-20%
Demand Trends and Pricing Sustainability
• Geographical Demand:
• Strong in India and the Middle East; potential in Africa
• Price Sustainability:
• Confidence in maintaining pricing levels due to new sales model
Digital Services Segment
• Performance:
• eSign doing well; stagnant SSL growth
• Repositioning SSL:
• Integrated offering rather than standalone
• Margin Increase:
• Attributed to growth in Trust Services and lower hardware component
Services Business Overview
• Focus Areas:
• Cybersecurity, paperless transformation, penetration testing, vulnerability assessments
• Contract Models:
• Fixed-price and man-day billing, typical durations of 1-3 years
• Growth Expectations:
• Services growth not expected to outpace product business
• Cash Reserves and Capital Allocation:
• Significant portion for acquisitions and new product development
Conclusion
• Management expressed confidence in maintaining clientele and achieving growth in the services sector.

eMudhra Limited Q3 FY24 Earnings Call Summary
Key Highlights
• Date of Call: February 7, 2024
• Submission to BSE and NSE: February 12, 2024
• Key Executives Present: Venkatraman Srinivasan (Executive Chairman), Ritesh Raj Pariyani (CFO)
Financial Performance
• Total Income Growth: 59.5% year-over-year increase
• Revenue for Q3: Rs. 973.8 million
• Enterprise Solutions Segment Growth: 90.1%
• EBITDA Margins: Targeting 29%-30%
International Market Expansion
• Focus Areas: Middle East, Africa, and U.S.
• Order Book Growth: 35%-40% increase in enterprise business
• Pricing Strategy: Competitive pricing to gain market share, potentially impacting margins
Domestic Market Challenges
• Margin Contraction: Due to one-time expenses and increased marketing costs
• Shift in Focus: From hardware to software in bidding processes
Product Performance
• New Products: Positive response to SSL and emDiscovery
• Tax Benefits: Low effective tax rate this quarter due to new software products
Strategic Insights
• Revenue Projections: Rs. 360 crores for FY’23-‘24, with 30% growth anticipated for FY’24-‘25
• ESOP Charges: Clarified as accounting entries, not liabilities
Market Dynamics
• U.S. Market Growth: Increased traction and discussions for products
• International Revenue Split: Details not currently available
Future Outlook
• Growth in Non-U.S. Markets: Increasing demand in the Middle East for digital infrastructure
• India Business Decline: Focus shifting towards more profitable international markets
• Total Addressable Market (TAM): Estimated in the tens of billions for Zero Trust business
R&D and New Products
• Trust Segment Growth: Expected at 15%
• Quantum PKI and Cybersecurity Investments: Anticipated growth rate of 25%-30% with market readiness by March 2025
Conclusion
• Management's Commitment: Balancing growth with profitability while exploring new market opportunities.

eMudhra Limited Q2 FY24 Earnings Call Summary
Earnings Highlights
• Date of Call: November 9, 2023
• Revenue Growth: 61.5% year-on-year
• EBITDA Growth: 23.9%
• PAT Growth: 13.9%
• Quarterly Revenue: Rs. 963 million
• Leading Segment: Enterprise Solutions
Key Developments
• Growth Drivers: Successful deal acquisitions in domestic and international markets, supported by India's 'Digital India' initiative.
• Product Enhancements: Improvements in certificate lifecycle management solutions.
• R&D Investments: Ongoing focus on research and development.
Financial Insights
• Corporate Expenses: Rs. 312 million unallocated expense for the entire last year.
• Margin Challenges: Drop in international enterprise margins due to increased employee costs.
• Future Expectations: Anticipated results from investments in 2-3 quarters; potential seasonal fluctuations in the upcoming quarter.
Market Performance
• International Business: Flat revenue with recent growth from large deals.
• Digital Trust Services: Strong seasonal demand and price increases contributing to growth.
• Order Book: Significant improvement, with a target of 15% growth in Trust business and Rs. 360 crore for Enterprise Solutions.
Strategic Insights
• Geographic Expansion: Positive developments in Africa and the Middle East; cautious optimism for US market growth in 1-2 years.
• Pricing Dynamics: Minimal pressures in core offerings; challenges in Indian Trust Service business due to new competitors.
• EBITDA Margin Goal: Aim to maintain around 30% while managing rising costs.
Integration and Cross-Selling
• Eye Contact Services: Advanced negotiations for the first order; lengthy decision-making process in Europe and the US.
• Ikon Tech Services: Revenue accounted for in the enterprise segment outside India.
Conclusion
• Focus: Strategic growth while managing costs and pricing dynamics in a competitive landscape.
• Engagement: Invitation for further inquiries through Investor Relation Advisors.

eMudhra Limited Q1 FY24 Earnings Call Summary
Overview
• Date of Call: July 31, 2023
• Submission to BSE and NSE: August 4, 2023
• Key Participants: Executive Chairman Venkatraman Srinivasan, CFO Saji K.
Financial Highlights
• Total Income: Rs. 807.3 million (52.9% YoY increase)
• Net Profit: Rs. 163.7 million (19.4% YoY increase)
• Net Profit Margin: 20.3%
• EBITDA Margin: Declined from 41% (March 2022) to ~30%
Strategic Initiatives
• Acquisition: Completed acquisition of Ikon Tech for cross-selling opportunities.
• International Expansion: Focus on markets like Saudi Arabia, Qatar, Kenya, and the US.
• AI and Cybersecurity Projects: Initiatives in adaptive authentication and generative AI.
Growth Guidance
• Growth Target: Over 25% growth guidance remains valid.
• Revenue from New Projects: Significant project in East Africa projected to generate $1.6 million.
Challenges and Concerns
• Margin Compression: Attributed to higher costs from international expansion.
• Decline in Indian Enterprise Solutions: Linked to cyclical government spending patterns.
Market Insights
• Trust Services Revenue Share: 52% from channel partners, 48% retail.
• Operating Expenses: Increased from 10% to 22.2% of revenue YoY due to geographic expansion.
Future Outlook
• Competitive Landscape: Acknowledgment of evolving competition and the need for continuous innovation.
• Financial Position: Cash balance of approximately 70 crore; plans for annual dividends.
• New Product Launch: Upcoming product on AWS expected to enhance customer engagement.

eMudhra Limited Q4 FY23 Earnings Call Summary
Submission and Compliance
• eMudhra submitted a transcript of its Q4 FY23 Earnings Call to BSE and NSE on May 9, 2023.
• The call was held on May 3, 2023, following the announcement of financial results for the year ending March 31, 2023.
• Key management participants included Executive Chairman Venkatraman Srinivasan, CFO Saji K. Louiz, and Senior VP Kaushik Srinivasan.
Company Evolution and Market Position
• eMudhra is evolving into a comprehensive solution provider for zero trust security models.
• Focus on cybersecurity and digital transformation for diverse clientele, including banks and eCommerce firms.
• Recognized globally for innovation and certifications in digital trust and cybersecurity.
Financial Performance
• Total income increased by 38.3% to Rs. 254.1 crores for FY23; Q4 saw a 73.9% year-on-year growth.
• Shift towards enterprise solutions, with significant growth in international markets.
• Strong operational metrics, growing order book, and strategic emphasis on cybersecurity.
Product Offerings and Revenue Breakdown
• Key products: emCA, emDiscovery, emAS, and emSigner (38% of revenue).
• Revenue from existing customers: 72%; new customers: 28%.
• Closing order book grew from Rs. 76.9 crores to Rs. 118 crores by March 2023.
Financial Metrics Overview
• Revenue from operations rose by 36.2% to 2,488 million; total income up by 38.3%.
• EBITDA increased by 36% to 926 million; profit after tax surged by 48.8% to 612 million.
• Total assets expanded significantly, with cash and cash equivalents reaching 1,193 million.
Achievements and Strategic Initiatives
• Successful implementation of major projects, including emAS for defense forces.
• Established certifying authorities in Gulf and Latin America.
• Focus on developing new use cases in IoT and digital identity.
Compliance and Market Demand
• Growing demand for digital certificates among enterprises for security and authentication.
• eMudhra's products cater to various sectors, with a strong emphasis on digital certificates and identity management.
Growth Strategy and Market Expansion
• Positioned for growth in eSignature and digital certificate markets.
• Focus on zero trust security, digital transformation, and environmental governance.
• Plans to enhance product offerings and expand geographic reach, particularly in North America.
Q&A Highlights
• Discussion on Enterprise Solutions products and their usage in large banks and government departments.
• Insights into development costs and upcoming product launches, including emDiscovery and IoT Certificate Management.
• Emphasis on direct sales strategy, with 75% of sales being direct, enhancing margins and market penetration.
Conclusion
• eMudhra Limited is strategically positioned for significant growth in the digital trust and cybersecurity markets, supported by strong operational expertise and a focus on innovation.

eMudhra Limited Q3 FY23 Earnings Call Summary
Financial Performance
• Date of Call: January 27, 2023
• Revenue Growth: 39% year-on-year increase to Rs. 624 million.
• Profit After Tax: Increased by 46%.
• Market Share: 13.3% in India's digital trust and identity market.
Key Management Participants
• Executive Chairman: Venkatraman Srinivasan
• CFO: Saji Louiz
Business Segments
• Trust Services:
• 35% price drop in channel sales.
• Retail revenue growth of 31% year-on-year.
• Shift in retail revenue contribution from 30% to 45%.
• Enterprise Solutions:
• 50% growth in India and similar rise internationally.
• Strong client retention ratio of over 96%.
Challenges and Strategies
• Pricing Pressures:
• Digital signature prices dropped by 35% due to competition.
• Anticipated stabilization as smaller competitors exit the market.
• Operational Costs:
• Increased due to international expansion efforts.
• Expected EBITDA margin decrease of 1-2% in FY24.
Product Developments
• emSigner:
• Revenue growth noted, particularly in India and foreign markets.
• Roadmap for future growth being developed.
• New Products:
• Certificate Discovery, IoT certificate, and remote signing products expected to launch by April-May.
Market Positioning
• Competitive Landscape:
• Competing with DocuSign and Adobe for paperless workflows.
• Focus on unique features for specific industries to differentiate from general-purpose platforms.
Customer Relationships
• Direct Operations:
• Reducing reliance on BlueSky Infotech for customer interactions.
• Net Retention Ratio:
• Specific numbers to be prepared later.
Conclusion
• Future Outlook:
• Continued growth projected in enterprise solutions.
• Focus on increasing volume rather than raising prices.
• Invitation for Further Inquiries:
• Participants encouraged to reach out through investor relations.