Earnings Call Overview
• Date: August 6, 2024
• Transcript of earnings call held on July 30, 2024
• Compliance with SEBI regulations
• Key participants: Founder & Executive Chairman, Managing Director & CEO, Chief Financial Officer
• Moderator: Equirus Securities representative
Company Performance Highlights
• Revenue Growth: 113% year-over-year
• Adjusted EBITDA Increase: 85%
• Future Projections: Anticipated revenue growth of 45% to 55% for FY25
Key Management Insights
• Raj Narayanam (Founder):
• Emphasized tech-focused, scalable solutions since 2011
• Discussed evolving spend management landscape
• Highlighted innovative solutions like AI-driven chatbot and OCR capabilities
• Projected doubling of FY24 revenues by FY26-27
• Avinash Godkhind (CEO):
• Strong performance driven by customer demand
• Significant growth in SaaS fees (20%), program fees (165%), and Propel platform revenue (84%)
• Expansion into cross-border payments and travel sector partnerships
• Added 100 new enterprise customers
• Aditya Kumar (CFO):
• Reported revenue increase to Rs. 252.21 crore
• Improved gross profit margin by 5 percentage points
• Anticipated growth in the second half of the fiscal year
Q&A Session Highlights
• Gross Margin Improvement: Attributed to increased program fees from Zoyer
• Contract Duration: Typically 3 to 5 years with corporate banks
• International Expansion: Exploring both organic and inorganic growth strategies, particularly in the U.S.
• Adjusted EBITDA Margins: Target of around 10%
• Zoyer's Customer Base: Split 50:50 between new and existing customers
Zoyer Platform Insights
• Revenue figures for Q1 FY25: Zoyer (Rs. 54 crores), Save (Rs. 27 crores), Propel (Rs. 47 crores)
• Zoyer's role in vendor payments and market opportunity in fleet spending
• Integration with ERP systems for budgeting and accounting
Strategic Partnerships and Market Position
• Partnership with Skydo Technologies for international payment processes
• Emphasis on compliance and robust solutions compared to competitors
• Focus on organic growth in India while developing U.S. market strategy
Conclusion
• Management expressed optimism for future growth and gratitude for support
• Total receivables reported at approximately Rs. 180 crores at the end of Q1.

Submission Details
• Date of submission: May 30, 2024
• Earnings call date: May 23, 2024
• Compliance: Submitted to National Stock Exchange of India and BSE Limited per SEBI regulations
• Transcript availability: On the company's website
Key Executives Present
• Raj P. Narayanam (Founder and Executive Chairman)
• Avinash Godkhindi (Managing Director and CEO)
• Aditya Kumar (CFO)
Financial Performance Highlights
• Q4 FY '24 revenue growth:
• 37% quarter-on-quarter
• 46% year-on-year
• Total revenues: INR 273 crores
• Revenue doubling over the past three years; target to double again in two years
• FY '25 revenue growth target: 45% to 55%
Strategic Initiatives
• Focus on B2B SaaS market, especially in spend management
• Strategic partnerships (e.g., Span Across IT Solutions)
• Notable clients onboarded: Wipro, Emcure Pharma
• Recognition from Forbes and Capital Finance International
Future Plans
• Emphasis on cross-selling and inorganic growth opportunities
• International expansion, particularly in the US market
• Commitment to profitability and compliance
Operational Updates
• Zoyer platform performance:
• 179 new clients added in Q4 FY24, total clients: 3,016
• Active users: 2.73 million
• Partnerships with banks to enhance growth in forex and travel solutions
• Financial growth:
• 46% year-on-year growth in operational revenues
• 78.5% increase in gross profit
Financial Outlook
• Conservative EBITDA growth outlook with stable margins initially
• Focus on cash flow despite impacts from prepaid card loadings
• Projected effective tax rate: 26%-27%
• Receivable days expected to remain between 55-60 days
Pricing and Revenue Streams
• SaaS fees have increased significantly; potential for further increases
• Income primarily from software (SaaS fees), transaction program fees, and Propel points
Mergers and Acquisitions
• Exploring opportunities for EBITDA-accretive companies in their sector
Forex Partnerships
• Integration of forex cards into expense management platform for enhanced user experience
• Early stages for revenue guidance on forex cards in FY '25 or '26
ZatiX Product
• Expected to generate recurring revenue through analytics, with gross margins in the 7% to 10% range
Conclusion
• Optimistic long-term EBITDA guidance despite current high incentive costs
• Nominal investment required for U.S. market entry
• Call concluded with an invitation for further inquiries through investor relations.

Earnings Call Overview
• Date: February 6, 2024
• Transcript submitted on February 13, 2024
• Hosted by Equirus Securities
• Key management present: Founder & Executive Chairman, MD & CEO, CFO
• Focus: Unaudited financial results for the quarter and nine months ending December 31, 2023
Financial Performance Highlights
• Revenue Growth:
• 35.1% year-over-year growth in revenue
• Total revenues of Rs. 502 Crores for nine months, reflecting 37% growth
• Adjusted EBITDA:
• 56.4% increase for the quarter
• Client Growth:
• Added 105 new clients, totaling 2,837
• Active users reached 2.56 million
Key Initiatives and Products
• Zoyer Accounts Payable Solution:
• Positive momentum noted
• Significant contract with Torrent Gas for fleet loyalty card program
• Revenue Projections:
• Targeting 40% to 50% revenue growth
• EBITDA margins expected between 11% to 13%
Achievements and Awards
• Excellence in Innovation Award:
• For Business Spend Management Software in India
• Revenue Sources:
• 44% of total revenue from program fees due to increased prepaid and credit card spending
Future Growth Strategies
• International Expansion:
• Considering entry into US and GCC markets
• New Programs:
• Anticipated revenue of Rs. 200 Crores from Torrent Gas program in the first year
• Shift in Business Model:
• Transition from gift vouchers to network cards for higher margins
Management Insights
• Concerns Addressed:
• Declining margins in Propel Point business attributed to seasonal demand
• Stable trade receivables at Rs. 135 Crores
• Incentives for Adoption:
• Increased payouts for Zoyer credit card to boost spending
Partnerships and Collaborations
• Kotak Partnership:
• Co-branded prepaid card linked to corporate salary accounts launching soon
• Regulatory Environment:
• Management expressed confidence in favorable conditions for partnerships
Conclusion
• Management optimistic about future growth and profitability in a competitive market, with a strong focus on execution strategy and diversified partnerships.

Earnings Call Overview
• Date: November 8, 2023
• Transcript submitted on: November 16, 2023
• Key Executives Present:
• Raj Narayanam (Founder and Executive Chairman)
• Avinash Godkhindi (Managing Director)
• Aditya Kumar (CFO)
Financial Performance Highlights
• Q2 Revenue Growth: 41% year-over-year
• H1 Revenue Growth: 38%
• Adjusted EBITDA Growth:
• Q2: 79%
• H1: 54%
• Cash PAT: Significant increase noted
Strategic Focus Areas
• Digitization Impact: Emphasis on the demand for spend management solutions.
• Partnerships: Collaboration with Kotak Mahindra Bank and VISA for integrated solutions.
• New Product Launch: Focus on accounts payable product, Zoyer.
• Credit Card Market Potential: Significant growth opportunities identified.
Client Engagement and Growth Strategies
• Corporate Clients: Approximately 2,700 clients; aim to increase cross-sell opportunities from 14.5% to 25%.
• Revenue Growth Drivers:
• Increase corporate client numbers
• Add users within existing corporates
• Sell more solutions to current clients
• Boost user spending on cards
Financial Guidance and Projections
• Full-Year Revenue Growth Guidance: 40% to 50%
• Expected ESOP Expenses: INR 18-20 crores for the year, with a reduction anticipated in FY'25.
• Steady-State Margins Target: 15-16% in the next 2-3 years, current guidance at 12-13%.
Partnerships and Revenue Streams
• Kotak Bank Partnership: Expected revenue of INR 76 crores over three years; involves invoicing for software and card transaction income.
• VISA Incentives: Related to forex card spends contributing to program fees.
Customer Base and Profitability Insights
• Services extend to all individuals submitting expenses, including blue-collar workers.
• Partnership with Kotak Bank deemed more profitable than direct customer sourcing.
• Anticipation of positive working capital within a year without external capital.
Propel Platform Strategy
• Encouraging corporate clients to use the Propel platform for voucher redemption to enhance revenue.
• Interchange fee now constitutes 90-93% of the program fee, up from 72% last year.
Conclusion
• Management expressed confidence in sustaining growth momentum and invited further inquiries from stakeholders.

Earnings Call Overview
• Date: October 16, 2023
• Submitted transcript on October 21, 2023
• Key Executives:
• Raj Narayanam (Executive Chairman)
• Avinash Godkhindi (Managing Director)
• Aditya Kumar (CFO)
Company Performance
• Financial Results:
• Q1 FY24: 34% year-on-year revenue growth
• Projected FY24 revenue growth: 40% to 50%
• Adjusted EBITDA margin: 11% to 13%
• Growth Drivers:
• New product introductions
• Partnerships with Visa and Bank of Baroda
Product Offerings
• Key Products:
• Propel: Corporate rewards
• Save: Expense management
• Zoyer: Business spend management
• Customer Metrics:
• Low churn rate (<2%)
• 36.7% year-on-year increase in customer base
Financial Insights
• Revenue Growth:
• 33.7% growth attributed to corporate credit card business
• Focus on reducing finance costs post-IPO
Investor Inquiries
• Program Fees:
• Fees primarily from banks and partner networks, not merchants
• Zoyer Platform:
• Integrated with existing cards and co-branded cards
• Revenue model includes software fees and interchange income
Incentives and Cash Flow
• Incentive Spending:
• Reduction from INR 140 crores to INR 100 crores over three years
• Aimed at encouraging spending, not attracting new clients
• Cash Flow Concerns:
• Incentives funded through generated revenue, not out-of-pocket expenses
Strategic Focus
• Client Retention:
• Emphasis on increasing spending from existing clients
• Growth Potential:
• Significant opportunities in Propel segment
• Fixed costs linked to office rentals and employee expenses
Regulatory Considerations
• Tax Incentives:
• Points do not attract GST; corporates can choose tax deductions
• Risk Management:
• No specific regulatory risks identified for the Save product
Conclusion
• Management expressed gratitude to participants and invited further inquiries through their Investor Relations Advisor.