Affle India Locked up Upper Circuit for Second Consecutive Day

  • Stock Market News
Affle India Locked up Upper Circuit for Second Consecutive Day

By Aditya Raghunath -- Shares of mobile marketing firm Affle India Ltd (NS: AFFL ) have been locked in their upper circuit for the second day in a row after the company announced a 1:5 stock split.

For Q1 FY22, the company posted a 70% increase in net sales to Rs 152.47 crore and a 90.4% increase in net profit to Rs 35.73 crore.

The company has been under huge selling pressure in 2021. The stock dropped over 36% From Rs 6,004 in March to Rs 3,836 on August 23 before news of the split began to surface and the stock began to rally.

Brokerage firm Sharekhan is bullish on the stock. After its results came out its report said, “Affle India delivered another quarter of strong revenue growth in Q1FY2022 despite the devastating impact of second wave of COVID-19 in India, aided by broad-based growth across markets.”

It added, “Increasing direct customers’ revenue contribution and partnerships with OEMs would help Affle to maintain its market position given higher access to first-party data; expect revenue/earnings to post a CAGR of 45%/32% over FY2021-FY2024E. We maintain a Buy on Affle (India) Limited with a revised PT of Rs. 6,000, given greater adoption of its platforms, a unique CPCU business model and expansion into new geographies.”

Affle India is currently trading at Rs 4,363.35

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