{"id":130749,"date":"2022-06-22T04:34:18","date_gmt":"2022-06-22T08:34:18","guid":{"rendered":"https:\/\/44.250.171.167\/?p=130749"},"modified":"2022-10-06T04:22:30","modified_gmt":"2022-10-06T08:22:30","slug":"emudhra-limited-q4-fy22-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/emudhra-limited-q4-fy22-earnings-conference-call-insights\/","title":{"rendered":"eMudhra Limited Q4 FY22 Earnings Conference Call Insights"},"content":{"rendered":"<h2><strong>Key highlights from eMudhra Limited (<a href=\"https:\/\/44.250.171.167\/symbol\/EMUDHRA\/\">EMUDHRA<\/a>) Q4 FY22 Earnings Concall<\/strong><\/h2>\n<p><strong>\u00a0<\/strong><\/p>\n<h3><strong>Q&amp;A Highlights:<\/strong><\/h3>\n<p><strong>Himani Shah &#8211; Alchemy Capital &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>Impact on pricing on EMUDHRA products due to geopolitical factors?<\/li>\n<\/ul>\n<p><strong>Venkatraman Srinivasan &#8211; EC <\/strong><\/p>\n<ul>\n<li>There are two segments for pricing; Digital trust and Enterprise.\n<ul>\n<li>No standard pricing in Enterprise.\n<ul>\n<li>Depends on size, complexity and number of users.<\/li>\n<li>Currently no pricing pressure in this segment.<\/li>\n<\/ul>\n<\/li>\n<li>Digital signature also not seeing much pressure.\n<ul>\n<li>With inflation growing worldwide, the prices should be better.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Sahil Desai &#8211; Hornbill Capital &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>Digital trust revenue breakup between direct retail and channel distribution.<\/li>\n<\/ul>\n<p><strong>Venkatraman Srinivasan \u2013 EC<\/strong><\/p>\n<ul>\n<li>Trust services, about INR845.6 million.\n<ul>\n<li>Direct retail constitutes about 25-30% of total trust service revenue.<\/li>\n<li>Enterprise solution, about INR981 million of total sales.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Sahil Desai &#8211; Hornbill Capital &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>Differential between margins for EMUDHRA, from a revenue standpoint, in direct retail vs. channel?<\/li>\n<\/ul>\n<p><strong>Venkatraman Srinivasan \u2013 EC<\/strong><\/p>\n<ul>\n<li>In the channel, EMUDHRA may realize an average of around INR300.<\/li>\n<li>In retail, realized around INR1500 per digital signature.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Sahil Desai &#8211; Hornbill Capital &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>On the enterprise side, based on the order book, what\u2019s the growth visibility for FY23?<\/li>\n<\/ul>\n<p><strong>Venkatraman Srinivasan \u2013 EC<\/strong><\/p>\n<ul>\n<li>It\u2019s projected that in India, the enterprise side is slated for a 30% growth.\n<ul>\n<li>EMUDHRA is striving towards these growth numbers, seeing stable and growing order book.<\/li>\n<\/ul>\n<\/li>\n<li>Expects the growth to be good for FY23.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Saurabh Thadani &#8211; IIFL Securities &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>Shaping up of pipeline vs. FY22, mainly in the enterprise solution segment?<\/li>\n<\/ul>\n<p><strong>Venkatraman Srinivasan \u2013 EC<\/strong><\/p>\n<ul>\n<li>YoY, the pipeline has more than doubled.<\/li>\n<li>Two to three years back, it would have almost tripled.<\/li>\n<li>Regarding sales pipeline, not converted to order, it has become more than 1.5 times vs. last year.<\/li>\n<li>Robust growth in pipeline and order book position.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Saurabh Thadani &#8211; IIFL Securities &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>Average duration of current order pipeline in terms of execution.<\/li>\n<\/ul>\n<p><strong>Venkatraman Srinivasan \u2013 EC<\/strong><\/p>\n<ul>\n<li>Generally takes 3-4 months for most of the customers.<\/li>\n<li>Some bigger orders, govt. orders, takes up to 6 months.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Rishi Jhunjhunwala &#8211; IIFL &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>Revenue visibility for FY23 on the Enterprise solution business?<\/li>\n<\/ul>\n<p><strong>Venkatraman Srinivasan \u2013 EC<\/strong><\/p>\n<ul>\n<li>Don\u2019t want to give any specific guidance on revenue visibility.<\/li>\n<li>The leading indicators are good and EMUDHRA is working towards it.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Himani Shah &#8211; Alchemy Capital &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>Competitive landscape?<\/li>\n<\/ul>\n<p><strong>Venkatraman Srinivasan \u2013 EC<\/strong><\/p>\n<ul>\n<li>While EMUDHRA command 38% market share, the next player commands almost 18-19%. And other 2-3 players are commanding 10-15% market share on the digital trust services in India.<\/li>\n<li>In Enterprise solution, there is almost no local competition.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Sahil Desai &#8211; Hornbill Capital &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>Plans for US market?<\/li>\n<\/ul>\n<p><strong>Venkatraman Srinivasan \u2013 EC<\/strong><\/p>\n<ul>\n<li>Two strategies are planned.\n<ul>\n<li>Recruitment of people.\n<ul>\n<li>Current count of 1 will be increased to 7-8 people.<\/li>\n<\/ul>\n<\/li>\n<li>Enrollment of partners.\n<ul>\n<li>Partners in similar industry.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from eMudhra Limited (EMUDHRA) Q4 FY22 Earnings Concall \u00a0 Q&amp;A Highlights: Himani Shah &#8211; Alchemy Capital &#8211; Analyst Impact on pricing on EMUDHRA products due to geopolitical factors? Venkatraman Srinivasan &#8211; EC There are two segments for pricing; Digital trust and Enterprise. No standard pricing in Enterprise. Depends on size, complexity and number [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,12],"tags":[10042],"class_list":["post-130749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-other-industries","tag-miscellaneous"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":179269,"url":"https:\/\/alphastreet.com\/india\/emudhra-reports-35-6-revenue-increase-in-q3-fy2026-amid-global-expansion\/","url_meta":{"origin":130749,"position":0},"title":"eMudhra Reports 35.6% Revenue Increase in Q3 FY2026 Amid Global Expansion","author":"Staff Correspondent","date":"February 3, 2026","format":false,"excerpt":"The digital security provider saw a significant rise in international product-led revenue, balancing reduced growth in its US services segment. 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