Rategain FY2024 – (concall notes and my own extrapolation).
Filing: https://www.bseindia.com/xml-data/corpfiling/AttachLive/4fafbaa9-4bae-4b3c-8221-b7e9c18d3096.pdf
- Revenue growth for FY24 revised to 69% vs. earlier guidance of 65%. Margin for FY24 is guided at 19.5%.
- FY25-FY27 – goal is to double revenue from ~1000 crores in FY24 to 2000 crores in FY27. So, revenue guidance is 26% CAGR for next three years. EBITDA margin is likely to be 25% when revenues reach 2000 crores.
- Daas weak – 12% growth. Large contract signed last year, this quarter only half of the quarter reflected that. So in coming quarter full impact of the same should be visible.
- 1000 crore cash on balance sheet – in active conversation on M&A. goal is to become integrated provider. Pricing is not correct for acquisition.
- Revmax platform- good momentum going from last two months. May be a game changer in next two quarters. Rev booster?
- Adara is 18% EBITDA margin business from losses before acquisition by Rategain.
- Organic revenue growth is ~30%, Adara grew 63%.
- Tax rate is likely to be 20-22%.
Q4FY24 based on my calculation: Q4FY24 is likely to have revenue of ~260 crores and EBITDA of 52 crores. Management has been conservative in giving the guidance in the previous quarters.
Below is my rough calculation on how 3-years will look (number are in crores other than %)
Disclosure: own it and transacted in last 30 days. I am trimming as its now over 15% of my position.
Disclaimer: I am not a financial advisor and nor a SEBI registered Analyst. The content shared here is only for learning purpose. All the names mentioned here are for example purpose. I may buy more, exit or partly sell the stock/bonds without any prior intimation.