摩根士丹利-印度互联网与电信行业投资者演示报告-Investor Presentation：India Internet and Telecoms-20261001

Morganstanley

RESEARCHFouNdatioN

October1,202604:32PMGMT

IndiaTechnology|AsiaPacific

lnvestorPresentation:lndialnternetandTelecoms

Telecoms–WeexpecttheindustryrepairphasetocontinueandseesustainablereturnratioprofileimprovementforBhartiAirtel,andhenceareOWonthename.

Internet–WepreferEternal,UrbanCompany,Shadowfax,andPineLabs,reflectingsuperiorrisk-rewardprofilesandupsidepotential.

ThisreportreferencesU.S.ExecutiveOrder14032and/orentitiesorsecuritiesthataredesignatedthereunder.U.S.personsmaybeprohibitedfrombuyingcertainsecuritiesofentitiesnamedinthisreport.Readersaresolelyresponsibleforensuringthattheirinvestmentactivitiesarecarriedoutincompliancewithapplicablelaws.

MoRGANSTANLEyINdiACompANyPRivATELimiTEd+GauravRateria

EquityAnalyst

Gaurav.Rateria@

+91226118-2237

SulabhGovila,CFA

EquityAnalyst

Sulabh.Govila@

SakshiRana

+91226118-2249

ResearchAssociate

Sakshi.Rana@

ShreshthaChopra

ResearchAssociate

+91226118-1002

Shreshtha.Chopra@

+91226118-2227

INDiATEcHNoLoGy

AsiaPacific

IndustryViewIn-Line

MorganStanleydoesandseekstodobusinesswith

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

Research.InvestorsshouldconsiderMorganStanley

Researchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionson

communicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

2

Morganstanley

RESEARCH

FouNDATloN

India

Internet

Morganstanley

RESEARCH

FouNDATloN

MoRGANSTANLEyREsEARcH3

Indiapresentsalong-termgrowthopportunityintheonlinefooddeliveryandquickcommercespace

QuickCommerceIndustryTAM–marketSize

FoodDeliveryGOVexpectedtoreachRs~2tnbyFY31–withFDpenetrationinIndiaincreasingfrom15%inFY26to20%inFY31

QCMarketSize2030Households(Mn)

UniqueMTU(Mn)

MTUOrderFrequency(x)

NoofOrders(Bn)

NetAOV(Rs/order)

MarketSizeNOV(US$Bn)NOVSpendperHousholdNOVSpendperMTU(US$)

Base

50

84

8.4

8.5

500

~45

886

531

Bear

40

65

4.9

3.8

800

33

830

510

Bull

55

85

6.5

6.6

950

68

1240

800

Source:Companydata,MorganStanleyResearch(e)estimates.Note:EternalhasstoppedreportingGOVinFDsegment,soforEternal,GOVusedisMorganStanleyResearchestimatesforcalculatingindustry'sfooddeliveryGOVestimates.

4

GOVperMTUperannum–Eternalhasbeenclosingthegapvs.SwiggyFDGOVspentperMTUp.a.

Fooddeliverysofarhasbeenaduopolymarket,withEternalmaintainingitsleadershiporevenexpandingthegapvs.others

MTU(inMn)–Eternal’sZomatohasseenhighercustomeradditionsvsSwiggy,andweexpectthistrendtocontinue

FoodDeliveryGOVrelativemarketshare(Eternal-Swiggy)(%)

FoodDeliveryGOVYoYgrowth(Eternal-Swiggy)(%)

Source:Companydata,MorganStanleyResearch(e)estimates.Note:EternalhasstoppedreportingGOVinFDsegment,soforEternal,GOVusedisMorganStanleyResearchestimates

MoRGANSTANLEyREsEARcH5

Quickcommerce:StrongexecutionbyEternal

NOVperMTU-BothBlinkitandInstamarthavebeenexpandingtheir

customerwalletshare-whiletheAOVgaphasconvergedbetweenthetwo,theGOVperMTUhasnotnecessarilyreflectedthesametrend

MTU(inMn)–Blinkithasseenhighercustomeradditionsvs.Instamart,andweexpectthistrendtocontinue

QuickcommerceNOVrelativemarketshare(Blinkitvs.Instamart)(%)

QCNOVGrowthYoY%forEternal'sBlinkitvs.Swiggy'sInstamart

Source:Companydata,MorganStanleyResearch(e)estimates.

6

Swiggy:OptionalityfromQuickcommerce

Swiggy’sInstamartandEternal’sBlinkit:MTUgrowthseemstobe

movinginlinewithdarkstoregrowthandInstamart’sMTUgrowth/Darkstoregrowtharelowervs.Blinkit

Quickcommerce–QCnetAOV(calculated)trendssuggestSwiggyhasnarrowedthegapwithBlinkit

Ordersperdayperdarkstore

Eternal’sBlinkitvs.Swiggy’sInstamart–Darkstorenetwork

Source:Companydata,MorganStanleyResearch(e)estimates.

MoRGANSTANLEyREsEARcH7

Eternalvs.Swiggy:ExpecttheprofitabilitygaptokeepnarrowingforSwiggyvs.Zomato

QCAdjEBITDAas%ofNOV–ExpectBlinkitadjEBITDAprofitbyFY29eof~US$450mn(marginsof2.9%ofNOV)

FDConsolidatedadj.EBITDAasa%ofGOV

Cashbalanceforboth(Eternal–Swiggy)(Rsbn)

Source:Companydata,MorganStanleyResearch(e)estimates.

8

Eternal:FinancialSummary

CONSOLIDATEDPROFITANDLOSSSTATEMENT

Yearended31March

FY25

FY26

FY27E

FY28E

FY29E

RupeeRate(Rs/US$)

85

89

92

92

92

Revenues(US$mn)

2,387

6,125

10,413

13,958

17,344

%chgYoY

TotalRevenues(RsMn)

63%

157%

70%

34%

24%

202,430

543,640

959,970

1,290,078r

1,603,076

%chgYoY

67%

169%

77%

34%

24%

Employeeexpenses

25,580

35,360

44,990

50,824

55,095

%ofsales

13%

7%

5%

4%

3%

TotalRMCost

55,650

301,670

585,621

794,507

993,625

%ofsales

27%

55%

61%

62%

62%

OtherExpenses

114,830

194,530

294,684

384,150

457,188

%ofsales

57%

36%

31%

30%

29%

EBITDA

6,370

12,080

34,675

60,597

97,169

EBITDAmargin(%)

3%

2%

4%

5%

6%

AdjustedEBITDA

10,790

11,890

30,280

50,797

84,926

AdjustedEBITDAmargin(%)

5%

2%

3%

4%

5%

Depreciation&Amortization

8,630

15,970

26,102

32,192

32,432

EBIT

(2,260)

(3,890)

8,573

28,405

64,737

EBITmargin(%)

-1%

-1%

1%

2%

4%

Otherincome

10,770

13,960

14,460

14,960

15,460

FinanceCosts

1,540

3,920

7,467

9,140

9,641

PBT/LossbeforeTax

6,970

6,150

15,566

34,226

70,556

Tax

1,700

2,490

6,802

7,954

16,933

RecurringPAT/Lossaftertax

MinorityInterest

5,270

3,660

8,763

26,271

53,622

-

-

-

-

-

RecurringPAT/Lossaftertaxafterminority

5,270

3,660

8,763

26,271

53,622

ReportedPAT/Lossaftertaxafterexceptionalitems

5,270

3,660

8,763

26,271

53,622

%chgYoY

50%

-31%

139%

200%

104%

NetMargin(%)

3%

1%

1%

2%

3%

EPSBasic(Rs)

0.60

0.40

0.91

2.72

5.56

EPSDiluted(Rs)

0.58

0.39

0.91

2.72

5.56

9,690

3,470

4,368

16,471

41,379

CONSOLIDATEDCASHFLOWSTATEMENT

Yearended31March

FY25

FY26

FY27E

FY28E

FY29E

Restatedlossbeforetax

Depreciation

ChangesinWorkingCapital

OperatingCashFlow

CapitalExpenditure

Investments

Others

InvestingCashFlow

ProceedsfromPreferencesharesLeasepayments

Others

FinancingCashFlow

6,970

5,760

-10,930

3,080

-9,360

-550,230

479,660

-79,930

0

-4,050

84,470

80,420

6,150

12,910

-12,280

6,320

-17,510

-482,160

505,030

5,360

0

-4,710

-3,710

-8,420

8,763

23,483

309

34,275

-14,770

-8,906

17,008

-6,668

-9,840

-6,768

-8,132

-24,740

26,271

30,049

-3,924

51,991

-12,251

-30,293

19,219

-23,325

-8,840

-9,501

-10,325

-28,666

53,622

30,779

-3,799

70,458

-10,500

-57,725

20,398

-47,827

-8,840

-11,442

-2,349

-22,631

CONSOLIDATEDBALANCESHEET

Yearended31March

FY25

FY26

FY27E

FY28E

FY29E

Property,plantandequipment

9,650

20,330

22,720

17,597

9,547

Rightofuseasset

19,180

42,940

54,801

61,597

66,438

Goodwill

57,370

57,370

57,370

57,370

57,370

Otherintangibleassets

9,120

6,110

3,771

1,909

536

Otherfinancialassets

27,440

16,060

16,060

16,060

16,060

Otherassets

116,460

107,550

112,508

116,882

121,031

Totalnon-currentassets

239,220

250,360

267,231

271,414

270,981

Inventories

1,760

21,810

28,804

37,970

46,946

Investments

22,720

50,910

59,816

90,109

147,834

Tradereceivables

19,460

17,640

26,490

34,920

43,175

Cashandcashequivalents

6,660

9,960

12,827

12,827

12,827

Otherbankbalances

29,480

5,270

5,270

5,270

5,270

Otherfinancialassets

27,690

35,370

35,370

35,370

35,370

Taxassets(net)

0

0

0

0

0

Totalcurrentassets

117,010

157,000

187,138

240,933

321,672

Totalassets

356,230

407,360

454,369

512,347

592,653

EQUITYandLIABILITIES

Equityattributabletoparent

303,170

309,800

318,563

344,835

398,457

Non-controllinginterests

-70

-70

-70

-70

-70

Totalequity

303,100

309,730

318,493

344,765

398,387

Borrowings

LeaseLiabilities

016,540

0

0

0

0

38,330

48,658

55,034

57,816

Totalnon-currentliabilities

19,870

40,910

54,325

62,017

66,087

Totaloutstandingduesofcreditorsotherthanmicroandsmallenterprises

14,610

27,780

42,882

57,266

71,351

LeaseLiabilities

3,910

7,590

11,473

12,977

13,633

Otherliabilities

14,740

21,350

27,196

35,324

43,195

Totalcurrentliabilities

33,260

56,720

81,551

105,566

128,179

TotalEquityandLiabilities

356,230

407,360

454,369

512,347

592,653

KEYMETRICS

Yearended31March

FY25

FY26

FY27E

FY28E

FY29E

FDaveragemonthlytransactingcustomers(mn)

Averageordervalue(Rs)

GrossOrderValue(RsMn)

%YoY

GrossOrderValue(US$Mn)

AdjRevenues(US$Mn)(addingcustomerdeliveryfees)FDAdjEBITDAMargins(as%ofGOV)

QCaveragemonthlytransactingcustomers(mn)

QCGOV(USD)

21

453

386,460

19.9%

4,557

2,505

3.9%

10.23,334

24

472

462,360

19.6%

5,209

6,257

4.4%

22.17,160

28

479

560,052

21.1%

6,075

10,571

4.8%

35.612,100

31

483

667,165

19.1%

7,218

14,144

5.1%

43.016,603

33

488

772,565

15.8%

8,359

17,566

5.3%

47.520,769

NETCASHFLOW3,5703,3002,86700QCGOV(%YoY)126.8%124.8%75.5%37.6%25.1%

QCAdjEBITDAMargins(as%ofGOV)-1.0%-0.4%0.9%1.3%2.2%

Source:Companydata,MorganStanleyResearch(E)estimates.

MoRGANSTANLEyREsEARcH9

ConsolidatedBalanceSheet(Rsm)

Ason31stMarch

FY25

FY26

FY27e

FY28e

FY29e

Non-currentassets

36,886

46,120

48,398

55,299

64,593

Financialassets

-

-

-

-

-

Investments

12,962

27,110

27,110

27,110

27,110

Otherfinancialassets

8,883

13,150

10,150

8,150

6,150

Incometaxassets

1,252

1,610

1,610

1,610

1,610

Otherassets(capitaladvances+prepaidexpense+balancewithstatutoryandgovernmentauthorities)

1,015

1,110

1,110

1,110

1,110

Totalnon-currentassets

60,998

89,100

88,378

93,279

100,573

Cashandcashequivalents

32,996

40,430

26,590

14,991

15,338

Currentassets

44,274

89,390

104,236

140,764

156,226

Inventories

555

760

1,023

1,549

2,266

Investments

13,231

32,690

27,690

12,690

12,690

TOTALASSETS

152,053

252,370

247,918

263,272

287,092

Liabilities

Tradepayables

18,180

22,780

25,592

32,713

34,139

Borrowings

282

1,000

1,000

1,000

1,000

Leaseliabilities

3,574

5,100

6,873

9,412

12,494

Otherliabilities

13,839

19,890

26,708

32,972

34,392

TotalCurrentLiabilities

35,876

48,770

60,173

76,097

82,025

Borrowings

-

-

-

-

-

Otherfinancialliabilities

43

250

250

250

250

Leaseliabilities

13,173

19,410

26,159

35,821

47,552

Otherliabilities

766

800

1,036

1,375

1,786

TotalNonCurrentLiabilities

13,982

20,460

27,445·

37,446

49,587

Equitysharecapital

2,286

2,610

2,610

2,610

2,610

Instrumentsentirelyequityinnature

-

-

-

-

-

Otherequity

99,908

180,530

157,690

147,120

152,870

Totalequity

102,195

183,140

160,300

149,730

155,480

TOTALEQUITIESANDLIABILITIES

152,053

252,370

247,918

263,272

287,092

KeyMetrics

FY25

FY26

FY27e

FY28e

FY29e

FDavgmonthlytransactingcustomer(mn)

14.7

17.5

19.8

21.2

22.8

AverageOrderValue(Rs)

458

484

500

510

515

FDGrossOrderValue(RsMn)

287,823

345,920

408,409

470,634

540,534

%YoY

16%

20%

18%

15%

15%

FDGrossOrderValue(US$Mn)

3,394

3,897

4,345

5,009

5,753

FDAdjRevenues(US$Mn)

857

999

1,135

1,321

1,511

FDAdjEBITDAMargins(asa%ofGOV)

2.0%

2.9%

3.6%

4.2%

4.5%

QCavgmonthlytransactingcustomers(mn)

7.1

12.3

15.6

18.2

19.2

QCGOV(USD)

1,731.5

3,210.5

4,096.7

5,375.6

6,419.7

QCGOV(%YoY)

77.7%

85.4%

27.6%

31.2%

19.4%

QCAdjEBITDAMargins(asa%ofGOV)

-14.3%

-12.3%

-8.2%

-5.4%

-2.6%

Swiggy:FinancialSummary

ConsolidatedIncomeStatement(Rsm)

YeartoMarch31st(Rsm)

FY25

FY26

FY27e

FY28e

FY29e

Revenues

152,268

230,600

310,777

425,570

564,935

Costofrevenues

60,015

100,670

136,885

204,921

299,808

GrossProfit

92,252

129,930

173,892

220,649

265,127

Grossmargins(%)

60.6%

56.3%

56.0%

51.8%

46.9%

Employeebenefitexpense

25,489

27,160

26,937

27,789

29,248

As%ofrevenues

16.7%

11.8%

8.7%

6.5%

5.2%

Otheroperatingexpense

94,622

135,010

169,321

198,613

223,118

TotalOperatingexpenditure

120,111

162,170

196,257

226,402

252,366

EBITDA

-27,859

-32,302

-22,366

-5,753

12,761

EBITDAMargins(%)

-18.3%

-14.0%

-7.2%

-1.4%

2.3%

AdjEBITDA

-19,123

-28,698

-22,701

-8,350

8,025

DepreciationandAmortization

6,123

12,170

13,543

15,273

17,196

EBIT

-33,982

-44,472

-35,909

-21,026

-4,435

EBITMargins(%)

-22.3%

-19.3%

-11.6%

-4.9%

-0.8%

Interestexpense

1,006

2,000

2,120

2,120

2,120

Otherincome

3,962

5,080

8,309

6,946

7,526

Profitbeforetax

-31,026

-41,392

-29,720

-16,200

971

Provisionfortaxes

0

0

0

0

0

Effectivetaxrate(%)

0.0%

0.0%

0.0%

0.0%

0.0%

Netprofit(recurring)

-31,026

-41,392

-29,720

-16,200

971

Netmargins(%)

-20.4%

-17.9%

-9.6%

-3.8%

0.2%

DilutedEPS

-13.72

-16.87

-10.76

-5.87

0.34

%yoy

NM

NM

NM

NM

NM

ConsolidatedCashflowstatement(Rsm)

YeartoMarch31st(Rsm)

FY25

FY26

FY27e

FY28e

FY29e

Lossbeforetax

-31,168

-41,536

-29,760

-16,240

931

Depreciationandamortisationexpense

6,123

12,170

13,543

15,273

17,196

OtherOperatingitems

9,198

7,310

6,920

5,670

4,820

Changesinworkingcapital

-6,221

-6,700

-3,470

-20,791

-9,841

Incometaxpaid(netofrefund)

400

-220

0

0

0

OperatingCashFlow

-21,668

-28,976

-12,767

-16,088

13,106

Purchaseofinvestments

-133,924

-264,820

8,000

17,000

2,000

Proceedsfromsale/maturityofinvestments

160,137

221,710

0

0

0

Purchaseofproperty,plantandequipmentandotherinta

-7,508

-9,190

-15,821

-22,174

-26,490

Otherinvestmentcashflow

-32,430

2,470

0

0

0

InvestmentCashFlow

-13,724

-49,830

-7,821

-5,174

-24,490

Proceedsfromissueofequityshares

44,990

100,000

0

0

0

Proceedsfromissueofinstrumentsentirelyequityinnatu

0

0

0

0

0

Otherfinancingcashflows

-5,955

-6,030

6,749

9,662

11,731

FinancingCashFlow

39,035

93,970

6,749

9,662

11,731

Netincreaseincashandcashequivalents

3,642

15,164

-13,840

-11,599

347

Cashandcashequivalentsatthebeginningoftheperiod/

8,690

12,305

27,470

13,630

2,031

Otherchanges

0

0

0

0

0

Cashandcashequivalentsatendoftheyear

12,332

27,470

13,630

2,031

2,377

Source:Companydata,MorganStanleyResearch(e)estimates.

10

BlackbuckLtd(erstwhileZinkaLogistics)

Growthinrevenuefromcorebusinessremainshealthyat20%+

GTVfromtolling(RsMn,YoYGrowth%)

AdjEBITDAmarginsremainsubduedgivencontinuedinvestmentstowardssuperloadsbusiness

Growthbusinesses(loads+vehiclefinancing)growingfasterthanthecorebusiness;nowconstitutes~29%ofrevenue(1QF27)

Source:Companydata,MorganStanleyResearch(e)estimates.

MoRGANSTANLEyREsEARcH11

Blackbuck:FinancialSummary

Revenuefromcontinuingoperations(A)4,2676,3818,96011,493NonCurrentAssets

%yoy43.7%49.5%40.4%28.3%Property,plantandequipment37941124394

Expenses(B=C+D)3,3354,7496,1247,195Rightofuse/Intangibleassets7343182

Employeebenefitsexpenses(C)1,4711,7041,9301,909Investments409409409409

%yoy-48.7%15.8%13.3%-1.1%Loansandotherfinancialassets1,887.961,887.961,887.961,887.96

as%ofrevenue34.5%26.7%21.5%16.6%Currenttaxassets81818181

Otherexpenses(D)1,8643,0454,1955,286Othernoncurrentassets2,5272,5272,5272,527

%yoy12.5%63.3%37.7%26.0%Totalnoncurrentassets5,3575,3595,1665,001

as%ofrevenue43.7%47.7%46.8%46.0%CurrentAssets

EBITDA(E=A-B)9321,6322,8364,298Investments159159159159

%yoy-159.8%75.1%73.8%51.6%Tradereceivables274345395392

EBITDAMargin(%)(F=E/A)21.8%25.6%31.7%37.4%CashandCashequivalents1,0453,7367,64813,053

AdjEBITDA(Mse)1,0321,8762,9744,373Bankbalances6,0046,0046,0046,004

%yoy-1748.5%81.8%58.6%47.0%Loansandotherfinancialassets624.24124.05124.05124.05

AdjEBITDAMargin(%)-(MSe)

24.2%

29.4%

33.2%

38.0%Othercurrentassets866866866866

Depreciationandamortizationexpense(G)

339

472

620

717Totalcurrentassets8,97111,23415,19620,597

%yoy

34.0%

39.1%

31.3%

15.7%Assetsheldforsale----

as%ofrevenue

8.0%

7.4%

6.9%

6.2%TotalAssets14,32816,59320,36225,598

EBIT(H=E-G)5931,1602,2163,581

61.6%

31.2%

%yoy

EBITMargin(%)(I=H/A)

Financecosts(J)

Otherincome&othergains/losses(net)(K)

-132.7%

13.9%

91.0%

24.7%

95.7%

18.2%

Equity&LiabilitiesEquity

41

357

49

740

46

1,052

44

1,283

177

12,198

177

13,922

177

16,928

177

21,292

PBT(L=H-J-K)

909

1,851

3,222

4,820

%yoy

-154.4%

103.7%

74.1%

49.6%

TotalTaxExpense(M)

(2,446)

370

354

530

Effectivetaxrate(%)

-269.2%

20.0%

11.0%

11.0%

PATbeforeexpceptionalitems(N=L-M)

3,355

1,481

2,867

4,289

Exceptionalitems/lossfromdiscontinuedoperations(O)

296

-

-

-

PATafterexpceptionalitems(N-O)

3,651

1,481

2,867

4,289

%yoy

-288.3%

-59.4%

93.7%

49.6%

BasicEPS(forcontinuingoperations)

(2.19)

8.06

15.53

23.12

DilutedEPS(forcontinuingoperations)

(2.19)

8.06

15.53

23.12

%yoy

-75.8%

-468.1%

92.7%

48.8%

Restatedlossbeforetax

(2,533)

1,851

3,222

4,820

Adjustments

3,506

765

805

837

MovementsinWC

(505)

996

1,731

1,623

Incometaxespaid/(refund)(net)

116

(370)

(354)

(530)

NetCashusedinoperatingactivities(A)

583

3,242

4,406

6,015

EquitysharecapitalOtherequity

Totalequity

12,375

14,099

17,105

21,470

NonCurrentLiabilities

Financialliabilities

Borrowings

159

159

159

159

Leaseliabilities

53

56

59

61

Provisions

41

41

41

41

Contractliabilities

53

53

53

53

Deferredtaxliabilities(net)

-

-

-

-

Totalnon-currentliabilites

306

308

311

314

CurrentLiabilities

FinancialliabilitiesBorrowings

Leaseliabilities

Tradepayables

OtherfinancialliabilitiesProvisions

Contractliabilities

Currenttaxliabilities

Othercurrentliabilities

138

28

177

308

62

782

-

153

138

(1)

265

556

62

1,014

-

153

138

(26)

372

915

62

1,333

-

153

138

(43)

477

1,346

62

1,682

-

153

CashFlowfromInvestingactivities

1,647

3,814

2,945

2,186

TotalCurrentliabilites

(426):

(475):

(436)

(552)Liabilitiesassociatedwithassetsclassifiedasheldforsale----

PurchaseofPPEandintangibleassets

16,593

14,328

TotalLiabilitiesandEquity

461·

20,362

25,598

-

-

-

(212)

-

-

-

Proceedsfromsaleofmutualfundsandbonds(net)Proceedsfromintercorporatedeposits(net)

(5,273)

KeyassumptionsandRatios

FY26E

FY25

FY27E

FY28E

-

-

-

Proceedsfrombankdepositswithmaturity>3months(net)

ProceedsfromsaleofPPEandintangibleassetsProceedsfromsaleofinvestmentinsubsidiary

AverageMonthlytransactingtruckoperators%yoy

ARPUperMTU(revenuedividedbyMTU)(RS)

721,932

21%

493

810,450

12%

656

891,633

10%

837

969,917

9%

987

-

-

-

(436)

-

-

-

-

254·

-

-

-

Interestreceived

(4,665)

(475)

(426)

(552)

%yoy

19.0%

33.2%

27.6%

17.9%

NetCashusedininvestingactivities(B)

402,373

18%

877

14%

5,342

18%

342,410

19%

767

16%

4,528

24%

287,875

23%

663

20%

3,642

29%

233,202

34%

554

34%

2,818

43%

GTVofpaymentstransactions(Rsmn) FCF2,3621,6233,0334,319%yoy

AdjEBITDAconversiontoFCF229.0%86.5%102.0%98.8%Totalnumberofpaymentstransactions Netcash6,9109,60213,51318,918%yoy

Incr/(Decr)incash4,0692,6913,9125,405PaymentsrevenuesasperMSE(Rsmn)

%yoy

85.3%

94.9%

as%ofrevenue

59.6%

71.0%

(0)3

ProceedsfromissuanceofequitysharesandCCPS

Proceedsfromnon-currentborrowingsRepaymentofnon-currentborrowingsProceedsfromcurrentborrowings

Repaymentofcurrentborrowings

(0)3

CashFlowfromFinancingactivities

-

360

(110)·4,782·(6,215) (28) (9)(62)

(0)Paymentstakerate(asperMSE)1.2%1.3%1.3%1.3%3Capexas%ofrevenue9.3%7.3%4.7%4.7%

-

-

-ROE(%)27.