The Board of Directors hereby submits the Report of the business and operations of Affle (India) Limited (“Affle” or the “Company”), along with the audited financial statements, for the financial year ended March 31, 2023.
The results of operations for the year under review are given below:
FINANCIAL HIGHLIGHTS
|
(in Rs. million)
|
|
Particulars
|
Consolidated
|
Standalone
|
|
FY2022-23
|
FY2021-22
|
FY2022-23
|
FY2021-22
|
|
Revenue from contracts with customers
|
14,339.56
|
10,816.56
|
4,947.97
|
3,975.21
|
|
Other income
|
543.24
|
716.75
|
225.69
|
311.82
|
|
Total income
|
14,882.80
|
11,533.31
|
5,173.66
|
4,287.03
|
|
Total expenses
|
12,060.18
|
9,080.50
|
4,273.25
|
3,528.81
|
|
Profit before share of loss of an associate and tax
|
2,822.62
|
2,452.81
|
900.41
|
758.22
|
|
Share of loss of an associate
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(7.11)
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(4.85)
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-
|
-
|
|
Profit before tax
|
2,815.51
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2,447.96
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900.41
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758.22
|
|
Less: Current tax
|
371.12
|
285.41
|
237.50
|
179.71
|
|
Less: Deferred tax (credit) / charge
|
(10.27)
|
15.63
|
(5.87)
|
13.03
|
|
Profit for the year
|
2,454.66
|
2,146.92
|
668.78
|
565.48
|
|
Other comprehensive income / (loss) net of income tax
|
438.50
|
114.81
|
(0.65)
|
0.27
|
|
Total comprehensive income for the year
|
2,893.16
|
2,261.73
|
668.13
|
565.75
|
|
Non-controlling interests
|
8.77
|
8.14
|
-
|
-
|
|
Profit for the year attributable to equity holders of the parent
|
2,445.89
|
2,138.78
|
668.78
|
565.48
|
|
Total comprehensive income for the year attributable to equity holders of the parent
|
2,884.39
|
2,253.59
|
668.13
|
565.75
|
|
Earnings per equity share - Face value of Rs. 2/- each
|
18.43
|
16.18
|
5.02
|
4.26
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REVIEW OF OPERATIONSConsolidated Financial Review
During the year under review, the Company reported Revenue from contracts with customers of Rs. 14,339.56 million, a y-o-y increase of 32.6% from Rs. 10,816.56 million in the previous financial year. The Company reported total income of Rs. 14,882.80 million, a y-o-y increase of 29.0% from Rs. 11,533.31 million in the previous financial year. Profit before tax registered a growth of 15.0% to stand at Rs. 2,815.51 million for the year under review as compared to Rs. 2,447.96 million in the previous financial year. Profit after tax attributable to equity holders of the parent (after adjusting for non-controlling interests) registered a growth of 14.4% to stand at Rs. 2,445.89 million for the year under review as compared to Rs. 2,138.78 million in the previous financial year. However, the Company's profit after tax in the previous financial year i.e. FY2021-22, included non-operating gain on fair valuation of financial instruments amounting to Rs. 310.06 million (net of taxes). Excluding this impact, the profit after tax attributable to equity holders of the parent for the year under review, registered a growth of 33.8% as compared to the previous financial year.
Total debt for the Company was Rs. 1,030.90 million as of March 31, 2023 and total cash & cash equivalent (including 'other bank balance') was Rs. 6,457.08 million as of March 31, 2023.
The Company generated cash flows from operations of Rs. 2,603.03 million during the year, a growth of 26.4% from Rs. 2,059.83 million generated in the previous financial year.
Standalone Financial Review
During the year under review, the Company reported Revenue from contracts with customers of Rs. 4,947.97 million, a y-o-y increase of 24.5% from Rs. 3,975.21 million in the previous financial year. The Company reported total income of Rs. 5,173.66 million, a y-o-y increase of 20.7% from Rs. 4,287.03 million in the previous financial year. Profit before tax stood at Rs. 900.41 million for the year under review as compared to Rs. 758.22 million in the previous financial year. Profit after tax stood at Rs. 668.78 million for the year under review as compared to Rs. 565.48 million in the previous financial year.
On a standalone basis, the Company had no debt as of March 31, 2023 and total cash & cash equivalent (including 'other bank balance') was Rs. 4,830.49 million as of March 31, 2023.
DIVIDEND
The Directors wish to invest the profits back into the Company for further growth and expansion, and therefore do not recommend any dividend for FY2022-23.
TRANSFER TO RESERVES
The Company did not transfer any amount to the general reserve during the year.
MATERIAL CHANGE AND COMMITMENT AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THESE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
No material change and commitment affecting the financial position of the Company has occurred between the end of the financial year to which these financial statements relate and the date of the report.
CHANGE IN NATURE OF BUSINESS OF THE COMPANY
There was no change in the nature of business of the Company.
SHARE CAPITAL
The Authorised Share Capital of the Company is Rs. 300,000,000/- divided into 150,000,000 equity shares of face value Rs. 2/- each and the Paid-up Share Capital of the Company is Rs. 266,502,120 divided into 133,251,060 equity shares of face value Rs. 2/- each.
FINANCIAL STATEMENTS OF SUBSIDIARIES AND ASSOCIATES
A statement containing the salient features of the financial statements of the subsidiaries in the prescribed Form AOC-1 is annexed to this Report as Annexure I.
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S.
No.
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Name of the Director
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Designation
|
|
1.
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Mr. Elad Shmuel
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Non-Executive
|
|
Natanson
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Director
|
|
2.
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Ms. Lay See Tan
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Independent Director
|
|
3.
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Ms. Noelia Amoedo
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Non-Executive
|
|
Casqueiro
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Director
|
|
4.
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Mr. Vipul Kedia
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Executive Director
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Further, designation of Mr. Anuj Kumar has been changed to Non-Executive Director with effect from July 01, 2022.
The Board took note of the resignation of Ms. Mei Theng Leong (effective from May 14, 2023) in its meeting held on May 13, 2023.
Retire by Rotation
In accordance with the provisions of the Companies Act, 2013, not less than 2/3rd of the total number of Directors (other than Independent Directors) shall be liable to retire by rotation out of which 1/3rd Directors shall retire by rotation at every Annual General Meeting. Accordingly, the details of the Director liable to retire by rotation are given at the notice of Annual General Meeting.
Key Managerial Personnel
During the year under review, the following persons were designated as Key Managerial Personnel of the Company pursuant to Section 2(51) and Section 203 of the Act, read with the Rules framed thereunder:
Mr. Anuj Khanna Sohum, Managing Director & Chief Executive Officer
Mr. Vipul Kedia, Executive Director (w.e.f. July 1, 2022)
Mr. Anuj Kumar, Non-Executive Director (upto June 30, 2022)
Mr. Kapil Mohan Bhutani, Chief Financial & Operations Officer
Ms. Parmita Choudhury, Company Secretary & Compliance Officer
CORPORATE GOVERNANCE
In terms of Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), a separate section on “Corporate Governance” with a detailed Report on Corporate Governance forms part of this Annual Report.
MANAGEMENT DISCUSSION & ANALYSIS
The Management Discussion & Analysis Report for the year under review as stipulated under Listing Regulations is presented separately as part of this Annual Report.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
The Board of Directors of the Company met 7 (Seven) times during the year under review. The details of the meetings of the Board including that of its Committees are given in the Report on Corporate Governance forming part of this Annual Report.
ESTABLISHMENT OF THE VIGIL MECHANISM
The Company has an effective Vigil Mechanism / Whistle Blower Policy that lays down the process for raising concerns about unethical behavior, actual or suspected fraud or violation of the Company's Code of Conduct or Ethics Policy. The full text of the policy is available under investor relations section on the website of the Company at https://www.affle.com.
No complaints were received through the said mechanism during the financial year ended March 31, 2023.
RISK MANAGEMENT POLICY
The Company has an effective risk management procedure, which is governed at the highest level by the Board of Directors, covering the process of identifying, assessing, mitigating, reporting and review of critical risks impacting the achievement of Company's objectives or threaten its existence.
To further strengthen & streamline the procedures about risk assessment and minimization procedures, the Board of Directors has a Risk Management Committee and has also formulated a Risk Management Policy. The full text of the
policy is available under investor relations section on the website of the Company at https://www. affle.com.
ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS
The Company has in place adequate internal financial controls with reference to financial statements. During the year under review, such controls were tested and no reportable material weakness in the design or operation was observed.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013
Particulars of investments made by the Company in securities of other companies are set out in note 5 of the Standalone Financial Statements of the Company.
During the year under review, the Company gave a loan of USD 10 million to its wholly owned subsidiary, Affle International Pte. Ltd. (AINT), out of which USD 5 million was repaid by AINT on August 8, 2022 and the remaining USD 5 million was converted to equity on March 10, 2023.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
During the year under review, all contracts/ arrangements/transactions entered into by the Company with related parties under Section 188(1) of the Companies Act, 2013 were in the ordinary course of business and on arm's length basis. Thus, the transactions reported in Form AOC-2 annexed to this Report as Annexure II are all at arm's length basis.
PUBLIC DEPOSITS
The Company has neither invited nor accepted any deposits from the public falling within the preview of Section 73 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014 during the year.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the year under review, the following Directors were inducted on the Board of Directors of the Company with effect from July 1, 2022.
POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION
The Nomination & Remuneration Committee has framed a policy for selection and appointment of Directors including determining qualifications and independence of a Director, Key Managerial Personnel (KMP), Senior Management Personnel and their remuneration as part of its charter and other matters provided under Section 178(3) of the Companies Act, 2013.
Pursuant to Section 134(3) of the Companies Act, 2013, the Nomination & Remuneration Policy of the Company which lays down the criteria for determining qualifications, competencies, positive attributes and independence for appointment of Directors and policies of the Company relating to remuneration of Directors, KMP and Senior Management Personnel is available under investor relations section on the Company's website at https://www.affle.com.
Further, the Company also has a Board Diversity Policy to assure that the Board is fully diversified and comprises of an ideal combination of Executive and Non-Executive Directors, including Independent Directors, with diverse backgrounds.
DECLARATION FROM INDEPENDENT DIRECTORS
The Company received declaration from Independent Directors in accordance with Section 149(7) of the Companies Act, 2013 and Listing Regulations, that he/ she meets the criteria of independence as laid out in sub-section (6) of Section 149 of the Companies Act, 2013 and Listing Regulations.
The Board confirms that Ms. Lay See Tan, who was appointed as Independent Director during the year, fulfills the conditions with regard to integrity, expertise and experience (including proficiency). Ms. Lay See Tan has passed the online proficiency self-assessment test conducted by the Indian Institute of Corporate Affairs (IICA).
PERFORMANCE EVALUATION OF THE BOARD OF DIRECTORS
Pursuant to the provisions of the Companies Act, 2013 and Listing Regulations, the Board carried out an annual performance evaluation of its own performance, the Directors individually, as well as the evaluation of the working of its Committees.
The Board evaluation was conducted through questionnaire designed with qualitative parameters
and feedback based on ratings. Evaluation of the Board was based on criteria such as composition and role of the Board, Board communication and relationships, functioning of Board Committees, review of performance of Executive Directors and strategic planning.
Evaluation of Committees was based on criteria such as adequate independence of each Committee, frequency of meetings and time allocated for discussions at meetings, functioning of Board Committees and effectiveness of its advice/recommendation to the Board.
Evaluation of Directors was based on criteria such as participation and contribution in Board and Committee meetings, experience and expertise to provide feedback and guidance to top management on business strategy, governance, risk and understanding of the organisation's strategy.
The outcome of the Board Evaluation for the financial year 2022-23 was discussed by the Independent Directors at its meeting held on March 25, 2023, and by the Board at its meeting held on May 13, 2023.
INDEPENDENT DIRECTORS MEETING
A separate meeting of Independent Directors without the attendance of Executive Directors and members of management was held on March 25, 2023.
ANNUAL RETURN
Pursuant to Section 92(3) of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014, copy of the Annual Return of the Company for the financial year 2022-23 prepared in accordance with Section 92(1) of the Act is available on the website of the Company at https://affle.com/images/ pdf/2023/Annual%20Return%20FY2022-23.pdf
STATUTORY AUDITORS
M/s. S.R. Batliboi & Associates LLP, Chartered Accountants (FRN:101049W / E300004), were appointed as the Statutory Auditors of the Company in the 24th Annual General Meeting of the Company for carrying out the audit of the financial statements of the Company for a term of five years.
The notes on financial statements referred to in the Auditors' Report are self-explanatory and do not call for any further comments. The Auditors' Report does not contain any qualification, reservation or adverse remark except the following Emphasis of Matter:
“We draw your attention to note 39.2 of the consolidated financial statements and note 38.1 of the standalone financial statements, which indicate that business combination under common control has been accounted for using purchase method in accordance with previous GAAP resulting in recognition of goodwill amounting to INR 59.24 million as on March 31, 2023 as prescribed under court scheme instead of using pooling of interest method as prescribed under Ind AS 103 Business Combinations as the approved court scheme will prevail over applicable accounting standard.
Our opinion is not qualified in respect of this matter.”
SECRETARIAL AUDITORS
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed Kiran Sharma & Co., Company Secretaries as the Secretarial Auditors of the Company to undertake Secretarial Audit of the Company for the FY2022-23. The Secretarial Audit Report is annexed to this Report as Annexure III.
The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.
INTERNAL AUDITORS
Mazars Advisory LLP performs the duties of Internal Auditors of the Company, and their Report is reviewed by the Audit Committee quarterly.
DETAILS ON CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The Annual Report on CSR activities of the Company in prescribed format is annexed to this Report as Annexure IV.
BUSINESS RESPONSIBILITY AND SUSTAINIBILITY REPORT (BRSR)
SEBI, vide its circular dated May 10, 2021, made
BRSR mandatory for the top 1,000 listed companies (by market capitalization) from financial year 2022-2023. The Company has adopted the Business Responsibility and Sustainability Policy to provide enhanced disclosures on ESG practices and priorities of the Company.
The Business Responsibility and Sustainability Report in accordance with the Listing Regulations, is presented separately as part of this Annual Report.
INFORMATION RELATING TO ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, AND FOREIGN EXCHANGE EARNINGS AND OUTGO
a. Conservation of energy
The Company being in the mobile advertising technology business, is relatively less resource intensive in terms of material inputs. However, as a responsible corporate entity, the Company endeavors to reduce its energy consumption by tracking the consumption of resources critically.
b. Technology absorption and innovation
The Company innovates and enhances its technology capabilities to deliver sustainable, profitable growth to all its shareholders. During the year, the Company has worked towards building expertise in the following technology domains:
1. Data Science Developments: During the year, we continued to grow the data science team both organically and inorganically through hiring. Affle, during this year, has converted developers to data science roles and continues to organically train developers on machine learning/data science, analytics, and statistics. Inorganically, we engaged with cloud providers, external conferences, and external training to ramp up our understanding of the latest technologies to improve our margins/efficiencies.
2. Jampp: Jampp also improved its intelligence with AI/ML initiatives such as Apple's iOS 15/16 increase limited ad tracking capabilities. Jampp also had a significant reduction in the operational costs of its cloud environment.
3. Appnext: Appnext continued improving their Out-of-Box-Experience (OOBE) solution,
integrating improved folder installation, tablet support and widget support.
4. Mediasmart: Mediasmart added supported DOOH campaigns and Programmatic Guaranteed Deals, strengthened its crossdevice tracking with an in-house solution and integrations with Appsflyer and Adjust, and enhanced video content with viewability segments and measurement. Additionally, we launched a new Backoffice and Dashboards on an updated web application tech stack, further advancing our platform's capabilities.
5. DevOps Developments: Our DevOps team continually improves our infrastructure costs by working closely with the cloud providers to ensure that we optimize for the most optimum costs. Also, after our certifications the DevOps team has integrated these learnings into the governance and processes within Affle. The team also continually improves our automation and security within the system. In the year, we have implemented additional security checks and ensured systems adopt appropriate security for our internal as well as 3rd party applications deployed internally and externally.
6. Governance and Process: Apart from our using ITGC (IT General Controls) audits, during the year under review, we have:
a. Recertified by IMDA to receive accreditation of Affle's products in Singapore government projects in May 2022.
b. Obtained DPTM (Data Protection Trademark) certification in June 2022.
c. Embarked on external validation of our security and privacy from a 3rd party Privisec.
d. Undergone training with Singapore Management University on Data Privacy.
c. Foreign exchange earnings and outgo
The Foreign Exchange earned in terms of actual inflows and the Foreign Exchange in terms of actual outflows, during the FY2022-23 are as follows:
|
(in Rs.)
|
|
Earnings
|
1,262,132,219
|
|
Outgo
|
2,860,164,798
|
PARTICULARS OF EMPLOYEES
Details of the top ten employees in terms of remuneration drawn, as required under the provisions of Section 197 of the Act, read with Rules 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed to this Report as Annexure VI.
The ratio of remuneration of each Director and Key Managerial Personnel to the median of employees' remuneration, the percentage increase in remuneration, as required under the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed to this Report as Annexure VI.
There were no employees who were employed throughout the financial year or part thereof, by himself/ herself or along with his/ her spouse and dependent children, held more than two percent of the equity shares of the Company.
Further, there are no employees posted and working outside India and drawing salary in excess of the prescribed limits under the above Rules and accordingly, the statement included in this Report does not contain the particulars of employees who are posted and working outside India.
EMPLOYEE STOCK OPTION
The Company believes in motivating employees and rewarding them for their continuous hard work, dedication and support, which has led the Company on the growth path. In view of the above, pursuant to a resolution of the Board of Directors passed on August 7, 2021, and the shareholders' approval through special resolution passed on September 23, 2021, the Company instituted Affle (India) Limited Employee Stock Option Scheme-2021 (“Scheme”). Pursuant to a Trust Deed dated October 28, 2021, a Trust by the name “Affle (India) Limited Employees' Welfare after Trust (“Trust”) has been set up for implementation of the Scheme. The current trustee of the Trust is Axis Trustee Services Limited.
During the year, the Nomination & Remuneration Committee approved the grant of 25,057 stock options to eligible employees of the Company at an exercise price of Rs. 990 with the effective grant date being March 23, 2023.
The details of the employee stock options as per Rule 12 of the Companies (Share Capital and Debentures) Rules, 2014 and SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (“SBEB Regulations”) is annexed to this Report as Annexure VII and is also available on our website https://affle.com/images/pdf/2023/ Esop%20Disclosure%20(2022-23).pdf.
A certificate from the Secretarial Auditor of the Company that the Scheme is implemented in accordance with the SBEB Regulations shall be obtained and the same would be available at the Annual General Meeting for inspection by shareholders.
SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES
As on March 31, 2023, the Company has the following subsidiary and step-down subsidiaries:
• Affle International Pte. Ltd., Singapore (Wholly owned Subsidiary with effect from April 01, 2018)
• PT. Affle Indonesia, Indonesia (Step-down Subsidiary with effect from July 01, 2018)
• Affle MEA FZ-LLC, Dubai (Step-down Subsidiary with effect from April 01, 2019)
• Mediasmart Mobile S.L, Spain (Step-down Subsidiary with effect from January 22, 2020)
• Appnext Pte. Ltd., Singapore (Step-down Subsidiary with effect from June 8, 2020)
• Appnext Technologies Limited, Israel (Step-down Subsidiary with effect from July 19, 2020)
• Jampp (Ireland) Ltd., Ireland (Step-down Subsidiary with effect from July 1, 2021)
• Atommica LLC, USA (Step-down Subsidiary with effect from July 1, 2021)
• Jampp EMEA GmbH, Germany (Step-down Subsidiary with effect from July 1, 2021)
• Jampp APAC Pte. Ltd., Singapore (Step-down Subsidiary with effect from July 1, 2021)
• Jampp HQ S.A., Argentina (earlier known as Devego S.A.) (Step-down Subsidiary with effect from July 1, 2021)
• Jampp Inc., USA (Step-down Subsidiary with effect from July 1, 2021)
• Jampp Ltd., UK (Step-down Subsidiary with effect from July 1, 2021)
• Jampp Veiculacao de Publicidade Limitada (Step-down Subsidiary with effect from July 1, 2021)
Talent Unlimited Online Services Private Limited was held for sale effective May 14, 2022 and hence ceased to be an Associate Company.
The Company does not have any Joint Venture as on March 31, 2023.
DISCLOSURE, AS TO WHETHER MAINTENANCE OF COST RECORDS AS SPECIFIED BY THE CENTRAL GOVERNMENT UNDER SUB-SECTION (1) OF SECTION 148 OF THE COMPANIES ACT, 2013, IS REQUIRED BY THE COMPANY AND ACCORDINGLY SUCH ACCOUNTS AND RECORDS ARE MADE AND MAINTAINED
The provisions of maintenance of cost records as specified by the Central Government under sub-section (1) of Section 148 of the Act are not applicable to the Company.
DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 DURING THE YEAR ALONGWITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR
During the financial year 2022-23, there was no application made and proceeding initiated/ pending under Insolvency and Bankruptcy Code, 2016 by the financial and/or operational Creditors against the Company.
As on the date of this report, there is no application or proceeding pending against the Company under Insolvency and Bankruptcy Code, 2016.
DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE
REASONS THEREOF
The Company has not entered into any one-time settlement with its creditors and has not taken any loan from any Banks or Financial Institutions during the financial year 2022-23.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS, COURTS AND TRIBUNALS
No significant and material order has been passed by the regulators, courts, tribunals impacting the going concern status and Company's operations in future.
DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(5) of the Companies Act, 2013, the Board hereby submit its responsibility Statement:
a. in the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.
b. the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2023 and of the profit of the Company for that year.
c. the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.
d. the Directors have prepared the annual accounts on a going concern basis.
e. the Directors have laid down internal financial controls to be followed by the Company and that such financial controls are adequate and were operating effectively.
f. the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
ACKNOWLEDGEMENTS
The Directors place on record their sincere thanks to the customers, employees, bankers, business associates, consultants, various Government Authorities and other stakeholders for their continued support extended to the Company during the year under review. Your Directors also acknowledge gratefully the shareholders for their support and confidence reposed on your Company.
For and on behalf of the Board of Directors
Affle (India) Limited
Anuj Khanna Sohum Vipul Kedia
Managing Director Director
& Chief Executive Officer DIN: 08234884
DIN:01363666
Date: May 13, 2023 Date: May 13, 2023
Place: Singapore Place: Gurugram
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