Interview with V. Srinivasan, Executive Chairman, eMudhra Limited

31 May, 2023

3 min read


Interview with V. Srinivasan
While the general market landscape continues to be soft, we continue to see growth opportunities for our products globally, believes V. Srinivasan, Executive Chairman, eMudhra Limited

In Q4FY23, the total income of the company surged by 23 per cent on YoY basis while the net profit of the company zoomed 46 per cent from the corresponding quarter last year. What were the contributing factors to your outperformance?

For Q4FY23, the total income increased 73% on a y-o-y basis and net profit increased 46% on a y-o-y basis.

This was largely due to the fact that our Enterprise Solutions saw healthy growth in India and the international markets as well, which was driven by the adoption of both our eSignature workflow platform for “Paperless Office” and our Cybersecurity suite of offerings including emCA and emAS. Over the past year, our solutions have been deployed across a range of mission critical use cases from paperless transformation of various industries such as BFSI, Pharma, Manufacturing, eGovernment, etc. to enhancing cyber security for use cases in Government and Defence, Card Payments, ePassport implementation, and for securing Connected Vehicles, Smart Grids and Blockchains.

On Trust Services, we enjoy a strong brand in India resulting in healthy growth and stickiness for our retail and direct to consumer sale of digital signature certificates. During Q4 FY23, to address the pricing pressure from master partners, we also broad based our sale of digital signature certificates to a much larger set of sub partners, thereby broad basing our revenue and also improving its quality. 

Can you provide more details about your growth strategy for the next few years?  

eMudhra’s business revolves around providing solutions for paperless transformation and cyber security, both of which are the need of the hour today. Many enterprises globally are moving paperless using digital signatures to save costs and improve customers’ experiences. Also, as a result of extensive digital adoption, cyber security has become a critical focal point for enterprises given the threat of data breaches, etc. Our one-stop-shop positioning around both these segments augmented by our push to expand into international markets has aided our growth in the past few years. 

We continue to expand our range and reach and verticalize our products to cater to industry-specific offerings, for the large global addressable market. We are confident that our one-stop positioning, strong focus on IP, leadership team experience and marquee reference customers will help us capture opportunities in the future.

What are the key challenges that you are facing in the current market? How are you planning to address these challenges?

We are in a niche segment with a focus on paperless transformation which brings cost savings to enterprises and cyber security, which is becoming quite critical in the context of various cyber threats. Therefore, while the general market landscape continues to be soft, we continue to see growth opportunities for our products globally.

What is your outlook for Trust Services for the next few quarters?  

In terms of Trust Services, our focus is to drive penetration more into direct retail and eSign which are seeing good traction, and these will continue to grow in line with historical trends. Our SSL business is also shaping up well and we are winning many deals in India and abroad. On the SSL side, we continue to build technology and support capability to serve Enterprise SSL needs with the overall positioning of being a strong player in the Certificate Lifecycle Management space. 

What are the top 3 strategic priorities?

Our top three priorities include expanding our range, reach and verticalization:

Range – Expand the breadth of offerings within our space to cater to various new and emerging areas such as IoT.

Reach – Expand into various markets globally with a combination of direct market and partner-led growth. We are already going into markets in the Middle East, Africa, and Asia Pacific and focus on expansion in the US.

Verticalization – We continue to focus on differentiating ourselves by building industry-specific offerings. E.g., we already have a banking version of our eSignature workflow product which has penetrated very well. Similarly, we continue to work on various platform partnerships with leading ERP, CRM and HRMS systems.

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