Organic revenues fell 4.4% YoY in Q1FY21 mainly led by ~10% YoY dip in organic cost per converted user (CPCU) revenues. CPCU revenues fell due to severe impact in April, May. However, Affle is seeing significant improvement in CPCU revenue in June quarter that has gone to average of | 1 crore/day. If we extrapolate this, it will lead to | 90 crore of organic CPCU revenues in Q2FY21E leading to organic growth of ~47% QoQ. Considering this organic revenue trajectory, acquisition of Appnext & Mediasmart will...