Internet software & services company C.E. Info Systems announced Q1FY24 results: Revenue grows 37.5% YoY to Rs 89.4 crore EBITDA grows 25.2% YoY to Rs 37.4 crore EBITDA margin at 41.9% PAT grows 32.2% YoY to Rs 32 crore PAT margin at 32.7% Commenting on the Q1FY24 results, Rakesh Verma, Chairman & Managing Director, MapmyIndia, said, “We are delighted with our Q1FY24 results wherein MapmyIndia achieved all-time highs in Revenue, EBITDA, and PAT. Revenue grew 37.5% in Q1FY24 to Rs 89.4 crore. EBITDA grew 25.2% to Rs 37.4 crore, with an overall EBITDA margin of 41.9%. Map-led business EBITDA margin was strong at 54.1%. IoT-led business EBITDA margin continued to expand quarterly and was at 6.3% in Q1FY24 versus 4.0% in Q4FY23, as SaaS income from IoT grew. Q1FY24 PAT also reached an all-time high of Rs 31.8 crore, growing 31.4% YoY. During Q1FY24, we outlined a 5-year vision of a growth roadmap for the company, and are putting in place the requisite foundations that will drive the long-term success of the company. We are also delighted with the surge in interest and usage of our consumer-facing Mappls MapmyIndia app amongst users, which resulted in the Mappls app becoming the top app in the app store recently. This bodes well for the B2C future of the company, in addition to the B2B and B2B2C where we have been traditionally strong.” Rohan Verma, CEO & Executive Director, MapmyIndia, said, “Our strong Q1 YoY revenue growth was broad-based with A&M; (Automotive & Mobility Tech) up 24% and C&E; (Consumer Tech & Enterprise Digital Transformation) up 51% on the market side. On the products side, Map & Data was up 41% and Platform & IoT was up 35%. We’re happy with the large number of customer go-lives that occurred during Q1FY24 including many consumer technology companies and startups, corporates across industry sectors, automotive OEMs including EVs and 2-Wheelers, and government and logistics/mobility fleets. This bodes well for our future growth. Our B2B and B2B2C product offerings across maps, APIs, IoT, drones, N-CASE automotive suite, enterprise digital transformation, and geospatial platforms continue to expand in capabilities and extend their market leadership. Our consumer-facing Mappls App, with unique features such as 3D Junction Views, end-to-end trip costs including toll and fuel, and useful safety alerts such as speed limits, speed breakers, sharp curves, etc – are getting rave reviews. Similarly, our B2C-focused Mappls Gadgets which enable safety, convenience, and entertainment on the go for vehicle owners, drivers, and passengers are gaining traction too. These are initial steps in our efforts to expand our B2C business going forward.” Result PDF
Conference Call with C.E. Info Systems Management and Analysts on Q4FY23 Performance and Outlook. Listen to the full earnings transcript.
Internet Software & Services company C.E. Info Systems announced FY23 results: Revenue up 41% to Rs 282 crore YoY PAT up 24% to Rs 108 crore YoY EBITDA margins at 42% Board approves declaration of dividend of Rs 3 (150%) per equity share Open order book up 31% to Rs 918 crore from Rs 699 crore, based on annual new order bookings of Rs 512 crore Automotive & mobility tech revenue up 34% to Rs 152 crore and consumer tech & enterprise digital transformation revenue up 48% to Rs 130 crore Rakesh Verma, Chairman & Managing Director, MapmyIndia, commenting on the Full Year and Fourth Quarter of FY23 results, said, "MapmyIndia continues its stellar performance year after year, and for FY23, recorded a revenue from operations of Rs 282 crore (up 41%), a PAT of Rs 108 crore (up 24%), and an EBITDA margin of 41.9%. MapmyIndia has maintained a healthy EBITDA margin in its Map-led business of 52.6% while investing in the IoT-led business, which is already demonstrating good results. Revenue from the IoT-led business grew 140% YoY, with the EBITDA margins growing from 1% in the 9 months of the financial year to ~4% in Q4FY23, as SaaS income increased. The IoT-led business is exciting because, while we sold 1.9+ lakh IoT devices in FY23, 3x what we did in FY22, the potentially addressable market is of 20 crore vehicles. Finally, once again we declared a dividend this year, to demonstrate our gratitude & commitment to shareholders for continuing a long-term journey with MapmyIndia." Rohan Verma, CEO & Executive Director, MapmyIndia, said, "Our overall revenue growth of 41% to Rs 282 crore during FY2023 was broad-based with Consumer Tech & Enterprise Digital Transformation revenue up 48% YoY to Rs 130 crore, and Automotive & Mobility Tech revenue up 34% to Rs 152 crore on the markets side. On the products side, Our Map & Data revenue grew 34% to Rs 112 crore and Platform & IoT revenue grew 45% to Rs 170 crore. 1.9+ million new vehicles (4-wheelers, 2-wheelers and CVs, across ICE and EV segments), went built-in with MapmyIndia Mappls, up from 1.3 million during FY22, showing faster than industry growth uptake of our Auto N-CASE suite of map and technology solutions amongst automotive OEMs, including new-age EV companies. We acquired 250+ new B2B and B2B2C customers – including many businesses and enterprises across industry verticals, new-age consumer-tech companies and key government organizations - raising our base to 850+ customers for our MaaS, SaaS and PaaS offerings, giving us a great platform to up-sell and cross-sell our wide variety of offerings and use-cases to existing and new customers. Last, but not the least, our Open Order Book grew 31% to Rs 918 crore by the end of FY23 from Rs 699 crore at the beginning of the year, based on Annual New Order Bookings of Rs 512 crore, which bodes well for the future of MapmyIndia's B2B and B2B2C business. Looking into the upcoming year, we intend to incubate potentially large, yet unlocked, opportunities for our company, including in the consumer app and gadgets space, based on the rave reviews our consumer-facing Mappls App and Mappls Gadgets are receiving, and in the fast-growing drone space, where we have been preparing strong full-stack drone capabilities, through organic and inorganic means, to address the fast-growing market for drone solutions. We of course continue to relentlessly innovate, and will continue to invest in enhancing our existing products and offerings, and also in expanding the visibility and reach of the Mappls MapmyIndia brand & offerings.” Result PDF
Conference Call with C.E. Info Systems (MapMyIndia) Management and Analysts on Q2FY23 Performance and Outlook. Listen to the full earnings transcript.