MapMyIndia shares rise 7% on Q1 earnings, positive management commentary

Shares of C.E. Info Systems, the owner of MapMyIndia, gained over 7% today on positive management commentary post Q1 earnings. MapMyIndia stock rose 7.32% to Rs 2,390 against the previous close of Rs 2,226.90 on BSE. Market cap of the software products firm climbed to Rs 12,506 crore. Total 0.47 lakh shares of the firm changed hands amounting to a high turnover of Rs 11.02 crore.

The stock rose to a 52 week high of Rs 2745.4 on June 21, 2024 and hit a 52 week low of Rs 1584.95 on August 11, 2023.

The management said they were confident of crossing the Rs 1,000 crore revenue milestone by FY 27-28. They are not worried about discounts offered by competition, it said.

Net profit climbed 12.1% to Rs 35.9 crore in the last quarter against Rs 32 crore in the Q1 of previous fiscal. Revenue rose 13.5% to Rs 101.5 crore in Q1 against Rs 89.4 crore in the June 2023 quarter. However, revenue slipped 5.1%  from Rs 106.9 crore in the March 2024 quarter.

EBITDA rose 14.3%  to Rs 42.8 crore in Q1 against Rs 37.4 crore in the corresponding quarter of the previous fiscal.

EBITDA margins in Q1 stood at 42.1% against 41.9%  margin in the Q1 of previous fiscal.

“Growth focus and outlook for all areas remain strong and FY27/FY28 milestone achievement is on track. EBITDA and PAT Margins were healthy at 42.1% and 32.1% respectively in Q1FY25. Cash & cash equivalents remained steady at Rs 552.4 crore,” said the firm.

Rakesh Verma, chairman and managing director of MapMyIndia said, "Our Map-led business demonstrated strong growth of 17.2% and EBITDA margins of 50.1%. Our IoT-led business, as per our focus, showed tremendous growth of 89.6% in its High Margin SaaS revenue. During Q1FY25, we also expanded the capabilities and addressable market for MapmyIndia to cover AI-Driven Data Analytics & Consulting needs of customers across industry verticals, and this will be beneficial to MapmyIndia in the time to come. The levers for growth and profitability are in place, and we are on track towards our milestone of crossing Rs 1000 cr revenue by FY27/FY28.”

C.E. Info Systems provides digital map data, GPS navigation and location-based services, software and customising its products to customers (combined) through royalty, annuity, subscription.