C E Info Systems slips after muted Q2 results

C E Info Systems fell 2.89% to Rs 1316.45 after the company's consolidated net profit rose 0.08% to Rs 25.41 crore on 34.63% increase in net sales to Rs 76.31 crore in Q2 September 2022 over Q2 September 2021.

On a consolidated basis, C E Info Systems (MapMyIndia)'s profit from ordinary activities before tax fell 4.3% year-on-year to Rs 35.50 crore in Q2 FY23. During the quarter, EBITDA stood at Rs 31 crore while EBITDA margin was at 40%. Total expense rose 47.1% YoY to Rs 47.79 crore in Q2 FY23.

Commenting on the Q2 and H1 FY23 results, Rakesh Verma, chairman & managing director, MapMylndia, said: "In Q2 FY23, MapMylndia delivered another strong performance, with quarterly revenue up 35% year-on-year to an all-time high of Rs 76 Cr, and H1 FY23 EBITDA up 32% YoY to Rs 61 Cr, and EBITDA margin at 43%. H1 FY23 PAT grew 8% YoY to 50 Cr with PAT margin at 32%. We commenced 3 sets of investments in Q2 FY23 that will help accelerate the company's growth in revenues and earnings in the future. First, in growing the scale of our recently acquired loT-led business, Gtropy, which is focused on a very large multi-billion-dollar addressable market of 20+ crore existing vehicles on-road in India, which can benefit from Gtropy and MapMylndia's combined loT-led goods logistics & people mobility SaaS. Second, in marketing activities to build awareness of the MapMylndia and Mappls brands and product portfolio, which will reap rewards in terms of new customer acquisition and new use case adoption. And third, in cutting-edge product and platform development which will further expand use cases, addressable markets, growth engines and moats for MapMylndia Mappls. We make these investments responsibly, with an eye towards the future, balancing both short- and long-term goals for growth and earnings. Finally, we're excited about our inorganic, strategic investment into Kogo, a gamified social travel commerce platform, which opens a new market and use-case for us."

Rohan verma, CEO & executive director, MapMylndia, said "Q2 FY23 was an exciting quarter for us, with lots of action on all fronts and we've ended H1 FY23 on a strong note. Revenue growth for H1 FY23 vs H1 FY22 continues to be broad- based with A&M (Automotive & Mobility Tech) up 55% and C&E (Consumer Tech & Enterprise Digital Transformation) up 29% on the market side. On the products side, Map & Data was up 32% and Platform & loT was up 49%. Our newly acquired Gtropy business grew fast in Q2 FY23, doubling revenue vs Q1 FY23. As scale and subsequent-year high margin SaaS income of Gtropy and our loT-led business kicks in, Gtropy will enhance its contribution to consolidated profitability of the group. We've calibrated marketing expenses to increase awareness of our brand and range of MaaS, PaaS, SaaS, Drone and IoT solutions to drive further adoption by more customers, across more verticals, and for more use cases. Our swadeshi Mappls app and platform is making further in-roads, with strong government partnerships, during an interesting inflection point in India's Aatmanirbhar journey. We continue to invest in building out our recently released RealView 360-degree and Metaverse 3D maps products, as well as our range of developer APIs, N-CASE suite, Digital Transformation Platform, and our consumer-facing Mappls app. Integrating Kogo's gamified social travel commerce platform with our maps and navigation, gives a unique edge and advantage to our N-CASE suite offerings to Automotive OEMs, and allows us to reach out to consumers, businesses, government, and developers with altogether new and enhanced offerings. We are optimistic and excited about the future for our company."

C E Info Systems is India's leading advanced digital maps and deep-tech company, popularly known in India as MapMylndia and globally as Mappls. The company offers proprietary digital maps as a service ("MaaS"), software as a service ("SaaS") and platform as a service ("PaaS"), including its advanced digital map data, software products, platforms, application programming interfaces ("APIs), loT and solutions to new-age tech companies, large businesses, automotive OEMs, government organisations, developers and consumers.

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