MapmyIndia soars 11% on heavy volumes; stock zooms over 100% in 6 months

The company has laid down a five-year plan wherein it aims to cross the revenue milestone of Rs 1,000 crore by FY28 reporting a CAGR of 35-40 per cent.

Shares of CE Info Systems (popularly known for its brand MapmyIndia) hit a record high of Rs 2,107, on surging 11 per cent on the BSE in Thursday’s intra-day trade backed by a 5-fold jump in its average trading volumes. The stock of software products company was trading higher for the fourth straight day and rallied 25 per cent during the period.

At 10:54 AM; MapmyIndia was trading 8 per cent higher at Rs 2,055, as compared to 0.08 per cent decline in the S&P BSE Sensex. A combined 1.1 million equity shares representing nearly 2 per cent of total equity of the company had changed hands on the NSE and BSE.

In past six months, the stock price of the MapmyIndia has more-than-doubled or zoomed 112 per cent. In comparison, the S&P BSE Sensex was up 14.6 per cent during the period.

CE Info Systems is India’s leading advanced digital maps and deep-tech company, popularly known in India as MapmyIndia and globally as Mappls.

The management said the future outlook for the company looks bright, with healthy growth in the open order book up 31 per cent from Rs 699 crore at end of FY22 to Rs 918 crore at end of FY23, giving us optimism for the revenue growth of the company in time to come. Additionally, the number of use cases and usage adoption for the company’s products and solutions continue to grow across market segments and customer verticals.

The company have laid down a five-year plan wherein it aims to cross the revenue milestone of Rs 1,000 crore by FY28 reporting a CAGR of 35-40 per cent. The management plans to achieve this on the back of the industry potential that lies in front of the company.

Meanwhile, in June quarter (Q1FY24), MapmyIndia achieved all-time high in terms of revenue, EBITDA and PAT. 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 future growth, the management said.

The company believes A&M (Automotive & Mobility Tech) segment will continue to grow ahead of the industry on the back of strong order book and up-sell and cross-sell opportunities. C&E (Consumer Tech & Enterprise Digital Transformation) segment is expected to grow faster than A&M given the rise in new age companies, increased need for digital transformation and the company’s ability to provide customized services and cater to multiple use cases.

The company’s maps and technologies went attached in 1.9 million vehicles in FY23 and the management plans to increase this by 3x by FY28. The company sold 0.25 million IoT devices as of FY23 and plans to increase this by 10x by FY2028. Furthermore, the management plans to increase our IoT business by 12x in 4-5 years.