 "CE Info Systems shares rise 6% on strong Q4 performance")
Shares of CE Info Systems jumped as much as 6.21 per cent to hit an intraday high of Rs 2,036.30 per share on Tuesday.
The uptick in stock price came after the company announced its quarter-ending March of financial year 2024 (Q4FY24) results on May 13.
The software products company’s net profit zoomed 36 per cent on a year-on-year (Y-o-Y) basis to Rs 38 crore in the March quarter of FY24, from Rs 28 crore in the March quarter of FY23.
The company’s top line grew 48 per cent year-on-year to Rs 107 crore in Q4FY24, from Rs 72.5 crore in the same quarter last year.
On the operating level, CE Info Systems’ earnings before interest, taxes, depreciation and amortisation (Ebitda) rose over 57 per cent to Rs 39.5 crore in the March quarter of financial year 2024, from Rs 25 crore in the same quarter previous fiscal.
The company’s margin, meanwhile, expanded 1,200 basis points (bps) to 37 per cent in the fourth quarter of financial year 2024, from 25 per cent in fourth quarter of financial year 2023.
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CE Info Systems board approved a final dividend of Rs 3.50 per share of Rs 2 each for FY24, subject to the approval of shareholders in the forthcoming Annual General Meeting of the Company.
The company’s open order book jumped 49 per cent on a Y-o-Y basis to Rs 1,372 crore in FY24. During the same period, annual new order bookings rose 63 per cent to Rs 834 crore.
“Our Map-led business Ebitda margins remain healthy at 54 per cent. And our internet of things (IoT)-led business Ebitda margins have expanded from 1.7 per cent in FY23 to 11.6 per cent in FY24, as product mix, scale and software-as-a-service (SaaS) income increased. Revenue from the IoT led business grew 91 per cent Y-o-Y to cross an important revenue milestone of Rs 112 crore, with Ebitda growing 13x from Rs 1 crore in FY23 to Rs 13 crore in FY24. The business has now been fully integrated and with growing scale further operational leverage will begin to kick in,” said Rakesh Verma, chairman & managing director of MapmyIndia.
“The year gone by continued to show growth of our core B2B and B2B2C business across existing market segments of automotive, corporate, government and mobility. We have been investing in building our capabilities and solutions to expand internationally as well as in the drone segment. It is heartening to see our consumer business take shape with more than 20 million users having downloaded the Mappls app,” Verma added.
The market valuation of CE Info Systems is Rs 10,874.42 crore, according to Bombay Stock Exchange (BSE).
The 52-week high of the stock is Rs 2,340 while its 52-week low is Rs 1,050 apiece.
At 12:50 PM, shares of CE Info Systems were trading 4.50 per cent higher at Rs 2,003.50 per share. By comparison, S&P BSE Sensex was trading 0.35 per cent higher at 73,032.78 levels.