 "MapmyIndia freezes at 20%, hits record high on heavy volumes")
Shares of C.E. Info Systems (MapmyIndia) were locked in the 20-per cent upper circuit at Rs 2,401.90, hitting a record high on the BSE on Thursday, amid heavy volumes. The stock of the software products company surpassed its previous high of Rs 2,340, touched on November 17, 2023.
Average trading volumes on the counter jumped multi-fold with a combined 3.64 million shares, representing 6.72 per cent of total equity of MapmyIndia, changing hands on the NSE and BSE.
C.E. Info Systems is India's leading deep-tech digital map data, geospatial software and location-based IoT products, platforms, solutions, and APIs company, offering proprietary digital maps as a service (MaaS), software as a service (SaaS), and platform as a service (PaaS).
The company provides its digital maps, software products, platforms, application programming interfaces (APIs), IoT, and solutions to new-age tech companies, businesses across industry verticals, automotive OEMs, government organisations, developers and consumers, under the 'Mappls MapmyIndia' brand.
For the financial year 2023-24 (FY24), MapmyIndia reported 25 per cent year-on-year (Y-o-Y) growth in its consolidated profit after tax at Rs 134.40 crore. Revenue from operations grew 35 per cent Y-o-Y at Rs 379.4 crore. However, the reported earnings before interest, taxes, depreciation and amortisation (Ebitda) margin declined to 41 per cent from 42 per cent in FY23.
The company’s open order book grew 49 per cent to Rs 1,372 crore at end of FY24. Annual new order bookings grew 63 per cent to Rs 834 crore in FY24.
The year gone by continued to show growth of the company’s core B2B and B2B2C business across existing market segments of automotive, corporate, government and mobility.
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The management said the order book achievements give them further confidence that the company is on track to its stated milestone of crossing Rs 1,000 crore revenues by FY27/FY28.
“We continued to acquire 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 880+ 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. Customer diversification, de-concentration and retention continued to trend healthily,” the management said while announcing FY24 results on May 13.
With the Government's 'Aatmanirbhar' policy continuing to provide tailwinds for Indian companies through adoption of world class indigenous technology, MapmyIndia is in a prime position to capitalize on such deals to aid the government in programmes such as infrastructure development, citizen services and defence applications, among others.