- 29 Jan 2025
- ICICIdirect Research
C E INFOSYSTEMS IN Q3FY25 REPORTED A REVENUE OF RS 114 CRORE
News: C E Infosystems (MapmyIndia) in Q3FY25 reported a revenue of ₹114.5 crore, up 10.4% QoQ/ 24.5% YoY. Its map led business grew by 33% YoY and its IoT led business grew by 4% YoY impacted due to delays in some anticipated business. The company reported an EBITDA of 41.7 crore, up 15.7% YoY with an EBITDA margin of 36.4%, up ~30 bps QoQ/ down ~260 bps YoY - impacted by increased technical service outsourcing, including field surveys and related services, driven by project-specific revenue, particularly from government contracts, which saw a significant rise this quarter. Moreover, B2C-related expenses for the Mappls App remained steady at ₹5 crore in Q3FY25, consistent with Q2FY25, as the company continues to prioritize the app as a key strategic asset, with plans to rationalize these costs in the coming quarters. The company reported a PAT of ₹32.3 crore, up 4% YoY.
View: The quarter saw continued growth momentum, with a healthy uptick in Map-led. Revenue from Consumer Tech & Enterprise Digital Transformation (C&E) surged 39% to ₹65 crore, while Automotive & Mobility Tech (A&M) revenue grew steadily by 9% to ₹49 crore. The quarter also marked operationalization of the joint venture with Hyundai Autoever in Indonesia, strengthening the company’s global presence. Additionally, it secured a major deal with a leading global social media network in India, along with significant wins in quick commerce and BFSI, boosting its C&E business. The management reiterated its commitment to the Mappls App and brand as integral to its long-term strategy and remains focused on achieving its aspirational revenue target of ₹1,000 crore by FY27/28, implying a CAGR of 35-40%. The margin trajectory to be key ahead.
Impact: Neutral