On consolidated basis
Quarter ended March 2023 compared
with Quarter ended December 2022.
Net
sales (including other operating income) of C.E. Info Systems has increased
7.11% to Rs 72.47 crore.
Operating profit margin has declined
from 41.19% to 40.02%, leading to 4.05% rise in operating profit to Rs 29.00
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 17.91% to 21.62%. Employee cost
decreased from 24.95% to 22.44%. Other expenses fell from 15.95% to
15.92%. Selling and administration expenses fell from 6.00% to
2.84%.
Other
income fell 1.41% to Rs 10.46 crore. PBIDT rose 2.55% to Rs 39.46
crore. Provision for interest rose 19.44% to Rs 0.86 crore. Loan
funds remained nil.
PBDT rose 2.22% to Rs 38.6
crore. Provision for depreciation rose 111.86% to Rs 4.11
crore.
Profit before tax down 3.71% to Rs
34.49 crore. Share of profit/loss was 25% lower at Rs -0.15
crore. Provision for tax was expense of Rs 6.03 crore, compared to
Rs 6.04 crore. Effective tax rate was 17.56% compared to 16.92%.
Minority interest increased 1,350%
to Rs 0.29 crore. Net profit attributable to owners of the company
decreased 5.47% to Rs 28.02 crore.
Promoters’
stake was 53.31% as of 31 March 2023 ,compared to 53.31% as of 31 December 2022
.
Quarter ended March 2023 compared
with Quarter ended March 2022.
Net sales (including other operating
income) of C.E. Info Systems has increased 27.05% to Rs 72.47 crore.
Operating profit margin has declined
from 43.57% to 40.02%, leading to 16.70% rise in operating profit to Rs 29.00
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 11.55% to 21.62%. Employee cost
increased from 17.53% to 22.44%. Other expenses fell from 27.35% to
15.92%. Selling and administration expenses fell from 10.43% to
2.84%.
Other
income fell 10.14% to Rs 10.46 crore. PBIDT rose 8.14% to Rs 39.46
crore. Provision for interest rose 48.28% to Rs 0.86
crore. Loan funds rose to Rs 29.39 crore as of 31 March 2023 from Rs
19.09 crore as of 31 March 2022. Inventories rose to Rs 12.21 crore
as of 31 March 2023 from Rs 7.97 crore as of 31 March 2022. Sundry
debtors were higher at Rs 58.27 crore as of 31 March 2023 compared to Rs 43.52
crore as of 31 March 2022. Cash and bank balance rose to Rs 103.77
crore as of 31 March 2023 from Rs 60.09 crore as of 31 March
2022. Investments rose to Rs 362.44 crore as of 31 March 2023 from
Rs 296.46 crore as of 31 March 2022 .
PBDT
rose 7.49% to Rs 38.6 crore. Provision for depreciation rose 70.54%
to Rs 4.11 crore. Fixed assets increased to Rs 51.71 crore as of 31
March 2023 from Rs 39.19 crore as of 31 March 2022. Intangible
assets increased from Rs 4.22 crore to Rs 4.34 crore.
Profit
before tax grew 2.96% to Rs 34.49 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 6.03
crore, compared to Rs 10.92 crore. Effective tax rate was 17.56%
compared to 32.60%.
Minority interest increased 625% to
Rs 0.29 crore. Net profit attributable to owners of the company
increased 24.31% to Rs 28.02 crore.
Equity
capital increased from Rs 10.65 crore as of 31 March 2022 to Rs 10.73 crore as
of 31 March 2023. Per share face Value remained same at Rs
2.00.
Promoters’
stake was 53.31% as of 31 March 2023 ,compared to 53.73% as of 31 March 2022
.
Full year results analysis.
Net sales (including other operating
income) of C.E. Info Systems has increased 40.42% to Rs 281.46 crore.
Operating profit margin has declined
from 43.01% to 41.89%, leading to 36.79% rise in operating profit to Rs 117.91
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 9.28% to 17.11%. Employee cost
decreased from 28.70% to 23.52%. Other expenses fell from 19.01% to
17.48%. Selling and administration expenses fell from 7.26% to
5.78%.
Other
income fell 17.40% to Rs 34.32 crore. PBIDT rose 19.16% to Rs 152.23
crore. Provision for interest rose 29.17% to Rs 2.79
crore. Loan funds rose to Rs 29.39 crore as of 31 March 2023 from Rs
19.09 crore as of 31 March 2022. Inventories rose to Rs 12.21 crore
as of 31 March 2023 from Rs 7.97 crore as of 31 March 2022. Sundry
debtors were higher at Rs 58.27 crore as of 31 March 2023 compared to Rs 43.52
crore as of 31 March 2022. Cash and bank balance rose to Rs 103.77
crore as of 31 March 2023 from Rs 60.09 crore as of 31 March
2022. Investments rose to Rs 362.44 crore as of 31 March 2023 from
Rs 296.46 crore as of 31 March 2022 .
PBDT
rose 18.99% to Rs 149.44 crore. Provision for depreciation rose
19.85% to Rs 9.9 crore. Fixed assets increased to Rs 51.71 crore as
of 31 March 2023 from Rs 39.19 crore as of 31 March 2022. Intangible
assets increased from Rs 4.22 crore to Rs 4.34 crore.
Profit
before tax grew 18.93% to Rs 139.54 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 31.73
crore, compared to Rs 30.26 crore. Effective tax rate was 22.78%
compared to 25.79%.
Minority
interest increased 600% to Rs 0.28 crore. Net profit attributable to
owners of the company increased 23.23% to Rs 107.25 crore.
Equity
capital increased from Rs 10.65 crore as of 31 March 2022 to Rs 10.73 crore as
of 31 March 2023. Per share face Value remained same at Rs
2.00.
Promoters’
stake was 53.31% as of 31 March 2023 ,compared to 53.73% as of 31 March 2022
.
Cash
flow from operating activities increased to Rs 89.88 crore for year ended March
2023 from Rs 28.76 crore for year ended March 2022. Cash flow used
in acquiring fixed assets during the year ended March 2023 stood at Rs 15.36
crore, compared to Rs 3.99 crore during the year ended March 2022.
Operational
highlights:
Open
Order Book grew 31% to Rs 918 Cr by the end of FY23 from Rs 699 Cr at the
beginning
of the year.
New Vehicles
embedded with MapmyIndia’s Auto NCASE solution stood at 1.9
million in FY2023.
IoT devices
sold for financial year stood at 1.9+ lakh in FY2023.
Dividend:
The
Board has approved for the declaration of final dividend of Rs 3 per equity
share bearing face value of Rs 2/-each.
Management Commentary:
Commenting on the performance Rakesh Verma, Chairman & Managing
Director, MapmyIndia, commenting on the Full Year
and Fourth Quarter of FY23 results, said "MapmyIndia
continues its stellar performance year after year, and for FY2023,
recorded a revenue from operations of Rs 282 Cr (up 41%), a PAT of Rs
108 Cr (up 24%), and an EBITDA margin of 41.9%. MapmyIndia has maintained a
healthy EBITDA margin in its Map-led business of 52.6%, while investing
in the IoT-led business, which is already demonstrating good results.
Revenue from the IoT led business grew 140% YoY, with the EBITDA margins
growing from 1% in the 9 months of the financial year, to ~4% in Q4 FY23,
as SaaS income increased. The IoT-led business is exciting because, while we
sold 1.9+ lakh IoT devices in FY23, 3x what we did in in FY22, the
potentially addressable market is of 20 crore vehicles, showing the
large headroom there is potentially to be tapped for MapmyIndia`s IoT- led
hardware and SaaS business. Finally, once again we declared a dividend this
year, to demonstrate our gratitude & commitment to shareholders for
continuing a long-term journey with MapmyIndia".
Rohan
Verma, CEO & Executive Director, MapmyIndia, said, "Our overall revenue growth
of
41% to Rs 282 Cr during FY2023
was broad-based with Consumer Tech & Enterprise Digital
Transformation revenue up 48%
YoY to Rs 130 Cr, and Automotive & Mobility Tech revenue
up 34% to Rs 152 Cr on the
markets side. On the products side, Our Map & Data revenue
grew 34% to Rs 112 Cr and
Platform & IoT revenue grew 45% to Rs 170 Cr. 1.9+ million new
vehicles (4-wheelers, 2-wheelers
and CVs, across ICE and EV segments), went built-in with
MapmyIndia Mappls, up from 1.3
million during FY22, showing faster than industry growth
uptake of our Auto N-CASE suite
of map and technology solutions amongst automotive
OEMs, including new-age EV
companies. We acquired 250+ 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 850+ 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. Last, but not the least, our
Open Order Book grew 31% to Rs
918 Cr by the end of FY23 from Rs 699 Cr at the beginning
of the year, based on Annual New
Order Bookings of Rs 512 Cr, which bodes well for the
future of MapmyIndia`s B2B and
B2B2C business.
Looking
into the upcoming year, we intend to incubate potentially large, yet unlocked,
opportunities for our company,
including in the consumer app and gadgets space, based on
the rave reviews our consumer
facing Mappls App and Mappls Gadgets are receiving, and in
the fast-growing drone space,
where we have been preparing strong full-stack drone
capabilities, through organic
and inorganic means, to address the fast-growing market for
drone solutions. We of course
continue to relentlessly innovate, and will continue to invest in
enhancing our existing products
and offerings, and also in expanding the visibility and reach
of the Mappls MapmyIndia brand
& offerings.”
| C.E. Info Systems : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 72.47 | 57.04 | 27.05 | 281.46 | 200.44 | 40.42 | | OPM (%) | 40.02 | 43.57 | -355 bps | 41.89 | 43.01 | -111 bps | | OP | 29.00 | 24.85 | 16.70 | 117.91 | 86.20 | 36.79 | | Other Inc. | 10.46 | 11.64 | -10.14 | 34.32 | 41.55 | -17.40 | | PBIDT | 39.46 | 36.49 | 8.14 | 152.23 | 127.75 | 19.16 | | Interest | 0.86 | 0.58 | 48.28 | 2.79 | 2.16 | 29.17 | | PBDT | 38.60 | 35.91 | 7.49 | 149.44 | 125.59 | 18.99 | | Depreciation | 4.11 | 2.41 | 70.54 | 9.9 | 8.26 | 19.85 | | PBT | 34.49 | 33.50 | 2.96 | 139.54 | 117.33 | 18.93 | | Share of Profit/(Loss) from Associates | -0.15 | 0 | - | -0.28 | 0 | - | | PBT before EO | 34.34 | 33.5 | 2.51 | 139.26 | 117.33 | 18.69 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 34.34 | 33.5 | 2.51 | 139.26 | 117.33 | 18.69 | | Taxation | 6.03 | 10.92 | -44.78 | 31.73 | 30.26 | 4.86 | | PAT | 28.31 | 22.58 | 25.38 | 107.53 | 87.07 | 23.50 | | Minority Interest (MI) | 0.29 | 0.04 | 625.00 | 0.28 | 0.04 | 600.00 | | Net profit | 28.02 | 22.54 | 24.31 | 107.25 | 87.03 | 23.23 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 28.02 | 22.54 | 24.31 | 107.25 | 87.03 | 23.23 | | EPS (Rs)* | 5.22 | 4.20 | 24.31 | 19.99 | 16.22 | 23.23 | | | * EPS is on current equity of Rs 10.73 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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