On consolidated basis
Quarter ended June 2023 compared
with Quarter ended March 2023.
Net
sales (including other operating income) of C.E. Info Systems has increased
23.38% to Rs 89.41 crore.
Operating profit margin has jumped
from 40.02% to 41.90%, leading to 29.17% rise in operating profit to Rs 37.46
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 21.62% to 15.90%. Employee cost decreased
from 22.44% to 19.40%. Other expenses rose from 15.92% to 22.79%.
Selling and administration expenses rose from 2.84% to 4.63%.
Other
income fell 20.46% to Rs 8.32 crore. PBIDT rose 16.02% to Rs 45.78
crore. Provision for interest fell 22.09% to Rs 0.67 crore.
PBDT rose 16.87% to Rs 45.11
crore. Provision for depreciation fell 22.38% to Rs 3.19
crore.
Profit before tax grew 21.54% to Rs
41.92 crore. Share of profit/loss was 53.33% higher at Rs -0.07
crore. Provision for tax was expense of Rs 9.85 crore, compared to
Rs 6.03 crore. Effective tax rate was 23.54% compared to 17.56%.
Net profit attributable to owners of
the company increased 14.99% to Rs 32.22 crore.
Promoters’
stake was 53.31% as of 30 June 2023 ,compared to 53.31% as of 31 March 2023
.
Quarter ended June 2023 compared
with Quarter ended June 2022.
Net sales (including other operating
income) of C.E. Info Systems has increased 37.53% to Rs 89.41
crore.
Operating profit margin has declined
from 45.98% to 41.90%, leading to 25.33% rise in operating profit to Rs 37.46
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 11.48% to 15.90%. Employee cost
decreased from 24.93% to 19.40%. Other expenses rose from 17.61% to
22.79%. Selling and administration expenses fell from 5.09% to
4.63%.
Other
income rose 30% to Rs 8.32 crore. PBIDT rose 26.15% to Rs 45.78
crore. Provision for interest rose 3.08% to Rs 0.67
crore.
PBDT
rose 26.57% to Rs 45.11 crore. Provision for depreciation rose
67.02% to Rs 3.19 crore.
Profit
before tax grew 24.28% to Rs 41.92 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 9.85
crore, compared to Rs 9.53 crore. Effective tax rate was 23.54%
compared to 28.25%.
Net profit attributable to owners of
the company increased 33.20% to Rs 32.22 crore.
Promoters’
stake was 53.31% as of 30 June 2023 ,compared to 53.73% as of 30 June 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 declined from Rs 39.19 crore as
of 31 March 2022 to Rs 28.33 crore as of 31 March 2023. Intangible
assets increased from Rs 4.22 crore to Rs 27.72 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.
Others:
Open
Order Book has grown 31% to Rs 918 Cr based on Rs 512 Cr of Annual New Order
Bookings in FY23, with momentum across both A&M and C&E market segments
250+
new customers added, expanding base from 600+ to 850+.
Management Commentary:
Commenting
on the performance Rakesh Verma, Chairman & Managing
Director, MapmyIndia, said “We are delighted with our Q1FY24 results wherein
MapmyIndia achieved all-time highs in Revenue, EBITDA, and PAT. Revenue grew
37.5% in Q1FY24 to Rs 89.4 Cr. EBITDA grew 25.2% to Rs 37.4 Cr, with an overall
EBITDA margin of 41.9%. Map-led business EBITDA margin was strong at 54.1%.
IoT-led business EBITDA margin continued to expand quarterly and was at 6.3% in
Q1FY24 versus 4.0% of Q4FY23, as SaaS income from IoT grew. Q1FY24 PAT also
reached an all-time high of Rs 31.8 Cr, growing 31.4% YoY. During Q1FY24, we
outlined a 5-year vision of a growth roadmap for the company, and are putting
in place the requisite foundations that will drive long-term success of the
company. We are also delighted with the surge in interest and usage of our
consumer-facing Mappls MapmyIndia app amongst users, which resulted in Mappls
app becoming the top app in the app store recently. This bodes well for the B2C
future of the company, in addition to the B2B and B2B2C where we have been
traditionally strong.”
Rohan
Verma, CEO & Executive Director, MapmyIndia, said, “Our strong Q1 YoY
revenue growth was broad-based with A&M (Automotive & Mobility Tech) up
24% and C&E (Consumer Tech &
Enterprise Digital Transformation) up 51% on the market side. On the products
side, Map & Data was up 41% and Platform & IoT was up 35%. We’re happy
with 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 our future growth. Our B2B
and B2B2C product offerings across maps, APIs, IoT, drones, N-CASE automotive
suite, enterprise digital transformation and geospatial platforms continue to
expand in capabilities and extend their market leadership. Our consumer-facing
Mappls App, with unique features such as 3D Junction Views, end-to- end trip
costs including toll and fuel, and useful safety alerts such as speed limits,
speed breakers, sharp curves etc – are getting rave reviews. Similarly, our B2C
focused Mappls Gadgets which enable safety, convenience and entertainment
on-the-go for vehicle owners, drivers and passengers are gaining traction too.
These are initial steps in our efforts to expand our B2C business going
forward”.
| C.E. Info Systems : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 89.41 | 65.01 | 37.53 | 281.46 | 200.44 | 40.42 | | OPM (%) | 41.90 | 45.98 | -408 bps | 41.89 | 43.01 | -111 bps | | OP | 37.46 | 29.89 | 25.33 | 117.91 | 86.20 | 36.79 | | Other Inc. | 8.32 | 6.40 | 30.00 | 34.32 | 41.55 | -17.40 | | PBIDT | 45.78 | 36.29 | 26.15 | 152.23 | 127.75 | 19.16 | | Interest | 0.67 | 0.65 | 3.08 | 2.79 | 2.16 | 29.17 | | PBDT | 45.11 | 35.64 | 26.57 | 149.44 | 125.59 | 18.99 | | Depreciation | 3.19 | 1.91 | 67.02 | 9.9 | 8.26 | 19.85 | | PBT | 41.92 | 33.73 | 24.28 | 139.54 | 117.33 | 18.93 | | Share of Profit/(Loss) from Associates | -0.07 | 0 | - | -0.28 | 0 | - | | PBT before EO | 41.85 | 33.73 | 24.07 | 139.26 | 117.33 | 18.69 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 41.85 | 33.73 | 24.07 | 139.26 | 117.33 | 18.69 | | Taxation | 9.85 | 9.53 | 3.36 | 31.73 | 30.26 | 4.86 | | PAT | 32 | 24.2 | 32.23 | 107.53 | 87.07 | 23.50 | | Minority Interest (MI) | -0.22 | 0.01 | LP | 0.28 | 0.04 | 600.00 | | Net profit | 32.22 | 24.19 | 33.20 | 107.25 | 87.03 | 23.23 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 32.22 | 24.19 | 33.20 | 107.25 | 87.03 | 23.23 | | EPS (Rs)* | 6.00 | 4.51 | 33.20 | 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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