On consolidated basis
Quarter ended December 2022 compared
with Quarter ended September 2022.
Net
sales (including other operating income) of C.E. Info Systems has declined
11.34% to Rs 67.66 crore.
Operating profit margin has jumped
from 39.92% to 41.19%, leading to 8.50% decline in operating profit to Rs 27.87
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 7.28% to 17.91%. Employee cost
increased from 23.04% to 24.95%. Other expenses fell from 22.00% to
15.95%.
Other
income rose 40.72% to Rs 10.61 crore. PBIDT rose 1.26% to Rs 38.48
crore. Provision for interest rose 28.57% to Rs 0.72
crore.
PBDT rose 0.85% to Rs 37.76
crore.
Profit before tax grew 0.90% to Rs
35.82 crore. Share of profit/loss were nil in both the periods. Provision
for tax was expense of Rs 6.04 crore, compared to Rs 10.13
crore. Effective tax rate was 16.92% compared to 28.54%.
Net profit attributable to owners of
the company increased 16.65% to Rs 29.64 crore.
Promoters’
stake was 53.31% as of 31 December 2022 ,compared to 53.31% as of 30 September
2022 .
Quarter ended December 2022 compared
with Quarter ended December 2021.
Net sales (including other operating
income) of C.E. Info Systems has increased 56.01% to Rs 67.66
crore.
Operating profit margin has jumped
from 35.85% to 41.19%, leading to 79.23% rise in operating profit to Rs 27.87
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 7.98% to 17.91%. Employee cost
decreased from 34.45% to 24.95%. Other expenses fell from 21.72% to
15.95%. Selling and administration expenses fell from 8.76% to
6.00%.
Other
income rose 22.09% to Rs 10.61 crore. PBIDT rose 58.75% to Rs 38.48
crore. Provision for interest rose 46.94% to Rs 0.72
crore.
PBDT
rose 58.99% to Rs 37.76 crore. Provision for depreciation fell 1.52%
to Rs 1.94 crore.
Profit
before tax grew 64.46% to Rs 35.82 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 6.04
crore, compared to Rs 3.26 crore. Effective tax rate was 16.92%
compared to 14.97%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 60.04% to Rs 29.64 crore.
Promoters’
stake was 53.31% as of 31 December 2022 ,compared to 53.73% as of 31 December
2021 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of
C.E. Info Systems has increased 45.73% to Rs 208.98 crore.
Operating profit margin has declined
from 42.62% to 42.21%, leading to 44.34% rise in operating profit to Rs 88.22
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 7.20% to 11.06%. Purchase of finished
goods cost rose from 0.99% to 4.65%. Employee cost decreased from
33.21% to 23.85%. Other expenses rose from 15.89% to 18.31%.
Other
income fell 20.37% to Rs 24.55 crore. PBIDT rose 22.64% to Rs 112.77
crore. Provision for interest rose 22.15% to Rs 1.93
crore.
PBDT
rose 22.65% to Rs 110.84 crore. Provision for depreciation fell
1.03% to Rs 5.79 crore.
Profit before tax grew 24.29% to Rs
105.05 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 25.69 crore, compared
to Rs 19.34 crore. Effective tax rate was 24.49% compared to 22.88%.
Minority
interest was nil in both the periods. Net profit attributable to
owners of the company increased 21.59% to Rs 79.25 crore.
Promoters’
stake was 53.31% as of 31 December 2022 ,compared to 53.73% as of 31 December
2021 .
Full year results analysis.
Net sales (including other operating
income) of C.E. Info Systems has increased 31.47% to Rs 200.44
crore.
Operating profit margin has jumped
from 33.71% to 43.01%, leading to 67.70% rise in operating profit to Rs 86.20
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 8.77% to 8.52%. Purchase of finished
goods cost fell from 1.48% to 1.02%. Employee cost decreased from
35.59% to 28.62%. Other expenses fell from 20.26% to 18.96%.
Other
income rose 4.37% to Rs 41.55 crore. PBIDT rose 40.06% to Rs 127.75
crore. Provision for interest fell 14.62% to Rs 2.16
crore. Loan funds declined from Rs 19.60 crore as of 31 March 2021
to Rs 18.09 crore as of 31 March 2022. Inventories rose to Rs 7.97
crore as of 31 March 2022 from Rs 2.76 crore as of 31 March
2021. Sundry debtors were higher at Rs 43.52 crore as of 31 March
2022 compared to Rs 28.28 crore as of 31 March 2021. Cash and bank
balance declined from Rs 67.19 crore as of 31 March 2021 to Rs 60.09 crore as of
31 March 2022. Investments rose to Rs 296.46 crore as of 31 March
2022 from Rs 268.95 crore as of 31 March 2021 .
PBDT
rose 41.62% to Rs 125.59 crore. Provision for depreciation fell
15.71% to Rs 8.26 crore. Fixed assets increased to Rs 39.19 crore as
of 31 March 2022 from Rs 30.35 crore as of 31 March 2021. Intangible
assets increased from Rs 2.83 crore to Rs 4.22 crore.
Profit
before tax grew 48.74% to Rs 117.33 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 30.26
crore, compared to Rs 19.06 crore. Effective tax rate was 25.79%
compared to 24.16%.
Minority
interest was nil in both the periods. Net profit attributable to
owners of the company increased 45.49% to Rs 87.03 crore.
Equity
capital decreased from Rs 132.80 crore as of 31 March 2021 to Rs 10.65 crore as
of 31 March 2022 . Per share face Value remained same at Rs
2.00.
Promoters’
stake was 53.73% as of 31 March 2022 ,compared to 65.64% as of 31 March 2021
.
Cash
flow from operating activities decreased to Rs 28.76 crore for year ended March
2022 from Rs 81.83 crore for year ended March 2021. Cash flow used
in acquiring fixed assets during the year ended March 2022 stood at Rs 3.99
crore, compared to Rs 2.21 crore during the year ended March 2021.
Management Commentary:
Commenting on the performance Mr Rakesh
Verma CMD said: ‘In Q3 FY23,Mapmyindia delivered another strong performance,
with quarterly revenue up 56% YoY to Rs 68 cr, EBITDA up 67% to Rs 28 cr, PAT
up 61% to Rs 30 cr. EBITDA and PAT margins both expanded in Q3FY23 onaQoQ basis
as well as YoY basis, with EBITDA margin at 41.1% and PAT margin at 38%. Year
to date Year on Year is the right way to compare performance trend of the company.
9MFY23 YOY revenue is up 46%,EBITDA is
up 41%, and PAT is up 22%. EBITDA margin is 42.3% and PAT margin is at 33.9%.
Overall these are very healthy growth and profitability numbers. The upselling
and cross-selling of our products and solutions to existing and new customers
continue, which bodes well for the future of the company. We are happy that we
have been able to balance our growth and profitability goals, maintaining
financial discipline, while also ensuring that we are investing for the
future.”
Mr
ROhan Verma-CEO said “ In Q3 FY23, revenue growth continues to be broad based
with A&m up45% YoY and C&E up 76% on the market side. On the product
side, Map and data was up 78% and Platform &IoT was up 51%. For 9MFY23 YoY,
A&M revenue was up 51% and C&E revenue was up 40%. Similarly, Map &
data revenue was by 39% and platform and IoT revenue was up 50%. Thus, both for
the quarter and the year, the business is on a strong trajectory. As part of
financial discipline, we calibrated marketing expenses down during the quarter,
aiding in the company’s profitability, while successfully leveraging previous
quarters’ marketing expenditure to generate revenue and order book growth. We
are excited by the customer wins for our various products and solutions across
industry verticals for many exciting and newer use cases. Good prospects lie
ahead for our consumer app and B2C business, based on recent pro-competition
actions by CCI and Supreme Court which opens up the market our Mappls app.”
| C.E. Info Systems : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 67.66 | 43.37 | 56.01 | 208.98 | 143.40 | 45.73 | 200.44 | 152.46 | 31.47 | | OPM (%) | 41.19 | 35.85 | 534 bps | 42.21 | 42.62 | -41 bps | 43.01 | 33.71 | 929 bps | | OP | 27.87 | 15.55 | 79.23 | 88.22 | 61.12 | 44.34 | 86.20 | 51.40 | 67.70 | | Other Inc. | 10.61 | 8.69 | 22.09 | 24.55 | 30.83 | -20.37 | 41.55 | 39.81 | 4.37 | | PBIDT | 38.48 | 24.24 | 58.75 | 112.77 | 91.95 | 22.64 | 127.75 | 91.21 | 40.06 | | Interest | 0.72 | 0.49 | 46.94 | 1.93 | 1.58 | 22.15 | 2.16 | 2.53 | -14.62 | | PBDT | 37.76 | 23.75 | 58.99 | 110.84 | 90.37 | 22.65 | 125.59 | 88.68 | 41.62 | | Depreciation | 1.94 | 1.97 | -1.52 | 5.79 | 5.85 | -1.03 | 8.26 | 9.8 | -15.71 | | PBT | 35.82 | 21.78 | 64.46 | 105.05 | 84.52 | 24.29 | 117.33 | 78.88 | 48.74 | | Share of Profit/(Loss) from Associates | -0.12 | 0 | - | -0.13 | 0 | - | 0 | 0 | - | | PBT before EO | 35.7 | 21.78 | 63.91 | 104.92 | 84.52 | 24.14 | 117.33 | 78.88 | 48.74 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 35.7 | 21.78 | 63.91 | 104.92 | 84.52 | 24.14 | 117.33 | 78.88 | 48.74 | | Taxation | 6.04 | 3.26 | 85.28 | 25.69 | 19.34 | 32.83 | 30.26 | 19.06 | 58.76 | | PAT | 29.66 | 18.52 | 60.15 | 79.23 | 65.18 | 21.56 | 87.07 | 59.82 | 45.55 | | Minority Interest (MI) | 0.02 | 0 | - | -0.02 | 0 | - | 0.04 | 0 | - | | Net profit | 29.64 | 18.52 | 60.04 | 79.25 | 65.18 | 21.59 | 87.03 | 59.82 | 45.49 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 29.64 | 18.52 | 60.04 | 79.25 | 65.18 | 21.59 | 87.03 | 59.82 | 45.49 | | EPS (Rs)* | 5.52 | 3.45 | 60.04 | 14.77 | 12.15 | 21.59 | 16.22 | 11.15 | 45.49 | | | * 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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