CE Info Systems maps its way to 52-week high after Q1 profit jumps 32%

At the operating level, EBITDA increased 25.2 percent to Rs 37.4 crore from Rs 29.9 crore in Q1 FY23

Shares of CE Info Systems, which runs the MapmyIndia brand, scaled the 52-week high of Rs 1,643.20 on August 7 after the company logged a 32.2 percent spike in net profit to Rs 32 crore for the June quarter.

At 11.10am, shares of the company were trading 4.18 percent up at Rs 1,601.20 on the BSE.

It posted a net profit of Rs 24.2 crore in Q1 FY23, the digital maps and deep-tech company said in a post-market-hour regulatory filing on August 4. Its total revenue surged 37.5 percent to Rs 89.4 crore as against Rs 65 crore last fiscal.

At the operating level, EBITDA (earnings before interest, tax, depreciation, and amortisation) increased 25.2 percent to Rs 37.4 crore from Rs 29.9 crore in Q1 FY23. Its EBITDA margin, however, stood at 41.9 percent as against 46 percent a year back.

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"Map-led business EBITDA margin was strong at 54.1 percent. IoT-led business EBITDA margin continued to expand quarterly and was at 6.3 percent in Q1 of FY24 versus 4.0 percent of Q4 of FY23, as SaaS income from IoT grew," Rakesh Verma, Chairman, and Managing Director of MapmyIndia, said.

CEO and Executive Director Rohan Verma said the strong Q1 revenue growth was broad-based with A&M (automotive and mobility tech) up 24 percent and C&E (consumer tech and enterprise digital transformation) up 51 percent on the market side.

The company's board has approved the re-appointment of Rohan Verma as a whole-time director of the company for five years.

Shares of the company are up 52 percent on a year-to-date basis, while the one-year return stands at 19 percent.