C.E. Info Systems (MAPMYINDIA) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 revenue grew 13.5% year-over-year to INR 101.5 crore, with EBITDA up 14.3% to INR 42.8 crore and PAT up 12.1% to INR 35.9 crore.

• Map-led business contributed INR 78 crore and IoT-led business INR 23.5 crore to total revenue, with IoT SaaS revenue surging 89.6% year-over-year.

• Hardware sales declined year-over-year but were offset by significant growth in high-margin SaaS and service revenue.

• The company maintains a strong open order book of INR 1,300 crore, supporting confidence in long-term growth targets.

• Expanded offerings include AI-driven data analytics and consulting for enterprise clients.

Financial highlights

• Total income for Q1 FY25 was INR 111.6 crore, with revenue from operations at INR 101.5 crore, up 13.5% year-over-year.

• EBITDA margin stood at 42.8% for the quarter; PAT margin at 32.1%.

• Map-led business EBITDA margin reached 50.1%; IoT-led EBITDA margin improved to 15.7% year-over-year.

• Cash and cash equivalents stood at INR 552.3 crore at quarter end.

• Contribution profit rose 21% year-over-year to INR 78.3 crore.

Outlook and guidance

• Management reiterated confidence in achieving the INR 1,000 crore revenue milestone by FY 2027/28, driven by a robust order book and ongoing customer adoption.

• Ramp up of new Auto OE programs expected to offset known ramp downs in older programs.

• Continued emphasis on high-margin SaaS in IoT-led business and expansion into AI-driven analytics.

• Q1 hardware sales dip in IoT is considered a one-off, with expectations of recovery in subsequent quarters.

• No specific annual EBITDA margin guidance provided, but profitability remains a focus alongside investments in innovation and marketing.