C.E. Info Systems (MAPMYINDIA) Q2 24/25 earnings summary

Executive summary

• Board approved a joint venture with Hyundai AutoEver in Indonesia, with a 40% stake and $4 million investment, targeting Southeast Asia and future MEA expansion.

• Q2 FY25 revenue from operations rose 14% year-over-year to INR 104 crore; H1 FY25 revenue reached INR 205 crore, up from INR 181 crore in H1 FY24.

• Mappls app downloads surged from 10 million in H1 FY24 to 25 million in H1 FY25, reflecting strong consumer adoption.

• Despite market challenges, secured new customers and expanded relationships across automotive, fleet, government, and enterprise sectors.

• Additional investment of USD 0.5 million in the US subsidiary, C.E. International Inc., was approved to strengthen international presence.

Financial highlights

• Q2 FY25 revenue from operations grew 13.8% YoY to Rs 103.7 crore; H1 FY25 revenue up 13.7% YoY to Rs 205.2 crore.

• Q2 FY25 EBITDA was INR 37.5 crore (36.1% margin), down from INR 40.5 crore (44.5% margin) in Q2 FY24 due to increased consumer business investments.

• PAT for H1 FY25 rose to INR 66 crore, slightly up from INR 65 crore in H1 FY24; Q2 FY25 PAT at INR 30.4 crore, down 8.3% YoY.

• IoT-led business EBITDA margin improved from 7% to 14% year-over-year.

• Cash and cash equivalents stood at Rs 565.5 crore as of 30 Sep 2024.

Outlook and guidance

• Management remains confident in achieving FY27-28 revenue guidance of INR 1,000 crore, targeting 35-40% CAGR, citing strong order book and new JV as growth drivers.

• Revenue from the Indonesia JV expected to begin in FY26, with multimillion USD potential over five years.

• Strategic focus on expanding B2C, international markets, and M&A opportunities.