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

Executive summary

• Board approved a joint venture with Hyundai AutoEver in Indonesia, marking entry into Southeast Asia with a 40% stake and $4 million investment; revenue recognition expected from FY 2026.

• Q2 FY25 revenue grew 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 to 25 million year-over-year, 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% year-over-year to INR 103.7 crore; H1 FY25 revenue up 13.7% to INR 205.2 crore.

• H1 FY25 EBITDA: INR 80.2 crore (39.1% margin) vs. INR 78 crore (43.2% margin) in H1 FY24.

• Q2 FY25 EBITDA: INR 37.5 crore (36.1% margin) vs. INR 40.5 crore (44.5% margin) in Q2 FY24.

• H1 FY25 profit after tax: INR 66.2 crore vs. INR 65 crore in H1 FY24.

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

Outlook and guidance

• Management reiterates confidence in achieving FY27-28 revenue target of INR 1,000 crore, targeting 35-40% CAGR.

• JV in Indonesia expected to generate multimillion USD revenue over five years, with order booking and revenue from FY26.

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

• Investments in consumer and allied businesses are expected to drive long-term growth, despite near-term margin pressure.