BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
C.E. Info Systems Ltd. (MapMyIndia) is the market leader in the business-to-business and the business-to-business-consumer mapping industry in India.
Over 27 years, the company has developed a strong suite of products in the digital mapping space. Despite Google’s monopoly in the mapping space, MapMyIndia has created a sustainable niche in the Indian B2B mapping industry.
The company enjoys 80% plus market share in automobile navigation systems, and is a beneficiary of an increasing number of use cases for mapping services arising from rapid smartphone and mobile internet penetration in India.
The company enjoys a strong moat in the mapping industry which in turn drives higher profit after tax margins (43.5% in FY22).
We estimate MapMyIndia's revenues/Ebitda/profit after tax to grow at 34%/37%/30% over FY22-25E.
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