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Centrum Broking Report
CE Infosystems Ltd. (MapMyIndia) reported robust revenue growth driven by better than expected performance in the automotive and mobility segment.
Revenues were Rs 763.1 million (up 17.4% QoQ, up 34.6% YoY), up 9.6% above our estimates.
Ebitda margins for Q2 FY23 were 39.9% (Q1 FY23: 46.0%) and were impacted by increased investment in the internet of things business of Gtropy along with higher marketing expenses for MapMyIndia and Mappls.
Ex-Gtropy, MapMyindia’s H1 FY23 Ebitda margins were 49.9%.
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