MapMyIndia - Growth Story Unscathed: Anand Rathi

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. .Anand Rathi Report.CE Infosystems Ltd.'s (MapMyIndia) nine months-FY23 revenue grew 45.7% YoY (org. 23.4%) to Rs 2.1 billion. Its automotive and mobility business (bringing 53.8% to revenue) grew 51.1% YoY, and its consumer tech and enterprise business (46.2%) grew 40.1% YoY. The nine months Ebitda margin was flat YoY at 42.2%, chiefly due to higher marketing expenses and high growth in the internet of things business. This initially compresses margins as device hardware has lower margins, but then (12 months down) generates high margin software-as-a-system revenue. Factoring in all this, we cut our FY23E/FY24E Ebitda 4.4%/7.4% and introduce FY25E. Given MapMyIndia’s clear advantages in the context of India, which are not easily replicable and huge barriers to the maps-and-navigation business, we believe its premium valuations should endure..Click on the attachment to read the full report:.Capgemini Q4 Review - Shows Continued Resilience In Technology Demand: ICICI Securities.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

MapMyIndia - Growth Story Unscathed: Anand Rathi

Its automotive and mobility business grew 51.1% YoY, and its consumer tech and enterprise business grew 40.1% YoY.

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