Share price of India’s leading provider of advanced digital maps moved up by over 4.3 percent to Rs. 2,075 in the afternoon session on January 19, from its previous close of Rs. 1,967.15, after bagging a new project.
With a market cap of Rs. 10,866 crore, C.E. Info Systems Ltd. has given over 37.5 percent returns in the past six months and nearly 85 percent in the last one year. So far, the company has given returns of over 3.8 percent in 2024.
C.E. Info Systems Ltd stands as the largest navigation platform in India, providing an extensive range of navigation software and hardware platforms. The company dominates with a 95% market share in the in-dash navigation market.
As per the recent filings in the stock exchanges, CE Info Systems (MapmyIndia) won a new project worth Rs. 400 crore (around $50 million) for providing map and connected services to Hyundai and Kia Cars OEM Business in India.
The contract includes real-time and predictive traffic, mobile SDK, online search & call centre maps, embedded connected navigation & connected car services of Hyundai and Kia cars OEM business in India.
The project includes the start of production in 2024, for the next five years of vehicle production and does not fall within a related party transaction.
In terms of financials, C.E. Info Systems Ltd. is almost debt-free and has delivered good profit growth of 28 percent CAGR over the last five years. The company’s open order book stands at Rs. 918 crore in FY23.
Its revenue from operations on a year-on-year basis grew by 28.1 percent from Rs. 198 crore in FY21-22 to Rs. 254 crore in FY22-23, accompanied by an increase in net profit from Rs. 86 crore in FY21-22 to Rs. 109 crore inFY22-23.
As of December 2023, FIIs hold 5.98 percent of the shares, whereas DIIs hold 4.29 percent of the shares in the company, aggregating to 10.27 percent of the institutional holdings.
In FY23, the company acquired 20 percent stake on a fully diluted basis for approximately Rs. 7 crore in Indrones Solutions Private Limited, and further acquired a 26.37 percent stake for Rs. 10 crore in Kogo Tech Labs Private Ltd., along with a 3 percent stake for Rs. 1 crore in Nawgati Tech Private Ltd.
Incorporated in 1995, C.E Info Systems Limited also known as Map My India is the leading provider of digital maps, geospatial software and location-based IoT technologies in India serving B2B and B2B2C enterprise customers. It has a presence in India as well as Tokyo and San Fransisco.
In the year 2021, the company launched real-time maps of Covid vaccine centres on CoWIN and in the same year, it also went public and got listed on the Indian stock exchanges.
Written by Shivani Singh
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