Shares of this small-cap stock engaged in the Information Technology (IT) sector jumped up to 7 percent after announcing results for Q1FY23-24. Year-To-Date, the company’s stock has gained more than 50 percent from Rs 1,048.85 to the current price level.
With a market capitalization of Rs 8,500 crores, the stocks of CE Info Systems Limited started their trading session at Rs 1,600 and currently trade at Rs 1,592.
The scrip witnessed an intra-day high, also marked as the company’s fresh 52-week high level, of Rs 1,642.50 exhibiting a gain of around 7 percent compared to the previous close of Rs 1,537.15 apiece. The company’s stock prices showed such movements after it announced the financial results for the quarter ending June 2023.
On a sequential basis, the company has reported decent growth in the basic parameters such as operating revenues as well as after-tax profits. The former rose from Rs 72 crores during QFY22-23 to Rs 89 crores during Q1FY23-24, and, the latter, in congruence with the pattern, shifted from Rs 28 crores to Rs 32 crores.
Comparing Q1FY22-23 with Q1FY23-24, the above-mentioned metrics showed an increase with the operating revenues increasing from Rs 65 crores to Rs 89 crores, and, the net profits taking a shift from Rs 24 crores to Rs 32 crores making it the highest ever increase for the company. The same indicates an increase of around 33 percent.
According to the shareholding pattern data available for the June 2023 quarter, the Promoters hold a 53.31 percent stake, and the Foreign Institutional Investors (FIIs) hold a 4.02 percent stake in the company.
CE Info Systems Limited, dominating the in-dash navigation market with a 95 percent market share, is a company offering data & technology products to its customers. The company provides application programming interfaces as well as solutions, platforms, etc across a variety of digital map data, Internet of Things (IoT), etc for the Indian market under its “MapmyIndia” brand. Internationally, the company has a presence under the “Mappls” brand.
Written by Amit Madnani
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