C.E. Info Systems Limited — Investor Meet, 04-02-2025: Analysts/Institutional Investor Meet/Con. Call Updates

**Financial Performance:** MapmyIndia reported a revenue of ₹115 crore for Q3 FY25, reflecting a 25% year-on-year growth, and ₹320 crore for the first nine months, a 17% increase from ₹273 crore in the same period last year. EBITDA rose to ₹42 crore, yielding a 36% margin, compared to ₹36 crore and 39% in Q3 FY24. The first nine months saw EBITDA of ₹122 crore at a 38% margin, down from 42% the previous year. PAT for nine months reached ₹99 crore, up slightly from ₹96 crore.

**Future Outlook and Growth Drivers:** Management is optimistic about achieving a full-year growth target of 25%, supported by long-term contracts expected to contribute significantly in Q4. The operational joint venture with Hyundai Autoever is a key expansion strategy, particularly in Southeast Asia.

**Order Book and Operational Updates:** Significant deal wins were mentioned, particularly in the Consumer Tech and Enterprise (C&E) segment, which recorded a 39% revenue increase to ₹65 crore. There are expectations of further project wins in sectors like quick commerce and BFSI.

**Analyst Q&A Insights (Detailed):** Analysts raised concerns about sustaining C&E growth without one-time project revenue, to which management responded that outsourcing expenses are aligned with revenue generation. Questions about declining hardware sales in the IoT segment were attributed to project delays, although subscription revenue is growing significantly.

**Market or Regulatory Updates:** The government segment's growth has become more prominent, expected to contribute over 10% to revenue. Overall supply chain dynamics and competitive pressure were acknowledged, particularly from Google in the mapping space.

**Strategic Focus Areas:** Focus areas include enhancing product quality and service agility to differentiate from competitors, particularly in the highly competitive quick commerce field.

**Investor Insight:** Financial health is stable, with growth potential supported by strategic initiatives and joint ventures. The projected trajectory aligns well with a ‘buy’ or ‘hold’ stance, given the ongoing visibility in revenue prospects and management's confidence in achieving growth targets.