C.E. Info Systems Limited — Updates, 12-11-2024: Press Release (Revised)

MapmyIndia has entered into a joint venture with Hyundai AutoEver Corporation to expand its business in Southeast Asia. The company will acquire a 40% stake in the JV, named PT Terra Link Technologies, with a capital investment of IDR 65,708,000,000, while Hyundai will hold 60%. This partnership aims to provide map-based solutions for automotive OEMs and is expected to generate multimillion-dollar revenue over the next five years, starting from FY26.

In Q2 FY25, MapmyIndia reported a revenue increase of 13.8% YoY to ₹104 crore, with a total income rise of 14.6% YoY to ₹113.6 crore. However, EBITDA declined by 7.5% to ₹37.5 crore, resulting in a margin of 36.1%. For H1 FY25, revenue was ₹205 crore, up 13.7% YoY, while PAT increased marginally by 1.8% to ₹66.2 crore. This performance reflects the company's continuous investment in consumer business and highlights growth potential, particularly in the automotive and consumer segments. Investors should monitor the JV's impact and the overall expansion strategy moving forward.