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Yes Securities Report
CE Info Systems Ltd. reported inline financial performance for the quarter. Both, the sequential revenue growth and Ebitda margin were as per expectation.
It reported sequential revenue growth of 1.9% QoQ (up 19.4% YoY) led by consumer tech and enterprise digital market segment which was down 10.6% QoQ (up 15.8% YoY) and automotive and mobility tech market segment which was up 16.5% QoQ (up 23.1% YoY).
There was sequential improvement in Ebitda margin(up 309 bps QoQ) led by positive operating leverage. IoT-led business Ebitda margin was at 8.2% in Q2 FY24 versus 6.3% of Q1 FY24 as software-as-a-system income continues to grow.
MayMyIndia's business outlook remains strong led by rising demand for digital mapping services and navigation solutions. It enjoys strong moat in domestic B2B digital mapping space led by diverse offerings across map and data; and platform and IoT categories in key markets of automotive and mobility tech; consumer tech and enterprise digital transformation.
The use cases of its digital mapping services continue to grow across industries driving business growth. The B2C Mappls application is witnessing rising traction.
We estimate revenue compound annual growth rate of 39.3% over FY23‐25E with average Ebitda margin of 44.4% over the period.
We maintain our 'Buy' rating on the stock with revised target price of Rs 2,625/share based on discounted cash flow methodology.
The stock trades at price-to-earning of 81.3 times/58.4 times on FY24E/FY25E earnings per share.
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