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Centrum Broking Report
C.E. Info Systems Ltd. (MapMyIndia) is the market leader in the business-to-business and the business-to-business-consumer mapping industry in India.
Over 27 years, the company has developed a strong suite of products in the digital mapping space. Despite Google's monopoly in the mapping space, MapMyIndia has created a sustainable niche in the Indian B2B mapping industry.
The company enjoys 80% plus market share in automobile navigation systems, and is a beneficiary of an increasing number of use cases for mapping services arising from rapid smartphone and mobile internet penetration in India.
The company enjoys a strong moat in the mapping industry which in turn drives higher profit after tax margins (43.5% in FY22).
We estimate MapMyIndia's revenues/Ebitda/profit after tax to grow at 34%/37%/30% over FY22-25E.
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