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Anand Rathi Report
C.E. Info Systems Ltd.'s Q1 revenue grew 13.5% YoY to Rs 1.02 billion, largely because of the ramp-down of old auto-OEM programmes. The ramp-up of new programmes will begin in Q2.
MapMyIndia's automotive and mobility tech business (bringing 44.3% to revenue) grew 9.5% YoY, and its consumer tech and enterprise digital transformation business (bringing 55.7%) grew 17% YoY. Ebitda margin remained flat YoY at 42.1%.
We believe that the longer-term growth momentum would be maintained based on strong order book of ~Rs 13.72 billion (up 49.5% YoY) and it being on track to reach ~Rs 10 billion revenue by FY27-28.
We maintain our 'Buy' recommendation on the stock with a target price of Rs 2,850 (based on discounted cash flow with weighted average cost of capital at 11% and 7% terminal growth).
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