MapmyIndia (CE Info Systems Ltd.) - Research Report

C E Info Systems Limited is an A /T+1 group Software Products company with having Face value of Rs. 2. It was incorporated in 1995 as a data and technology products and platforms company, offering proprietary digital maps as a service (“MaaS”), software as a service (“SaaS”), and platform as a service (“PaaS”). They are India’s leading provider of advanced digital maps, geospatial software, and location-based IoT technologies. It has been an early mover in India’s digital mapping and pioneered several digital mapping technologies such as AI-powered 4D HD digital map of real-world, NCASE mobility suite for digital vehicles, etc. It offers the widest of location-powered software and the most comprehensive set of offerings v/s larger global peers so in a way it is the market leader and almost the lone player in the field of mapping technology in India. Company generates 40% of the revenue from Map and Data Products and remaining 60% from Platform and IoT products.  The company primarily serves enterprise customers across 3 major categories, i.e. (i) corporate, (ii) automotive, and (iii) government, and their customers, in turn, serve the larger community of end-users. The company also offers professional-grade maps and products directly to retail customers, through their ‘Move’ app and GPS IoT-enabled gadgets and devices. The digital maps offered by the company covers 6.29 Mn Km of roads in India, representing 98.50% of India's road network.

 

Fundamentals (FY22-23):

CMP	Rs. 1427.5
52 - week high	Rs. 1,476.70
52 – week low	Rs. 1,345.00
Dividend % (consolidated)	0.21 %
ROCE	25.54 %
BVPS (Rs.)	101.06
Sales (Rs.)	281 cr.
Debt to Equity	0.03
P/E ratio	49.64
EPS (consolidated)	Rs. 19.99
P/B ratio	9.81
Market Cap	7,660 Cr.
Face value	Rs. 2

 

  

 

Financial Results:

Company’s Net Sales was Rs 65.65 crore in March 2023 up 18.64%, Quarterly Net Profit at Rs. 27.64 crore in March 2023 up 17.19% and EBITDA stands at Rs. 38.01 crore in March 2023 up 3.71% as compared to March 2022.  Its EPS has increased to Rs. 5.15 in March 2023 from Rs. 4.59 in March 2022.

Key Points:

 

1. MapMyIndia invests in Indrones, to jointly offer drone-based solutions in mapping, inspection. Through this investment, MapmyIndia aims to produce high-definition and 3D maps for its consumer-facing app Mappls based on drone-collected data.
2. MapmyIndia provides foundational and comprehensive digital maps across India. It has advanced maps representing the real world in 2D and 3D updated continuously in near real-time for place updates, location-based events, safety alerts, changes in road conditions, live traffic, and weather. Company also builds and releases digital maps for countries outside India, such as Sri Lanka, Bangladesh, Nepal, Bhutan, Myanmar, UAE, and Egypt.
3. The company is the only service provider in India of services such as Map, Location and Navigation Platforms, GIS, Geospatial Analytics and Geo-AI Products and Platforms, Location-based IoT, Fleet, and Workforce Automation Products and Platforms, Develops APIs and SDKs, N-CASE Automotive and Mobility Tech Solutions Suite, Location-powered Consumer Tech and Enterprise Digital Transformation.
4. Its digital map data provides location, navigation, analytics, and other information for 7,933 towns, 6,37,472 villages, 17.79 Mn places across many categories such as restaurants, retail shops, malls, ATMs, hotels, police stations, electric vehicle charging stations, etc., and 14.51 Mn house or building addresses.
5. The company's 'RealView' maps provide actual roadside and on-ground views based on over 400 Mn geo-referenced photos, videos, and 360-degree panoramas across India.
6. MapymyIndia has also entered into various MOUs with key government organizations such as the Indian Space Research Organisation (ISRO), NITI Aayog, National eGovernance Division, Ministry of Electronics and Information Technology, and Government of India. Its clientele include PhonePe, Flipkart, Amazon, Amazon Alexa, McDonald’s, MG Motors India, Umang App, Paytm, Eatfit, Bajaj Auto, Maruti Suzuki, Nissan and.
7. MapmyIndia has reimagined and reinvented ‘Mobility & Maps’ to build its C.A.S.E. suite of automotive solutions powered by the INTELLIGENT DIGITAL VEHICLE TWIN and LIVE 4D DIGITAL MAP TWIN OF THE REAL WORLD. These will convert your vehicles into intelligent travel companions using Talking Vehicle Tech.
8. MapmyIndia has partnered with NTT DATA Corporation a global IT solutions provider, to develop India’s first large-scale 3D map datasets, named AW3D India.
9. Bajaj Finserv also partnered with MapMy India enabling their customers to explore nearby merchant stores using Mappls SDKs.
10. Apple has also partnered with MapMy India to use various services provided by the company in its Apple Maps. Apple Maps uses MapmyIndia’s Smart Place Picker to place pins on the map & locate places of interests like house addresses, restaurants, fuel stations, financial institutions, ATMs & many more. It uses MapmyIndia real-time traffic flow information for enabling hyperlocal navigation, accurate ETAs & optimize routes based on live traffic.
11. The company’s Mappls SDKs help Nissan map accident blindspots to make Indian roads safer for everyone.
12. Bajaj Auto is offering the future of mobility to their customers with MapmyIndia’s Maps and EV Chargers SDK.
13. Alexa natively integrated Mappls Location APIs to answer nearby location queries in real-time.
14. Mappls Map APIs power map services in GoI’s UMANG app to help citizens find nearby government facilities.
15. MG Motor India is now offering its vehicle owners a nextgen driving experience with Mappls' Navigation Suite.

In last 3 months the stock gave a return of 38.85% as compared to the rise of Sensex and Nifty in the same period.

The India GIS software market size was valued at $0.11 billion in 2018, and is projected to reach $0.39 billion by 2026, growing at a CAGR of 16.2% from 2019 to 2026 and is anticipated to grow at a significant rate due to factors such as increase in demand for GIS solutions in the transportation & logistics sector, rise in role of GIS software in the development of smart city projects & urban planning, and proliferation of spatial data across India and Map My India is not only market leader but almost the lone player in the entire sector considering the Indian company (excluding Google). Company is well poised to enjoy the highest market share in Navigation and other related services as India geographic information system (GIS) market size has already reached US$ 473.9 Million in 2022 and having the further growth potential of the industry in upcoming years. Mutual Funds have increased their holdings by 1.3% in the last quarter to 3.6%. Considering company’s financial performance, long term partnerships with industry leaders, leadership position in its segment backed by the growth of the industry as a whole in upcoming years, the company is a good to have in portfolio for long term period. 

 - HET ZAVERI

- info@smartinvestment.in 

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