MapmyIndia: Margin slippage in the quarter doesn’t change our bullish stance

Strong EBITDA margin and double-digit revenue growth make the business attractive.

PRO Only Highlights
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Quarterly performance largely backed by improved realisations
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Medium-term triggers China plus and protectionist measures for tyre industry
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Valuations not inexpensive; but improved medium-term outlook

Highlights  Strong yearly & sequential revenue growth Rs 16 crore standalone revenue contribution by Gtropy Sales & promotion activity increased, spent 5 percent of revenue in 2Q23 IoT device sales to impact margins in the near term The investment case is intact, valuation attractive MapmyIndia (CE Info systems; CMP: Rs 1315.25; Market Capitalisation: Rs 7,057 crore) has reported strong revenue growth, led by a two-fold jump in Gtropy (GPS-based fleet management company) revenue and better-than-expected performance by mobility and consumer tech segments. Revenue tailwinds from Gtropy…

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