MapmyIndia shares down by 11%- Q3 result
MapmyIndia has the leading market share of 95 % in ‘GPS Navigation’, in India.
MapmyIndia, that’s the brand name of CE Infosystems reported a decrement of 14 percent in its consolidated profit after tax at Rs 18.5 crore of quarter three, December 2021.
The company has brought together PAT(Profit after tax) of Rs. 21.59 crore in the same period, in the early year, 2020.
Consolidated revenue falls down to around Rs. 43.3 crore this third quarter. This is an 11 percent down hit in its revenue.
Currently, the stock was trading at its lowest level since its market debut on December 21, 2021.
The company said that sales of automotive OEMs were hit because of a shortage of semiconductors, which impacted the business. The company said that as the supply chains recover, quarterly revenues are likely to normalize and cover up.
“We are seeing that happen in this quarter to the company. Also, more new vehicle models pre-installed with MapmyIndia Maps and technologies are going live this quarter, further helping growth in the time to come,” the firm said as per reports.
MapmyIndia of CE Infosystems is India’s one of the leading providers of private comany of advanced digital maps (2D,3D,4D), geospatial software and location-based IoT technologies.
It offers Navigation, Tracking, Analytics services, advanced GPS Tracking devices. It is serving over 500 enterprise customers across 3 major categories – corporate, automotive, and government. Some of the marquee names include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, Avis, Safexpress, GST Network, etc. It is covered 95 % market share on ‘GPS Navigation’ in India.
