Shares of CE Info Systems or MapmyIndia surged over 6% after the Geotech startup announced all-time high revenue, Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) and net profit during the June-September quarter, helped by positive momentum across business verticals.

In Q2FY23-24, the company’s consolidated profit after tax increased by 30.4% year-on-year to Rs 33.1 crore from Rs 25.4 crore in the corresponding quarter last year. On a sequential basis, the company’s profit grew by 3.4% from Rs 32 crore in the quarter ended June 2023. 

Operating revenues of the company were up 19.4% to Rs 91.1 crore in the quarter from July to September from Rs 76.3 crore in the corresponding quarter of the previous fiscal. The revenue grew by a mere 1.9% on a quarter-on-quarter basis, 

MapmyIndia managed to bring down its expenses from Rs 55.8 crore in the previous quarter to Rs 54.6 crore in the second quarter, driven by the decline in the total cost of materials. This also led to strong margins and profit growth in the quarter under review.

Shares of MapmyIndia rose to an intraday high of Rs 2,211, up 6.1% from the previous closing price on the National Stock Exchange (NSE). The scrip closed 1.54% higher than the last close at Rs 2,115. 

Started in 1995, CE Info Systems is India’s first digital mapping company offering services such as Map as a Service (MaaS), Software as a Service (SaaS) and Platform as a Service (PaaS) in Automotive and Mobility Tech and Consumer and Enterprise Digital Transformation segments.