Indian stocks, especially the tech giants, are going through a rough phase like most parts of the world, partly due to the volatile market due to the current geopolitical situation.
Shares of digital map providers CE Info Systems or MapmyIndia in such companies have remained strong since the date of listing. The company’s stock closed at 2.03% on Thursday 1,505 on the NSE and the shares have risen nearly 7% in the last five days as losses in other tech stocks continue.
MapmyIndia, which powers Apple Inc.’s maps in the country, was valued at $1.12 billion, up 54% from its IPO value since its market debut in December. 1,033 per share. However, the company’s shares made gains to close the day of listing. 1,394 each. In comparison, MapmyIndia stock is currently up 8% higher. At the same time, shares of other Indian tech companies such as food-delivery firm Zomato, cosmetics e-commerce player Nykaa, and fintech firms Paytm and Policybazaar are down 35% to 50% from their first day’s close.
MapmyIndia reports a decline of nearly 14% in its Consolidated Profit After Tax (PAT) 18 crores for the quarter ended December 2021. Consolidated revenue from operations also fell nearly 11% 43 crore during the quarter. Despite the miss in third quarter numbers, MapMyIndia is one of the few tech companies that is profitable.
The company’s EBITDA (earnings before interest, tax, depreciation and amortization) was flat at 35.9% sequentially during the third quarter.
“During the third quarter, and for the first nine months of FY22, we managed the Company in a financially prudent manner, focusing on profitable growth during the year, while continuing to innovate across our technologies, products and platforms. and continues to investigate. and is focused on expanding our reach to customers,” MapmyIndia Chairman and Managing Director Rakesh Verma said in a statement then.
However, one should pay attention to higher valuations as the company has a price-to-sales ratio of more than 50.
One thing in its way is its presence in diverse markets including e-commerce, logistics and auto etc. Established in 1995, the company has more experience than other tech peers, with family holding majority stake and a strong order. Handbook. MapMyIndia currently has a market cap of around $1 billion ( 8,009 crore)
Recent policy changes easing rules on the collection and use of high-resolution geospatial data could augur well for the company, even if the domestic digital mapping space risks high competition.
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