Dear Shareholders,
I feel pride in presenting the 29th Annual Report for FY 2023 - 24 of CE Info Systems
Limited.
Firstly, I would like to thank all our stakeholders for their continued support towards
helping us on our mission to build and bring the benefits of digital map data products and
location-based technologies to everyone. We have been able to leverage our unique mix of
an advanced products-and-platforms suite, robust base of intellectual property, strong
management vision and innovative technological & digital capabilities to provide top
quality products to our customers.
In 2023, we had outlined a 5-year vision of the Company's growth to the investor
communities through a dedicated meet which was well attended and appreciated. We are
putting in place the requisite foundations that will drive long-term success of the
company. As such, I am pleased to report that we continue to see sustained traction across
all four of our customer segments – automotive, enterprise, government &
mobility. Furthermore, we are also incubating several products and business lines that we
expect to become very material in the near future, and we want to ensure we are a catalyst
in transforming the future and servicing those use cases as they emerge. These include
drones, B2C and international markets, among others.
We are also delighted with the surge in interest and usage of our consumer-facing
Mappls Mapmy India app amongst users, which resulted in Mappls App becoming the top app in
the app store in the second half of 2023. This bodes well for the B2C future of the
company, in addition to the B2B and B2B2C markets where we have been traditionally strong.
Our Mappls app has crossed over 20 Million lifetime downloads, a majority of which
occurred during FY23-24. We have been consciously investing into sales and marketing in an
active effort to boost engagement with and awareness of our product suite and are happy to
see the positive reception by the public.
Moving onto the key highlights of the year, I am extremely proud to announce that
MapmyIndia was given the privilege for the G20 VIP cavalcade movement planning &
monitoring. Furthermore, we supported the Delhi government for the planning and traffic
routing of the Republic Day celebrations in NCR. We also won a landmark project worth
~Rs. 400 Crores for Hyundai and Kia Cars OEM Business in India. We greatly appreciate
the trust placed in our capabilities and will continue to work with our partners to ensure
the highest quality of service.
Coming to our inorganic investments, we have further increased our stake in Kogo Tech
labs to a net holding of 40.17%. We are highly bullish on Kogo, a B2C gamified
social travel commerce platform, that will create a strong foundation of users and allow
us to further integrate our services and offerings in the B2C market.
We continue to rely on our 3 pillars of technology- namely Maps, IoT and Drones- to
separate our offerings from the rest of the pack. Our drone business in particular has
witnessed strong traction, aided by favorable government policy and the investment in
Indrones solutions. While we are currently using drones as an internal research tool, we
have no doubt that the increasing spotlight towards drones paired with the fantastic
addressable market will ensure we are positioned in the right place at the right time to
capitalize on this.
Our order book has displayed fantastic growth as per usual and is expected to be a
cornerstone of stability for our financial security in the years to come. Our order book
has been strongly growing for over 3 years now, and this gives us the confidence to look
towards the future and provide assurance of our growth trajectory in the years to come. In
FY 2024, we worked with 880+ enterprise customers.
On the operational side of things, I am pleased to inform you that we generated total
revenues of Rs. 417.6 Cr. in FY24, registering a healthy growth of 32% YoY
over FY23. The Operating Profit (EBITDA) was Rs. 156.2 Cr. for the year, an
increase of 33% YoY. Our Net Profit (after-tax) for the year stood at Rs. 134.4
Cr., reporting growth of 25% YoY. Our open order book as of April 1st 2024
stands at Rs. 1,372 Cr., up 49% from Rs. 918 Cr. in FY23. Our balance
of Cash and Cash Equivalents stands at Rs. 557.3 Cr. as of 31st March 2024. We plan
to utilize this balance to continue optimizing our operating model, reward our loyal
shareholders as well as focus on growing our business into new segments through organic
and inorganic expansion. Additionally, our Return on Capital Employed (ex-cash) stands at 105%,
a strong indicator of our highly efficient business model that is self-sustaining,
allowing us to invest heavily into R&D and product development.
In conclusion, I would like to thank my fellow directors for guiding our Company amidst
this challenging operating environment. I would also like to thank all of our personnel
and management that continue to strive at excellence, allowing MapmyIndia to always stay
at the edge of innovation and create new opportunities. We have been able to contain the
industry-wide problem of attrition through job satisfaction, upskilling and converting
more employees into a permanent role. Finally, I offer my thanks to our customers,
consumers, business partners, suppliers, shareholders, and other stakeholders for their
continued trust in your company.
I look forward to the years ahead as we work together towards building a Company that
benefits all stakeholders. Here's to transforming the future.
Sincerely,
Rakesh Kumar Verma
Co-Founder, Chairman & Managing Director,
C.E. Info Systems Limited