CE Info Systems Ltd
NSE:MAPMYINDIA
| US |
|
Johnson & Johnson
NYSE:JNJ
|
Pharmaceuticals
|
| US |
|
Berkshire Hathaway Inc
NYSE:BRK.A
|
Financial Services
|
| US |
|
Bank of America Corp
NYSE:BAC
|
Banking
|
| US |
|
Mastercard Inc
NYSE:MA
|
Technology
|
| US |
|
UnitedHealth Group Inc
NYSE:UNH
|
Health Care
|
| US |
|
Exxon Mobil Corp
NYSE:XOM
|
Energy
|
| US |
|
Pfizer Inc
NYSE:PFE
|
Pharmaceuticals
|
| US |
|
Palantir Technologies Inc
NYSE:PLTR
|
Technology
|
| US |
|
Nike Inc
NYSE:NKE
|
Textiles, Apparel & Luxury Goods
|
| US |
|
Visa Inc
NYSE:V
|
Technology
|
| CN |
|
Alibaba Group Holding Ltd
NYSE:BABA
|
Retail
|
| US |
|
3M Co
NYSE:MMM
|
Industrial Conglomerates
|
| US |
|
JPMorgan Chase & Co
NYSE:JPM
|
Banking
|
| US |
|
Coca-Cola Co
NYSE:KO
|
Beverages
|
| US |
|
Walmart Inc
NYSE:WMT
|
Retail
|
| US |
|
Verizon Communications Inc
NYSE:VZ
|
Telecommunication
|
If you don’t study any companies, you have the same success buying stocks as you do in a poker game if you bet without looking at your cards.
Utilize notes to systematically review your investment decisions. By reflecting on past outcomes, you can discern effective strategies and identify those that underperformed. This continuous feedback loop enables you to adapt and refine your approach, optimizing for future success.
Each note serves as a learning point, offering insights into your decision-making processes. Over time, you'll accumulate a personalized database of knowledge, enhancing your ability to make informed decisions quickly and effectively.
With a comprehensive record of your investment history at your fingertips, you can compare current opportunities against past experiences. This not only bolsters your confidence but also ensures that each decision is grounded in a well-documented rationale.
Do you really want to delete this note?
This action cannot be undone.
| 52 Week Range |
1 538.1
2 531.5
|
| Price Target |
|
We'll email you a reminder when the closing price reaches INR.
Choose the stock you wish to monitor with a price alert.
|
|
Johnson & Johnson
NYSE:JNJ
|
US |
|
|
Berkshire Hathaway Inc
NYSE:BRK.A
|
US |
|
|
Bank of America Corp
NYSE:BAC
|
US |
|
|
Mastercard Inc
NYSE:MA
|
US |
|
|
UnitedHealth Group Inc
NYSE:UNH
|
US |
|
|
Exxon Mobil Corp
NYSE:XOM
|
US |
|
|
Pfizer Inc
NYSE:PFE
|
US |
|
|
Palantir Technologies Inc
NYSE:PLTR
|
US |
|
|
Nike Inc
NYSE:NKE
|
US |
|
|
Visa Inc
NYSE:V
|
US |
|
|
Alibaba Group Holding Ltd
NYSE:BABA
|
CN |
|
|
3M Co
NYSE:MMM
|
US |
|
|
JPMorgan Chase & Co
NYSE:JPM
|
US |
|
|
Coca-Cola Co
NYSE:KO
|
US |
|
|
Walmart Inc
NYSE:WMT
|
US |
|
|
Verizon Communications Inc
NYSE:VZ
|
US |
This alert will be permanently deleted.
CE Info Systems Ltd
You don't have any saved screeners yet
Good evening, ladies and gentlemen. I'm Vidya, moderator for the conference call. Welcome to C. E. Info Systems Q3 FY '23 Earnings Conference Call hosted by DAM Capital Advisors Limited. [Operator Instructions] Please note, this conference is recorded. I would now like to hand over the floor to Mr. Anmol Garg from DAM Capital. Thank you, and over to you, sir.
Thank you, Vidya. Good evening, everyone. On behalf of DAM Capital, we welcome you all to Q3 FY '23 conference call of C. E. Info Systems or MAPMYINDIA. We have with us Mr. Rakesh Verma, Co-Founder and CMD of the company; Mr. Rohan Verma, CEO and Executive Director; Mr. Anuj Jain, CFO of the company; and Mr. Saurabh Somani, Company Secretary and Compliance Officer. Now I will hand over the call to Mr. Rakesh Verma for his opening remarks. Thank you, and over to you, sir.
Thank you, Anmol, and I would like to welcome all the participants today for the earnings call of MAPMYINDIA for the Q3 FY '23. Let me start the note on a happy note in a way that Q3 FY '23 MAPMYINDIA delivered another strong performance with quarterly revenues up 56% year-on-year to INR 68 crores; EBITDA up 67% to INR 28 crores; PAT up 61% to INR 30 crores.
EBITDA and PAT margins both expanded in Q3 FY '23 on a quarter-on-quarter as well as on year-on-year basis, with EBITDA margin at 41.1% and PAT margin at 38%. Upselling and cross-selling of our products and solutions to existing and new customers continue, which bodes very well for the future of the company. Let me now talk about the Q3 performance itself a little bit more, let me give you the color.
The focus of the management in Q3 has been on continuing the growth trajectory in revenues year-on-year while ensuring expenses are optimized and calibrated to see the company's overall goals of growth and profitability are maintained. One question that always comes up related to effective tax rate? So the effective tax rate was lower than 25% in Q3 due to the reason of nix tax on unrealized gain as well as -- unrealized gain of INR 4.23 crores towards revaluation of investments, carried at fair market value under the head of other income.
Also, the lesser rate of tax applicable on capital gains than on business income. The EBITDA margin was higher in this quarter due to lower marketing expenses. Just to give you a number. Q3 year-on-year revenue, as I said before, is up 56% to INR 68 crores. EBITDA is up 67% to INR 28 crores. EBITDA margin at 41.1%; PAT up 61% to INR 30 crores; and PAT margin at 38%. So this will give you a good idea about what's happened in Q3. But all the time, we have been talking about that due to the nature of business of MAPMYINDIA, our seasonality and lumpiness -- the best way to understand MAPMYINDIA's performance is on a year-on-year basis for the same period.
So if we look at the 9-month period, which closes with Q3, year-to-date -- year-on-year, what we have achieved is on the 9-month -- year-on-year revenue is up 46% to INR 209 crores; EBITDA up 41% to INR 88 crores; and PAT up 22% to INR 79 crores. EBITDA margin for a 9-month period is 42.3% and PAT margin at 33.9%. So with this, we can see that we have maintained the EBITDA margin between 40% and 45%, which we have talked in the past. We have grown on revenue to 46%, which we talked about -- which we have talked about in the past that we definitely want to achieve a 40% growth in the revenue.
One of the other questions that has risen in the past is a lot about this Gtropy. We thought we would like to give you a very clear picture on what that is like. So to give you a background, the company has been engaged in IoT-led products and business for over 5 years. And to scale it up, it acquired 76% of Gtropy to scale up our business faster as there is a large market opportunity. Even though Gtropy is a separate company, the way to look at it is as a division of the company and to look at the consolidated IoT business.
High growth in IoT business compresses margins initially and device hardware has lower margins, but starts creating high-margin SaaS revenue in future, typically 12 months down the road. The 9 months fiscal year '23 revenue from Sale of Hardware increased to INR 31.8 crores year-on-year from INR 10.7 crores in the 9 months fiscal year '22 period.
If you want to look at or understand what was it like in the half year of FY '23, the hardware sale was INR 20.4 crores. So from INR 10.7 crores for the last year to INR 20.4 crores in the half year to 9 months this year INR 31.8 crores. Now the sale of map data and services including royalty, annuity, software and projects called MaaS, PaaS and SaaS and subscription, IoT business has given a subscription of INR 12.4 crores. So the IoT business of the entire company has been a revenue of INR 44.1 crores.
The revenue from the Map-led business is INR 164.9 crores, making it a total of INR 209 crores. Just to repeat it, revenue from operations from IoT-led business is INR 44 crores, and from Map-led business is INR 165 crores, making it a total of INR 209 crores for the 9-month period.
EBITDA. Now the IoT-led business comes out to INR 0.4 crores and for Map-led business comes out to INR 88 crores. What it translates into margin is the EBITDA margin for IoT-led business is 1% and the EBITDA margin for Map-led business is 53%, giving a consolidated figures of 42%. So this probably will help you understand what has happened to the -- how we are looking at the IoT-led business and Map-led business.
Also, I would like to share with you that the 9-month fiscal year '23 revenue from SaaS subscription for IoT-led business increased to INR 12.4 crores year-on-year from INR 4.1 crores in the 9-month period of fiscal year '22. And if you look at the half year that went by, it was INR 6.5 crores. So there's a sharp increase in the subscription that we are getting as a SaaS -- logistic SaaS revenue or IoT business from INR 4.1 crores of last year to INR 6.5 crores for half year to INR 12.4 crores in the 9-month period.
So also as I shared with you that the EBITDA margin of the Map-led business is quite -- remains as strong as it was before at 53% and EBITDA margin for IoT business is 1% giving an overall 42% margin. With this, I request Rohan Verma to talk about how this -- these revenues are broken and the market segment and the rest of the clarification for understanding.
Thanks, Mr. Verma. So just opening remarks from my side as that in Q3 FY '23, revenue growth continues to be broad-based with A&M, meaning Automotive & Mobility Tech revenue up 45% year-on-year and C&E, Consumer Tech & Enterprise Digital Transformation revenue up 76%. This is on the market side. And on the product side, Map & Data was up 78% and Platform & IoT was up 51%.
And for the 9-month FY '23 year-on-year, A&M revenue was up 51%, C&E revenue was up 40%. And similarly, Map & Data was -- revenue was up 39%, and Platform & IoT revenue was up 50%. So -- whether for the quarter or the year, business is on a strong trajectory. And as Mr. Verma talked about as part of our financial discipline, we calibrated our marketing expenses down during the quarter, aiding in the company's profitability and were able to leverage the previous quarter's marketing expenditure to generate revenue and order book growth.
So on the A&M side, some of the qualitative business updates is that on Automotive NCASE, our sales for the company have outperformed the automotive OEM industry volume growth. That is more attach rate of more number of vehicles for our NCASE solution, vis-a-vis the rate of growth of vehicles that have been sold in the market in general.
A large new 4-wheeler EV OEM entrant into the Indian market signed up for our NCASE solution and also large 4-wheeler OEM that we had -- that was already sold out to our NCASE solution was upsold for the ADAS use case. A very large 2-wheeler OEM has signed up for our NCASE solution. That's -- and multiple other 2-wheeler EV OEM start-ups have signed up for NCASE solution. So we continue to get more wins and more go lives.
On the mobility side, taxi cab company is signing up for our Video Telematics solutions to monitor their cabs and also ensure safety for their drivers and customers and high-value goods-carrying company is signing up for our fleet security solution consisting of GPS, mobile digital video recorders, electronic locks, all combined on the same vehicle to provide security. So overall, our Automotive & Mobility revenue 9 months has gone up to INR 112 crores from INR 74.3 crores in 9 months of FY '22 and was at INR 40 crores in Q3 '23 versus INR 27 crores in Q3 FY '22.
On the C&E side, we signed up -- I mean, we signed a multiyear extension of our contract with a big tech company as well as an existing large marketing ad agency customer who was already using us, was upsold on our Micro-Geo-demographic Analytics Data Set for more and more cities. Two large banks and fintech companies signed up for our workforce & workflow monitoring, management, automation solutions, what we call our digital transformation platform and a large F&B restaurant chain signed up for geospatial analytics for store expansion and planning where to open more restaurants, more outlets, et cetera.
And multiple tech-enabled companies, whether it's famous used car platform that is well known in the market or a D2C meat/food delivery brand as well as an enterprise CRM SaaS company, they all signed up for our APIs and SDKs switching from the competition. And on the government side, we continue to have multiple wins, including smart city wins for Drone Data Acquisition, Enterprise GIS, Integration With Command and Control Centres and Digital Address System as well as state government level wins for Drone Data Acquisition, Large Scale Mapping, Ambulance Monitoring for medical emergencies, et cetera.
And as a result, our C&E revenue is up 40% for the 9 months, up INR 97 crores in the first 9 months of FY '23. On the product line-wise side, the business updates are, like I said, broad-based growth across all the products, and we continue to innovate to release newer and newer products, and new features across categories. So whether it's at Map & Data, the core, foundation map that we have for the country or a geo-analytics data sets or the 3D metaverse & 360-degree RealView Maps, HD Maps or a platform such as NCASE for automotive, digital transformation platform, APIs/SDKs, our portfolios for IoT, hardware and software for logistics or mobility as well as our geospatial platform & drone-based solutions. So all innovation going on across all the categories, and we are very happy to see new use cases and new customers upselling/cross-selling happening for them.
And also now, interestingly, our consumer B2C App, which we haven't talked about much in the runup to the IPO. We haven't been talking about it much even post the IPO. But that's becoming an increasing focus, good prospects lie ahead for our consumer app and B2C business based on recent pro-competition actions that are happening by Competition Commission of India and Supreme Court. I think, with that, I like to kind of conclude, and we can take questions.
[Operator Instructions] First question comes from Mr. Anmol Garg from DAM Capital.
Congratulations on the strong margin performance. So firstly, I wanted to ask on the auto business. So auto business, for this particular quarter, if you look on a Y-on-Y basis, looks a little bit weaker. So if you can explain what is the reason for the same? That is the first question.
And second, I wanted to ask that we have acquired some stake -- a minority stake in a few of the companies, which are itself in very small sizes. So what is the main strategy behind the same?
Anmol, just can you clarify what you mean by automotive looks weaker year-on-year, it's been pretty strong performance.
So automotive, if I compare the third quarter revenue for automotive with respect to the previous year third quarter?
See, first of all, if you look at automotive year-on-year for the quarter, it's gone up from INR 27.7 crores to INR 40 crores A&M, so about 45%.
Right. And if you can also highlight on the quarter-on-quarter what lead to update of decline in the automotive business?
Quarter-on-quarter, like we've always said, there is a seasonality in the company, but Q1 and Q3 are typically lower than Q2 and Q4. In automotive, specifically, the buildup of automotive happens in Q2 because that's when the manufacturers are building up their inventory for festive season. So those are two ways you can kind of think about this and also that will give you some idea.
Sure. And secondly, if you can highlight your strategy behind acquiring small...
So the main investment that we are talking about for this quarter, there's two -- the main one is in this drone company called Indrones which the Board has currently approved, today, that we can go ahead and invest up to INR 7 crores for 20% stake in this company. And there are good reasons why we are getting deeper into the drone sector. Anyway, MAPMYINDIA as part of our own products requires drones for our own mapping activities, but also it's synergistic with our overall offering of geospatial and IoT when added on drone [indiscernible] and offer various solutions to various set of customers. So we were looking for the right -- we found an interesting company in which to invest in and partner with closely.
I think, Anmol, if you're asking about we have invested in few companies, small, small amounts. Is that your question? Then what is the strategy for that?
Yes.
Okay. When we make investments, our whole objective is how it will help MAPMYINDIA's business by itself. That's the strategy behind it. We take care of that, and then we make the investments. So just now, Rohan talked about Indrones. Previously, we did Gtrophy. We have done -- after that, we did Kogo, all these are part of how -- that these investments will help lead to MAPMYINDIA's overall business.
Yes. I mean, essentially, it is -- so each investment obviously has its own specific thesis, but what Mr. Verma said, how does it help our company. In the case of the other two companies, E-Chargeup and Cusmat, these are companies that we had put in some small money in even before the IPO had happened. And there's a further investment that we have done and the idea is, one of them is in the space of AR/VR immersive, metaverse-based training and solutions and the other is in the smart energy network, EV mobility, EV-related fintech category. And if you look at any of these companies, maps and IoT solutions that we have, have a use case in addressable market. So it becomes a good way for us to participate in and expand our addressable market, and go deeper with particular partners in particular areas. So that's for the specific these two along with Indrones that we are talking about today.
The next question comes from Darshan Engineer from Alchemy Capital.
There is no response. I will move on to the next question.
Next question comes from Shobit Singhal from Anand Rathi.
Congrats for the good set of numbers. So my first question is on order book year-to-date if you can share? And how many clients we've added in both our segments till now?
On the order books, we have always maintained that. It's on a yearly basis that beginning of the year, we'll disclose what is the order book during the year and what is the open order situation. That's the way I think our business will be understood better. Otherwise, there's will be a lot of confusion also of anybody's understanding.
Yes. We have tried to give every quarter an update on the new set of customer wins by sector, by use case to give you a kind of a continuing update on what type of customer wins and what type of new order book is being built. But as a metric and the number, we will report it at the end of the year. So you can refer to A&M business update and C&E update -- business update to see what type of customers we are getting into activity.
Okay. Sure. And second question is with respect to recent ruling on Google. And after the ruling, so they have done some changes also, they have started making. So what does it look like for our company? And are we doing some discussion with smartphone OEMs as well now?
We purposely -- as we were coming to the public markets. After that, we've never really talked about [ B2B ] business. We've been focused on just the B2B and B2B2C part of our business and that stands on its ground very strong, very growing as you see with the numbers. This -- on B2C, we've always maintained that look in the right way at the right time. We will look at the business opportunity there. Our focus has been to build a really good B2C product, which if you use the Mappls app, M-A-P-P-L-S of ours, you'll find it to be much better than Google Maps in many, many ways.
The good thing is the CCI has taken action, given an order against Google in October saying that they have been conducting anti-competitive activities. CCI has them to make a lot of changes to the way they do business, so that they cannot constrain the ecosystem. And Google attempted to go to NCLAT and there, they didn't get the relief. They went to Supreme Court. Even there, they didn't get the relief. And they have been -- they are basically having to change the business, pending their appeal.
So we want to see, first of all, that all the CCI directives are implemented in full by Google because that will truly open up the ecosystem. And based on how the situation develops, we will look to what our strategy should be for the B2C business, who to talk to, what to do, et cetera. For now, core focus is to make sure the ecosystem opens up for consumer app alternatives such as ourselves.
Okay, understood. And sir, my last question is on -- so there was some news that Ola is also about to launch its in-house navigation system for their vehicles. And I think that they are our clients as well. So what is your view on this?
They are still using our maps. So I mean -- as we've said before, it's really not very easy to build maps. So I think we'd like to see the [indiscernible].
The next question comes from Moez Chandani from Centrum Broking.
Congrats on a good set of numbers. Two questions from my side. Firstly, your C&E segment growth has been very strong this year -- this quarter. So is there any specific client that -- specific new client that's driving this? Or is it just an increase in volumes from existing clients that's driving the growth?
It's a question of both and also it's a little bit base effect from the previous years, Q3. Previous year Q3 on C&E was not so great. So it's combination of those cases. If you look at the overall -- over the course of the years, we have a good sense of how our revenue will pan out, but yes, it is a fact that we are able to accelerate now more use cases on the C&E side, especially if you look at some of the things we've tried to highlight in the customer wins, you'd have seen a bunch of state government, smart city wins and then these tech-enabled companies or the traditional kind of banks. So, yes, combination of both and that base effect from the previous year.
And also, if I can understand better, why is the seasonality in the C&E business? Because auto I can understand because of inventory, but C&E should be fairly smooth year-on-year, right?
I know, it depends. There are some contracts where our deliveries that are revenues are on specific quarters. So hence, I mean, there is, of course, some base load and then there are some ones that affect the lumpiness in C&E.
Okay. Also my second question was on your margins. So can you give some color on how your marketing and cloud communication spends are going to be going forward? Do you expect these spends to increase or you think this is more of a steady state in terms of where you are in your marketing and cloud expenses?
See, actually, we really monitor and calibrate our spends, okay? I'm talking about the marketing side first, I'll talk about cloud second. Market -- we are able to calibrate up and down based on what our objectives are. So our objectives also include keeping an eye out on what kind of financial discipline we want to maintain in the company, what kind of growth and profitability goals we have. So every quarter, we kind of take a view on that on how much to spend on marketing. And if there's anything out of the normal, we will, of course, kind of -- we will talk about it.
So -- and on the cloud, basically, there are ways and means -- being a technology company, we figure out ways to optimize that cost. And -- but in general -- I mean, in general, of course, we also believe that our cloud costs will go up over the time, but probably not commensurate with the -- I mean that's the optimization we're trying to do to make sure that we get leverage on our technology spend also.
The next question comes from Harsh Mulchandani from [ Kriis ] Portfolio.
Sir, I have just one question on understanding the remeasurement of investments. So these are all the investments which we have made across portfolio companies, and you will -- even in future, we'll see these readjustments happening through P&L because of an accounting entry. Is that understanding correct?
Yes, that's right. I mean the revaluation is happening basis on recent loans that they have raised of all -- and the valuation reports that we received, the lower of whichever is the number. So it's fair market value.
Sorry, sir. Sir, just to confirm, it's lower of cost or fair market value or -- correct, right? So we readjusted it because your market value has increased, but still it is below cost?
No, no. Look, if a new -- let me put it this way, if a new investment happens in that company, then the valuation at which that investment happened that's one. The fair market valuation report that we get, the lower of those, two.
Okay. Okay. Got it. And if there is no subsequent investment which you are making, then in that case, you will not make any adjustments?
So even if we are not making subsequent investments, but if that company has gone through a new investment, additional investment, then we will look at what is the current valuation of that company based on market -- based on valuation and the investment that is made.
Okay. Got it. Got it. And there will -- sir, just to put it in simplistic terms, only if there is a subsequent funding around, that is when you will make these adjustments, otherwise not, irrespective of you putting the money or a third-party investor putting down?
Normally, yes. If the new funding happens, then only we think about it normally.
[Operator Instructions] Next question comes from [ Pavan ], an individual investor.
Sir, I have been reading a lot of things about the Google things versus our MAPMYINDIA things here. So as a retail investor, do we have anything we need to worry about like on the competition because I'm hearing they are a very big players in the market and we are -- still we are not convinced with the way that Google is moving on? Any comments, sir, anything that you can add?
Yes. I would say that -- I mean, like I said, we've only focused on the B2B and B2B2C part of our business when we -- in the run-up to the IPO and even post-IPO. This Competition Commission activity, Supreme Court activity, these pertain to B2C market opportunity, where MAPMYINDIA -- the market is opening up for us to also have a foray in our B2C side. So I would say two things as the retailer investor, one use MAPPLS app, get more people to use MAPPLS app and be this -- if things go well, this opens up a new opportunity for your company.
The next question comes from Pavan Kumar, an individual investor.
Sir, I want to know your dividend policy. Last year, you paid INR 2. So I want to know like what's your dividend policy, sir?
We have a dividend policy as part of the corporate governance where the Board looks at the end of the year what dividend we should be paying? And there are a few factors that the Board look -- will look at it. One is what is the requirement of the cash that we need for our portfolio investment -- investors, like -- to be very specific, we have invested in 3 -- definitely 3 very strategic investments; Gtrophy, Kogo and what we did today, Indrones. So they are directly going to impact or help in MAPMYINDIA's business. So we have to look at what may be the requirement for that.
The second is for our further growth of the company, we may look at some more additional investment opportunities in the areas, which are related to our business. That's the second bucket.
And the third bucket is also what is required for -- the normal requirement and safe requirement for the business of our company. So considering these 3 factors, the Board will look at how much dividend to pay, definitely will be paying dividend. How much to pay is something that the Board will take a call in the next Board meeting, which should happen in May when we declare the new earnings call -- in the next -- that earnings call.
The next question comes from Bhavya Doshi from Kriis PMS.
Sir, sorry for asking that question again, but I wanted to understand, Bhavish Aggarwal tweeted because you have acquired one company, GeoSpoc, Ola has acquired one company, which is into this mapping. So just trying to understand, like you alluded like it is not easy to build maps but has there any been like indication probably their wanting to switch or will we still be part of their ecosystem or something around that, any thoughts regarding that, sir?
As of now, neither Bhavish nor Ola has communicated anything to us, and we have a contract with them where we are working with them. So they have acquired a mapping company. Let's see, let's watch out what happens. As Rohan said, it's not that simple to make maps.
We have a follow-up question from Darshan Engineer from Alchemy Capital.
There is no response. I will move onto the next question.
Next question comes from Kevin Gandhi from CapGrow Capital.
Sir, my question was part of the B2B platform business, like the prospects of the B2B platform business because as per my understanding, in the B2B2C platform business, Google seems to be dominant player. So what are the prospects that we are looking into the B2B platform business as of now. And if you can share the total addressable market and what lies ahead for the segment?
Google is dominant in B2C, Kevin, direct to consumer, not in B2B2C. So that's one point. Our market, we have kind of explained before is A&M, C&E, automotive & mobility tech, all consumer tech and enterprise digital transformation where our various -- variety of products and solutions, products platforms, maps, software, APIs, they go to many, many sectors. And the addressable market for this Government of India themselves have said by 2030 we will be a $14 billion market across [indiscernible] during the IPO process that put out the report. It's there in our investor presentation. The second half of the entire PPT talks about that, so I will direct you to that.
[Operator Instructions] Next question comes from Manoj Shah from [ Lax ] Investments.
My question is with respect to your -- in your presentation, you have mentioned that you have sold to an large marketing ad agency customer from data. Can you explain basically what was the application of your data for that particular customer basically?
Yes. To basically help the use cases, to help advertisers figure out where do they do their advertising spend or where do they do their micro market spend, like location, it will help them use or understand which micro locations, which colony, which cities, for example, to what type of advertising. So it's a very popular use case. A lot of customers require it. And more and more, we are reaching out to more customers with that offer.
If I'm not wrong that this can be -- maybe this can be potential use to sort of FMCG company, basically, if I understand that's what you're doing. This sounds super. It improves the data on the country or the district level or a very micro level mapping kind of it so that the company can know where the customers are or they can target the particular region or a district or within the further district subdivision level kind of -- is that right?
Yes. Yes. Rural or urban, both at the micro level.
So all these FMCG companies and consumer companies could be your potential clients, is that correct?
Yes. Yes.
So is this your only customer or you have tapped other...
We have many -- see, historically, we've many as such. We're reporting new wins for this quarter.
[Operator Instructions] Next question comes from Amit Mishra, an individual investor.
I missed the first part of the con call, but can you please explain on the 3 acquisitions you've done recently? How you -- what potential you see with them and how you would want to leverage your existing business through these 3 acquisitions?
We will be putting up the earnings transcript and audio in the next few days, I think you can hear it and I don't know who is this?
Sorry, sir. You have already explained it?
Yes. Who -- what's your name, please, sorry?
This is Amit Mishra.
We explained it. We went through it. So maybe in a couple of days when we upload it, you will be able to see it.
The next question comes from Ashish Chopra from Goldman Sachs.
Sir, just one question. I think in the first half, when you have shared the Gtrophy revenue, you've mentioned that out of the INR 24 crores, INR 8 crores was built in standalone, right? Could you just share a similar number for the 9 months? So -- and I think 9 months Gtrophy that you've shared in the presentation is a total of around INR 44.1 crores, how much of that could be built in standalone?
I would say -- the IoT business, now we are showing it clearly is INR 43 crores total. Am I right? Now out of this, see, what happens is when the billing happens between Gtrophy and C. E. Info Systems to the customer, Gtrophy to the customer direct. So the entire thing in the consolidation knocks off each other. So that way, if you try to -- I can tell you the Gtrophy's standalone also, how much is the Gtrophy's standalone? For the quarter, you're asking or 9 months you're asking?
Either should be fine? Whichever number you would have handy?
INR 42 crores, it comes out to. So here you see, INR 43 crores is the consolidated number. It was a consolidated number for IoT and INR 42 crores is the revenue in standalone Gtrophy.
Okay. Sir, my question was...
How much did MAPMYINDIA bring, right? That's your question?
Yes. Yes. Which was INR 8 crores, I think the number that would compare with INR 8 crores that you had shared in the first half financials?
I would say it's probably around INR 15 crores, INR 16 crores -- I mean the way we think about it actually that's why we are trying to explain that we think of this as one consolidated business, one that's IoT-led and one that's Map-led. So whether Gtrophy independently sells or MAPMYINDIA's sales team sells, at the end of the day, it's for our IoT solution to customers. And we have one consolidated kind of company. So when -- if you get a chance, look at the Investor Relations, which will very nicely explain the consolidated business IoT-led and Map-led business.
The next question comes from Vimal from Alchemy Capital.
Sir, my first question was on consumer tech. So basically, if I were to look at this business, and we've been reporting the segmental for the last 7 or 8 quarters, and assuming an average of INR 30 crores revenue per quarter, we are currently clocking -- we have current quarter we've clocked lower in that. So I just wanted to get a take from your side on this part? I have one more question, please, after that.
I mean, if you look at it, year-to-date year-on-year, you'll find good growth. So it's 40%, 9 months year-to-date year-on-year growth for 9 months. I think it's okay. This plays -- so wait for Q4 with a quarterly annualized kind of judgment.
So my sense over here was just that this 40% also includes 3Q FY '22 and where we had very soft revenue. So that's probably taking into consideration a slightly lower base. So which is why I was comparing it on a near-term basis. So the point that I was trying to make over here is are you seeing any customers who are spending slowness versus -- or anything to read?
Yes. So reading of soft base was C&E revenue is lumpy. Some of it has shifted 1 quarter here or there. That's why sometimes that quarter-on-quarter number might look weird. So if you look at it over year-to-date basis, it will look -- you get that trend and see whether we are on track or not.
And sir, if you can just help me with one data point, we were -- until last quarter, we had actually started disclosing the project and field survey expenses. In fact, we were giving out the whole detailed breakup in our SEBI disclosures, so if you can just help me with that? Last quarter, it was about INR 24 crores. How much was it...
INR 2.4 crores.
Sorry, INR 2.4 crores, how much was it this quarter?
We disclosed this time also. If you look, what we have put on the stock exchange, you will find it. What we have written is, just to clarify, that the other -- it is now put as part of other expenses. That's all.
Yes. Understood, sir. I just wanted a breakup of that, those other expenses, sir?
Just a second. Last time, we're saying was how much? INR 2.4 crores. That's it. So how much is -- can you just go and look at that, I think it might take some -- a few minutes.
No problem. I'll take it offline, sir. No issues.
Take it offline and you can talk to us...
No problem, sir. Sir, just wanted to clarify on -- we've done extremely well on -- saving on operating cost. I mean we've looked at reducing our marketing expenditure. We've been fairly disciplined, but is this a more sustainable kind of a run rate? I mean INR 2 crores to INR 4 crores -- INR 2 crores to INR 3 crores a quarter, should we take the OpEx as -- the current OpEx as a normalized run rate because I understand it tends to be lumpy. But in a normalized scenario, would this be the run rate that we should probably factor in going forward?
Well, as Rohan explained before, we tried to calibrate it keeping in mind what's the revenue happening and how much is the expenses because we have both the goals, the revenue growth goal and also an EBITDA goal. So -- since we have committed for the last 12 months that our EBITDA will be in the range of 40% to 45%, and we will certainly want to make sure that, that happens, the top line growth also has been healthy. As Rohan also explained that the last quarter where we spent more on marketing expenses resulted in lot of benefits of that marketing expense, which we have tried to -- which we tried to consume this quarter. So the point you are asking is, is it sustainable? It will all depend on what's happening overall on the profitability on the top line growth and then we make those decisions. So this, we can't put the cost is on a -- saying that this is it.
Understood, sir. The point that I was coming from is that, sir, you're growing at a fairly rapid pace. I mean, 9 months you've grown at almost 46%. Of course, that includes acquisitions. But -- and going forward, if we are looking at structurally higher growth rates, there should be some kind of operating leverage that should flow through. So I was just finding spaces where is that -- where we can find some operating leverage or what is that line item, which will probably grow slower as compared to your revenues?
See, the employee benefits definitely is growing at a normal pace. It's not -- so that's where you get the operating leverage because employee benefits is one of the major expense of the company, okay? Other than the material, which is the hardware -- which relates to the hardware. So that's not an operating leverage part.
Also let me -- with your permission, let me say something that we have to really look at the entire year-to-date numbers and understand that where we are spending and why we are spending.
Understood, sir. Understood. Thank you so much, sir, for the clarification and wishing you all the very best.
If there's no one else, let me just conclude by saying something. Probably, we have to -- if you look at our investor presentation, you'll find that we have clocked INR 209 crores for the 9 months this financial year, in 9 months. The last year, financial year, we had clocked INR 200 crores. So we have crossed that number already quite well. Similarly, the EBITDA last year, for the full year, was INR 86 crores, and we have crossed that number also to INR 88 crores. So -- and the percentages we had already seen. So we are happy that we are on the right -- we are on a track where the trajectory was quite good, and we are moving in the right way towards both revenue from operations growth and EBITDA and PAT growth. Thank you.
Thank you, sir. There are no further questions. Now I hand over the floor to the management team for the closing comments. Thank you, and over to you.
Yes, we'd like to thank everybody for taking the time to come and attend the call. I hope that you got a good picture of what's happening at MAPMYINDIA and look forward to speaking again next quarter. Thank you.
Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using [indiscernible] conference call service. You may disconnect your lines now. Thank you, and have a pleasant evening, everyone.