MapMyIndia Up 11% As Goldman Sachs Sees Almost 40% Upside

Shares of Mark Mobius-backed MapMyIndia shot up over 11% on Thursday morning session after global brokerage firm Goldman Sachs initiated coverage on the stock with a "buy" call and expects a 40% upside on the scrip. 

What Happened: Goldman Sachs gave a "buy" call with a target price of ₹2,800, implying a 39.44% upside on the geospatial company. It said the company is mapping India's digital mobility journey. 

The emerging mobility business is a bigger opportunity set than the core auto business, the research firm said. The corporate and government markets represent a meaningful growth opportunity for the company. 

See Also: Macquarie Bullish On Private Sector Banks, HDFC Bank Among Top Picks

The auto and mobility (A&M) segments are also well exposed to premiumization and electrification, the research firm said. 

In its March quarter results, the company’s net profit recorded a 36% increase from the previous year to ₹37.94 crore. Its revenue was up 46% to ₹106.90 crore. The company’s EBITDA increased by 36% to ₹39.5 crore.

Its order book zoomed by 49% to ₹1,364 crore, powered by ₹ 825 crore of Annual New Order Bookings in FY24. This growth is attributed to momentum across both the A&M and C&E (Customer Tech & Enterprise) market segments.

Price Action: Shares of MapMyIndia were up 10.02% to ₹2,209.20 on Thursday morning.

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