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Indian shares, particularly of tech giants, are going through a rough patch like most of the world, partly owing to a volatile market due to the current geopolitical situation.

Among such companies, shares of digital maps provider CE Info Systems or MapMyIndia are holding firm since the listing date. On Thursday, the company's stock rose 2.03% to close at 1,505 apiece on NSE and in the last five days the shares have risen nearly 7% as other tech stocks continued to post losses.

MapmyIndia, which powers Apple Inc's maps in the country, was valued at $1.12 billion after surging 54% in its market debut in December as against an IPO price of 1,033 per share. However, shares of the company pared the gains to close the listing day at 1,394 apiece. Compared with that, MapmyIndia stock is currently higher by 8%. 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 all down 35% to 50% from their first-day close.

MapmyIndia reported a decline of about 14% in its consolidated profit after tax (PAT) at 18 crore for the quarter ended December 2021. Consolidated revenue from operations too fell by about 11% to 43 crore during the reported quarter. Despite a miss in the third quarter numbers, MapMyIndia is one of the few tech companies that is profitable.

The company's EBITDA (earnings before interst, tax, depreciation and amortisation) was flat sequentially during the third quarter at 35.9%.

"During the third quarter, and for the first nine months of FY22, we continued to manage and calibrate the company in a fiscally prudent manner, focusing on profitable growth over the course of the year, while relentlessly innovating on our technologies, products and platforms and focusing on expanding our reach to customers," MapmyIndia Chairman and Managing Director Rakesh Verma had then said in a statement.

However, expensive valuations are something to look for as price to sales ratio of the company is over 50.

The one thing going in its way is its presence across diverse markets including e-commerce, logistics and auto etc., Set up in 1995, the company has also more experience compared to other tech peers with majority stake held by family and has a robust order book. MapMyIndia currently has a market cap of about $1 billion ( 8,009 crore)

Recent policy changes relaxing the rules on collection and usage of high-resolution geospatial data could augur well for the company even though there is a risk high competition in domestic digital mapping space.

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