CE Info Systems Ltd (MAPMYINDIA) Q4 FY22 Earnings Concall Transcript

CE Info Systems Ltd (NSE: MAPMYINDIA) Q4 FY22 Earnings Concall dated May. 23, 2022

Corporate Participants:

Rakesh Kumar Verma — Chairman and Managing Director

Rohan Verma — Chief Executive Officer and Executive Director

Analysts:

Anmol Garg — DAM Capital Advisors — Analyst

Ashish Chopra — Goldman Sachs — Analyst

Ankit Pandey — ICICI Securities — Analyst

Mayank Babla — Dalal and Broacha — Analyst

Sandeep Agarwal — Naredi Investments — Analyst

Shyam Sundar Sriram — Sundaram Mutual Funds — Analyst

Ankit Babel — Subhkam Ventures — Analyst

Karan Uppal — Phillip Capital — Analyst

Nitin Sharma — Moneycontrol Pro — Analyst

Srishti Jain — Monarch Networth Capital — Analyst

Amit Kashyap — Subh Labh Research — Analyst

Presentation:

Operator

Ladies and gentlemen, good day, and welcome to the C.E. Info Systems Limited Earnings Conference Call hosted by DAM Capital Advisors. [Operator Instructions]

I now hand the conference over to Mr. Anmol Garg from DAM Capital Advisors. Thank you, and over to you, sir.

Anmol Garg — DAM Capital Advisors — Analyst

Thank you, Vivian. Good afternoon, everyone. On behalf of DAM Capital, we welcome you all to the Q4 FY ’22 conference call of C.E. Info Systems. We have with us, Mr. Rakesh Verma, Co-Founder and Chairman of the Company; Mr. Rohan Verma, CEO and Executive Director of the Company.

So without any further ado, I’ll hand over the call to Mr. Rakesh Verma for his opening remarks. Thank you, and over to you, sir.

Rakesh Kumar Verma — Chairman and Managing Director

This is Rakesh Verma. I would like to welcome all of you in this call, and it’s my privilege to present before all of you the quarterly results as well as the annual result for the fiscal year ’22. I would straight get into some of the financial highlights of the year that ended on March 31, 2022, and after I present the financial highlights, I’ll ask Rohan to take all of you through the entire business operations and added depth of the business, how we have done from the financial angle as well.

So to start with, in my last call, also I had mentioned the best way to understand C.E. Info Systems Limited, MapmyIndia is to always look at year-on-year, whether it is for quarter ending or for the year ending. Keeping that in mind, I’ll talk both about the Q4 results as well as the — since March 31, the year also ended, I’ll talk about the full year results.

Let me first start with the full year and then I’ll come back to the Q4 also. For the full year, the total income went up from INR192 crores in fiscal year ’21 to INR242 crores ending fiscal year ’22 which is a growth of 26%. Revenue from operations and I’m talking about — all this I’m talking about for our consolidated financial statement. Revenue from operations went up from INR152 crores to INR200 crores, which is an increase of 31%.

EBITDA which is a measure of the operations of the Company went up from INR53 crores to INR86 crores in fiscal year ’22 which is an increase of 63%. EBITDA margin also went up from 35% to 43%. PBT, profit before tax went up from INR79 crores in ’21 to INR117 crores in FY ’22 which is an increase of 49%. Profit before tax as a percentage of the revenue also went up from 41% to 48%. PAT, the profit after tax went up from INR60 crores to INR87 crores, which is an increase of 45%, and as a percentage of the total income, it also went up from 31% to 36%.

Contribution margin itself also went up from INR126 crores to INR170 crores, in other words, the contribution margin went up from 83% to 85%, providing a very high operating leverage to the Company’s profitability. Some other numbers like cash and cash equivalents went up from INR336 crores and ending FY ’21 to INR382 crores, after paying off the dividends as well as the acquisition that we made.

Now let me get back to the Q4 numbers itself. When I look at the total income of Q4, the total income went up from INR56 crores in Q4 FY ’21 to INR69 crores in Q4 FY ’22, which is an increase of 23%. Revenue from operations went up from INR47 crores to INR57 crores, which is an increase of 20%.

EBITDA went up from INR19 crores to INR23 crores, which is an increase of 22%, and EBITDA as a percentage margin stayed at 41% in FY ’21 and FY ’22. PBT went up from INR24 crores to INR34 crores, which is an increase of 39%, and as a margin also from FY ’21 43%, it went up to 44%. PAT went up from INR19 crores to INR23 crores, which is an increase of INR18 crores, [Phonetic] and the margin 34% to 33%. So this has been the Q4 numbers that I talked about, even the contribution margin went up for the Q4 from 82% to 87%.

In terms of the number of employees, we had — end of FY ’21, we had 734 employees. That number has gone up to 936. Out of this, 124 is part of the acquisition of the company that we made, so still, the number went up from 734 to 936. In the past, I have been asked about what kind of money we are spending on the R&D. When we did this, from FY ’21, the R&D expenses were approximately INR3 crores, that has gone up to INR5 crores in FY ’22.

With these numbers, I will ask Rohan to talk about the business side of the Company which will describe the segmental analysis of the customers, which will also describe the order in hand situation and the related areas. Over to you, Rohan.

Rohan Verma — Chief Executive Officer and Executive Director

Thanks, Mr. Verma. Hi, everybody. This is Rohan Verma, CEO and Executive Director of MapmyIndia. So just to kind of set one minute background on the Company, for the people who are new. We are India’s leading provider of advanced digital maps, geospatial software and location-based IoT technologies, and we serve B2B and B2B2C enterprise customers primarily. We are a data and technology products and platforms company, and we offer our proprietary digital Maps as a Service, what we call MaaS, Software as a Service, SaaS and Platform as a Service, or PaaS. So fundamentally, our map and data which is the core of the Company is what we include in our MaaS offerings and our platform and IoT suite of products includes our SaaS and PaaS offerings, serving many, many different use cases.

Now we serve two distinct markets or we have been able to divide our business into two different market segments. One is what we call automotive and mobility tech, A&M, and the other is consumer-tech and enterprise digital transformation, C&E. And we serve the Indian market under our brand MapmyIndia, and also we are serving now the world market under our brand Mappls.

Breaking down the revenue for this financial year, we went in our A&M business in FY ’20 of INR103.9 crores, FY ’21 it went down to INR80 crores and that was all down to COVID, as we explained in the automotive and mobility tech market is linked to both existing new vehicles, which are sold as well as existing on-road vehicles which are moving for the purpose of let’s say, logistics or people transport, etc. And so FY ’21, the macro environment around automotive and mobility, both were down due to lockdowns. FY ’22, we’ve been able to come back strongly. It is now at INR113 crores, which is almost a 40%, 41% increase in the A&M segment.

In terms of qualitatively, in Q4, we signed up a bunch of OEMs who started to integrate our NCASE offerings, including one large Indian motorcycle OEM, as well as an EV two-wheelers OEM startup, then as part of our NCASE offerings, awe said, we service navigation needs, connected vehicle, telematics and platform needs, ADAS and autonomous kind of needs, shared mobility as well as electric mobility needs of OEM customers. So in that regard, we signed up a Japanese customer for their mobility as a service foray into India. Also, the largest four-wheeler OEM of India went live with their next-generation connected vehicles in Q4 and that comes integrated with our maps and technologies.

And finally, on the safety side, an interesting kind of update was, we offer a lot of road safety or ADAS, advanced driving assistance systems capabilities in our maps, in our navigation, in our technologies, in our APIs, and so something that Nissan date is partnered with us for the road safety initiative by using our Road Safety platform similar to how Ministry of Road Transport and Highways in Q3 had signed up with us for something similar.

Now, as I said in FY ’22, A&M revenues grew 41%, and we continue to expand the use case adoption across our NCASE suite within automotive OEMs, So there are five growth engines to our automotive business, selling navigation systems, connected systems, ADAS and autonomous systems, shared mobility as well as electric mobility systems. And what I tried to give you a flavor of is amongst the new sign-ups in Q4, new sign-ups in FY ’22 which we have reported before, as well as the go-lives of our various customers, we are happy to see a lot of adoption across the board of our different kind of offerings to OEMs.

Across automotive and mobility tech, what is nice is in FY ’21, 1 million new vehicles went integrated with MapmyIndia maps and technologies. In FY ’22, it’s up to 1.3 million vehicles, so it’s good to see kind of volume growth also.

What we have done for IoT and logistics, which is part of our mobility offerings, we have acquired 76% in a company called Gtropy software, so that we can provide the specific boost and specific focus on our mobility aspect of the automotive and mobility tech, meaning focusing on growing further penetration in the base of on-road vehicles, whether it is commercial vehicles for goods transport or taxis or even for the retail market. And so by acquiring Gtropy, we’ve been able to give a specific focus on the IoT and logistics SaaS part of our business. That’s A&M.

Now, I’ll come to C&E, which is consumer tech and enterprise digital transformation, where essentially, we are servicing large consumer tech companies, enterprises across all industry segments, be it in the new edge tech, space, be it in the traditional companies such as BFSI or retail or FMCG, as well as in the public sector or the government space. So again, what is interesting about FY 2020 as revenue from the C&E segment was INR44.7 crores, which went up in FY 2021 to INR72.4 crores, and in FY ’22, it has further grown to INR87.4 crores. So growing at 21% in FY ’22. What is nice is the use cases again continue to expand and this gives us and we have been successful in furthering our upselling and cross-selling opportunities to new and existing customers.

And some of the examples of that are like in Q4 FY ’22, two large FMCG majors went live with our geospatial analytics platform and our workforce automation platform, respectively. A large e-commerce company signed up with us for geospatial analytics, then a large CRM SaaS company has integrated our map APIs to built into their SaaS products for their customers so that they can offer inbuilt location intelligence. So as their product usage grows amongst their customer base, our revenues will also grow. A large global social media app has also integrated our map data to provide better location-based end consumer experiences. A lot of large popular consumer-facing apps already use MapmyIndia, but we are happy that one more large such player has signed up which is now having an increased focus on India.

Then on the government side or public sector side, we again serve many, many different use cases in the geospatial arena, whether it is on the federal side or the central government side, the state government side or the urban local bodies or local government municipal cooperation side, including also in the defense and security area.

So some examples that we wanted to highlight is a large smart city has signed up for our geospatial information systems or GIS-based property tax solutions. One of the large state urban development authorities have signed up for multiple use cases, and where we are bringing on our newly built-up drone and 3D mapping capabilities as we explained in the Q3 earnings call that we have started to expand our drone capabilities — drone solution capabilities, and we are happy to see kind of increased adoption of that in a relatively short period of time.

Also one of the large safe cities in South India, you know that the government has increased focus as part of its Nirbhaya Fund to make a lot of cities safer from women and child safety point of view. So we have signed up a large city for crime mapping and geospatial analytics. And finally, one of the large state road transport corporation has signed up for their public transport platform to use MapmyIndia. So like I said, lot of different use cases. Many of these serve as anchors use cases which we further replicate across different customers in their segment or across geographies, etc., and that’s what opens up the kind of snowballing opportunities for us in the future.

Now I’ll move to the product-wise segmental revenue. So revenue grew for both map and data suite of products by 37%, and also for our platform and IoT suite of products by 28%, and this is again on the back of increasing usage by existing as well as new customers and more and more use cases. So in FY ’20, map and data contributed INR88.7 crores of revenue which went down to INR60.8 crores of revenue in FY ’21, and went up to INR83.1 crores of revenue in FY ’22. And in platform and IoT, you see the continuous growth, INR60 crores in FY ’20 to INR91.7 crores in FY ’21 to INR117.3 crores in FY ’22, showing that both are areas of products. Map and data, as well as platform and IoT, are seeing growth as again more and more use cases and more and more customers are coming into our basket.

One of the other big business updates on the product side was we have released our Mappls platform. Like we have been saying that look, our stack of solutions is map agnostic and global in nature, so geography agnostic also. So what we did in Q4 is unified and released our one global platform which we call Mappls which includes both our own map data that we have been building in-depth for India since the last 27 years, but also for many neighboring countries — about eight, nine neighboring countries for the last four, five years, plus 200 other countries and territories whose publicly available maps we have integrated into our platform so that we can offer a global solution to both Indian multinational customers as well as international customers.

On the map and data product suite side, we continue to relentlessly expand the coverage and capabilities of our core foundation map products, enhance the real-time and rich component of our maps, so that users get the best and most feature-rich maps on a real-time basis, our value-added geo demographics data sets which enable a lot of analytics and location intelligence use cases, as well as our advanced map data which covers the three-dimensional high definition or high-precision and real view 360-degree panoramic capabilities. And remember, these advanced maps are something that the government’s geospatial policy allows Indian companies such as us to do, but not foreign entities to do.

And so with this vision that we’ve been articulating for four, five years that we are pushing towards our own AI-powered digital metaverse of the real world. So you can start imagining that what use cases and what market opportunities are emerging for us, both today because of our core foundation maps, our real-time and rich updated maps, the ability to offer lots of location intelligence and geodemographic dataset-based analytics as well as advanced map data.

On the platform and IoT product suite side, we released many, many new products in both our cloud maps, meaning our — whether it is location search or routing and navigation or traffic or in the way that we render indoor, outdoor, 2D, 3D, high definition maps in an interactive way for the best kind of views what we call real view or for VR or AR kind of points of view, as well as our developer API suite which contains both map capabilities as well as automotive tech, geospatial, as well as digital transformation capabilities.

So again, more products on the NCASE automotive suite, our enterprise digital transformation suite, our geospatial suite which includes drone-based solutions and our IoT suite for mobility and logistics customers’ hardware as well as software, which is further augmented by our acquisition of Gtropy, an IoT and logistics SaaS company as we’ve mentioned before, as well as a lot of updates on our consumer-facing app and gadgets.

Now I’m moving on to our order book. Our annual new order bookings have continued to gain momentum with growth in orders across both A&M as well as C&E market segments, and this is basically because of continued adoption and expansion of our use cases as well as upselling and cross-selling to new and existing customers.

So in FY ’20, we had booked annual new orders of INR271 crores, which in FY ’21 has moved up to INR468.2 crores, and in FY ’22, it has moved further up to INR523 crores. Now open order book as of April 2021, beginning of the last financial year — this past financial year stood at INR377 crores, which has now moved up to INR699.6 crores. And historically, as we’ve said before, our open order book to revenue conversion ratio has been over three to five years on average.

So that will give you a sense of the annual new orders kind of breakup. And in terms of the breakup between fixed pricing and volume projections, again fixed pricing is where the prices or the size of the contracts are already predetermined and fixed with the customer is committed to paying us, it is a function of time as they pay us based on the type of contract. And then volume based of projections for OEMs happens when they sign-ups for a platform and they say that they will put it in x number of vehicles or vehicle models and hence number of vehicles over the period of the contract, that’s where the volume projection-based orders kick in. And then for API transactions and subscriptions, where it is a pay-as-you-go basis, we don’t book any orders in advance. We book the orders as their usage happens and we build them.

So if you want to do a simple kind of maths on annual new order breakup versus revenue open order book, you can see that we started the year on INR377 crore open order book. We generated new orders of INR523 crores, and we recognized INR200 crore of revenue. So INR377 crore plus INR523 crore equals to INR900 crore minus INR200 crore equals to INR700 crores which is our open order book at the end of the year. So revenue in the year is a combination of previous year’s order book converted into revenue that year part of it and also in year orders that we booked within the year which gets converted within that year itself, and then future’s order book will get converted into future’s revenue.

In terms of customers, we’re happy to say that customers growth is also happening. We had 500 plus customers on our MaaS, SaaS and PaaS platform. In FY ’21, that has now grown by 100 numbers, so it is now up to 600 plus in FY ’22. Of course, since inception, we have serviced more than 2,000 enterprise customers, including the marquee names across any — nearly every vertical. Some of the names we have already reported as part of our RHP, etc. But you look around in automotive or consumer tech or enterprise or even government, the marquee names are mostly our customers.

On the customer concentration side, we’re happy to share that the trend continues to show diversification and de-concentration. Top 80% of our revenue in FY ’19 was made of 17 customers, which moved up to 22 in FY ’20 to 25 in FY ’21, and then in FY ’22, we had 35 customers contributing 80% of our revenue. Even in terms of retention, you know, customers who are amongst these large customers, 88% was retained between FY ’19 to FY ’20, then, amongst the large customers in FY ’20, 91% were retained in FY ’21, and amongst the large customers in FY ’21, 92% were retained in FY ’22. So it shows that our retention ratio is also going further up.

In terms of employees, Mr. Verma has already given us the headline numbers of 812 employees. 734 employees in FY ’21, moving up to 936 employees, which includes 124 employees of Gtropy in FY ’22. And we further in our presentation back broken it up by permanent and non-permanent, and also technical and SG&A, etc. We’ve also shared our attrition rate, which from FY ’20 was 12%, FY ’21 was 13.5%, and in this challenging labor market is or tech talent market is 17.45%. And the way that we continue to kind of retain and upskill our employees is basically a combination of upskilling them, giving them new opportunities to build on world-class technology products and platforms, something that they don’t get an opportunity to work in other services type companies, and also kind of — you know, we, of course, take care from a compensation point of view to make sure that we are market competitive.

And finally, on the P&L highlight side, Mr. Verma has already talked about it, whether it’s on the revenue from operations or contribution, profit and margin, or the PAT or EBITDA. So I’ll not go through depths of that. And inorganic acquisitions in FY ’22, like he mentioned in March, we closed or concluded the Gtropy Systems Private Limited acquisition of 75.98% for a consideration of INR13.5 crores. And also in December, we had acquired a 9.99% stake in a young startup called PupilMesh in the ADAS, and AR and reality, metaverse, tech space for INR49.95 lakhs.

So I’ll just end with a few minutes on kind of what the opportunity ahead of us lies as a company. See, on the automotive and mobility side, there are 20 million new vehicles, including two-wheelers sold every year, and 280 million existing vehicles on the road that are that both can benefit from our NCASE and digitization-based logistics apps and IoT technology. And so there’s a huge opportunity ahead of us as adoption rises in the E&M space.

And on the C&E space, we all know how consumer app usage is going up. So with 37 billion apps to be downloaded etc., in FY ’22, and we are a B2B2C, meaning we provide our APIs which core built into that. And similarly, enterprise digital transformation, the digital services market for that is about $52 billion. And out of that geospatial on our category of products, if you see, the set of products we provide for digital transformation forms a slice of that, which tells us that the industry is — you know, the market — our addressable market is very large for offering. The government initiatives across the sector in terms of liberalization and regulations, but also macro trends like GPS-based tolling being increased, things [Phonetic] being talked about, drone sectors, ADAS, Digital India, you know, these are all trends that will help our business.

So with that, I’ll conclude my, my part of the presentation, and Mr. Verma and I can take questions based on the moderator. Thanks.

Questions and Answers:

Operator

Thank you very much. Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] The first question is from the line of Anmol Garg from DAM Capital. Kindly proceed.

Anmol Garg — DAM Capital Advisors — Analyst

Yeah. Hi. Thanks for the opportunity, and congratulations on the strong execution on operations and the order book. So I had a few questions. Firstly, wanted to understand the order book more in detail. So it would be great if you can highlight the key areas in both A&M and C&E segment where the orders we are getting, and also what proportion of the order book this time would be from the government contracts. That’s first.

Rakesh Kumar Verma — Chairman and Managing Director

Okay. So again the — in terms of A&M, C&E, or in terms of the fixed pricing and volume projections based order booking, I’m just putting out the total numbers and the breakup. Yeah. It is INR523 crores this year, out of which INR278.67 crores is from volume projection-based. So you can think of that is primarily automotive OEM driven, and the rest of it, INR244.9 crores is from the fixed pricing bit. And like I said earlier, this — the order book does not include API transactions that might happen in the future where the customer is not pre-committed that and it doesn’t include subscriptions of IoT which — where the — when the growth of their fleet happens, then those new kinds of– those automatic subscriptions or devices, it does not include that.

So — and further on the government side, it will form a part of the fixed pricing kind of orders and it’s still a relatively small part of our order booking, less than — around 10%, to give you a sense. Remember in the government side, we are primarily a product and platform OEM company, so — and we tend to work with a lot of systems integrators. As an example of that, even if we go direct many times with a product and platform company, the example of that is let’s say GSTN, goods and service tax network where our maps are built-in and you are seeing when somebody has to sign up for GST numbers, then also MapmyIndia has to get used as part of the GST and Infosys’ portal. But we have gone direct with GSTN, or in the case of DigitalSky platform, where we work with the systems integrator, happiest minds and we are the OEM provider. So that should give you some flavor of government and also as a proportion of our total order book.

Anmol Garg — DAM Capital Advisors — Analyst

Sure. Thanks. And as a strategy, are we are closing our government contracts at 10%, or can the percentage increase going ahead?

Rohan Verma — Chief Executive Officer and Executive Director

See, we see a large opportunity in the government and geospatial sector. This is a fact that you know the government has taken on a lot of digital transformation initiatives. They are I would say a very — it is almost as a corporatized activity that across center, state and local technology and digitization is something that government is fast adopting. Being a product and platform company, we feel that we are in a better position to handle the government business that we take on, but we don’t want it to be a very large part of our portfolio, definitely. So government business, we will put kind of upper limit of let’s say 20% of our business.

Anmol Garg — DAM Capital Advisors — Analyst

Sure. And secondly, wanted to understand a bit on the financial statements and particularly on the operating cash flow side. So this year, we have seen that the operating cash flow has been relatively lower as compared to the last year. And in the balance sheet, we have seen that the others item in both current and non-current assets have increased this time, so — and also the receivable increase has been quite a bit in this year. So can you allude for the reason for the same? Thanks.

Rakesh Kumar Verma — Chairman and Managing Director

Let me start with receivables. If you look at the receivables, as a percentage of sales, it has not gone up really, so it becomes a function of sales. Number two, particularly in December, whatever we bill, somehow that receivables also gets shown into the 31 March. So I don’t think receivables should be looked at as it has gone up.

As far as the cash flow from operations is concerned, it’s a very tricky thing based on the accounting standard and the way you and I might be understanding. When you move the amount or investments from current to a non-current asset, it immediately throws off, and that’s why we have tried to give you that cash and cash equivalents number which is from INR330 crores or something to INR380 crores after paying of dividend and after acquisition. So I think if you look at it that way, it gives you a much better understanding of what has happened to the cash flow, rather than looking at the way the accounting standards are calling for us to make the cash flow.

Rohan Verma — Chief Executive Officer and Executive Director

So INR14 crores for Gtropy acquisition and INR10 crores or INR10.5 crores for dividends. So those are two kind of.

Rakesh Kumar Verma — Chairman and Managing Director

Right.

Anmol Garg — DAM Capital Advisors — Analyst

Sure, sure. Got it. Thanks. That’s it from my end.

Operator

Thank you. The next question is from the line of Ashish Chopra from Goldman Sachs. Please kindly proceed.

Ashish Chopra — Goldman Sachs — Analyst

Yeah. Hi. Thanks for the opportunity. A couple of questions from my end. So firstly, on the growth in the C&E segment this year, 21% Y-o-Y, just wanted to understand from you as to how do you feel about that growth in the wake of the opportunity? Is that sort of more or less optimal considering that the volumes may be very, very high in this business with the increase in usage of e-commerce and so on? But given that you are signing fixed-price contracts, the growth may be somewhere in this range in a very good year? Or is this growth low for whatever reason in FY ’22?

Rakesh Kumar Verma — Chairman and Managing Director

Let me first say that the growth has been 31%, year-on-year from revenue from operations, not — are you talking about C&E or overall?

Ashish Chopra — Goldman Sachs — Analyst

[Indecipherable] Yes. Only C&E.

Rakesh Kumar Verma — Chairman and Managing Director

Okay. So I’ll take that. You’re talking about C&E, specifically, right?

Ashish Chopra — Goldman Sachs — Analyst

Yes.

Rakesh Kumar Verma — Chairman and Managing Director

Yeah. So two, three things to keep in mind. One is that, yes, C&E as revenue this year has gone up by 20%, answer is no. We don’t think that this is the limitation for it and a little bit you get that through from our order bookings which is like I said volume projection based order booking is reflective of automotive side of — OEM side of the business, and the fixed pricing is reflective of C&E and other things.

Now fixed pricing word might be a bit misleading, and that’s what I was trying to explain. Fixed pricing means where we are committed that we are going to get that money. It is just a function of time that we will build that. The upside on that is increased API usage or increased subscriptions and those things. And that happens when our customers themselves grow. They may not have committed to us. They might not have signed an MG, minimum guarantee, but there is an upside that exists. So since they are bullish about C&E and that’s kind of coming through from the order book. So the future might look slightly different.

Ashish Chopra — Goldman Sachs — Analyst

So any reason why the growth in this year was that 21%? Was it because of lower order bookings in the previous year because of the COVID? Or was there any other factor playing there or maybe the booking of milestones or something of that nature?

Rakesh Kumar Verma — Chairman and Managing Director

See, I mean, it’s a little bit — C&E is a function of kind of what order bookings we had in hand beginning of the year, so no particular reason why it is at 20%. Not that if I look across our different customers, their business has also been growing, but yes, there might be more fixed-price customers that we might have billed this year and the API component may have been smaller potentially, but no specific trend that I can tell you for this year right now so why is that 20%.

Ashish Chopra — Goldman Sachs — Analyst

Okay. But based on the open order book, you believe there is a line of sight for acceleration in that materially going forward?

Rakesh Kumar Verma — Chairman and Managing Director

Look, the line of sight and beyond line sign of site, both are exciting in this space.

Ashish Chopra — Goldman Sachs — Analyst

Sure. Got it. And secondly, the order book that you mentioned in FY ’21 and ’22, so the number has gone up quite handsomely. Would it be possible to share a ballpark duration — average duration of the order book in each of these periods? Has it been progressively increasing, or has it been more or less flattish?

Rakesh Kumar Verma — Chairman and Managing Director

It varies. Yeah, so — I mean, the range is three to five years, that we’ve kind of shared. As of — whether — what is the contract, I would say that again, it’s not a trend. It’s a function of each order, what the contract is and how the some of parts happen. So you can take it that three to five years is the average. And I think — whether it was three years or four years of five years, there is no specific trend.

Rohan Verma — Chief Executive Officer and Executive Director

I think that financial statement in the disclosure [Foreign Speech]

Rakesh Kumar Verma — Chairman and Managing Director

[Foreign Speech] So to give you a sense, you know, in FY ’21, out of that open order book of INR377 crores, about 20 odd percent — 21 odd percent, about INR80 crores odd was recognized from that open order book in FY ’22. So you can see out of INR200 crores of revenue, INR80 crores odd came from open order book, and less INR120 crores came from the in-year orders — that’s in-year orders of about INR520 crores.

Now in FY ’22 — FY ’23, sorry, that — in FY ’23, out of the INR700 crores of open order book, it has an estimate, okay. This is not — we are not sure whether this will happen, but it’s an estimate based on multiple factors, that about 24 odd percent — 24.5 odd percent of that INR700 crores, that number might be about INR170 crore or something like that, those will come from the open order book. So in that sense, you can see that the trend is going down like what I was making from five year to four years or whatever but again, these are — going forward in the future, these are estimates, so I wouldn’t. But yeah, hopefully, that gives you some colors on the past order book-to-revenue conversion and this year, etc.

Ashish Chopra — Goldman Sachs — Analyst

Yeah, yeah. That’s quite helpful. And one last question from my side, just on the margins front. So while the margins expanded on a Y-o-Y basis but they reduced if I adjust it, I mean not reduce but your employee expenses sequentially were significantly lower. If you could just explain what played out there and how should we expect the employee expenses and item to progress going forward?

Rakesh Kumar Verma — Chairman and Managing Director

Okay. The Q4 employee expenses, if you’re finding that it has come down. I think that’s your question right?

Ashish Chopra — Goldman Sachs — Analyst

Yes.

Rakesh Kumar Verma — Chairman and Managing Director

So there has been a technical adjustment that has happened in the employee expenses in the Q4, but not over the — wait. So that technical adjustment is related to around five and a quarter, INR5.25 crores of provision that we had made for bonus and incentive. In the first half of the year, it was decided that is not required to be paid at all and hence a reversal of that has happened in this quarter and that has — that is what is showing you a lower Q4 number.

Rohan Verma — Chief Executive Officer and Executive Director

But if you look at the overall financial year, there is no…

Rakesh Kumar Verma — Chairman and Managing Director

Overall, it has not come down from INR53 crores. It has gone up to INR57 crores.

Ashish Chopra — Goldman Sachs — Analyst

Understood. And adjusted for that, the employee cost would be for 812 employees or for the 936 including the…

Rohan Verma — Chief Executive Officer and Executive Director

No, 800 and that employees.

Rakesh Kumar Verma — Chairman and Managing Director

Yeah. 812 only because actually, the Gtropy acquisition closed only by March, so really our consolidated only includes one month of kind of revenue and expense from Gtropy. So it’s a very small amount.

Ashish Chopra — Goldman Sachs — Analyst

Understood. That’s clear. Thanks so much for taking my questions.

Operator

Thank you. The next question is from the line of Ankit Pandey from ICICI Securities. Kindly proceed.

Ankit Pandey — ICICI Securities — Analyst

Hi. Thank you for the opportunity. I just had two questions actually. I just wanted to understand your billing cycle in your consumer tech and enterprise business actually. Okay, and just wanted to get a sense of what kind of client concentration is present into your consumer tech business? Thank you.

Rakesh Kumar Verma — Chairman and Managing Director

Our client concentration, Rohan talked about that 35 customers make up 80%. Now if your question is out of that 35, how many are in A&M and how many are C&E, I would say 15, 20 might be in C&E and…

Rohan Verma — Chief Executive Officer and Executive Director

Slightly more in C&E than in A&M. Obviously, there are more customers in C&E universe than A&M. But again in terms of concentration, I think it’s — anyways it’s diversifying and there is no real concentration and you won’t see any sight.

Ankit Pandey — ICICI Securities — Analyst

Okay.

Rohan Verma — Chief Executive Officer and Executive Director

And the billing cycle that you mentioned, see, a couple of different ways that we bill our C&E or book orders and bill our C&E customers. Somebody could be licensing our map data, for example, where we have a multi-year contract that they will license our map data and the contract might say that we have to build them on a yearly basis. That’s one. There could be some scenarios where it’s built on a quarterly basis also. Then on the API side, where they are customers, they have to pay us per transaction.

So imagine if you’re opening or using some customer of ours app, every time you do a search, every time you see a map or every time you check the directions or distance or they do a calculation to do that distance or whatever use case, that we are getting paid per transaction fee. So really it is a PaaS or API or SaaS kind of transaction-based revenue. In that, sometimes there are MGs, minimum guarantees that we take from customers, which is payable on a — which is billable on a quarterly or yearly basis, and then there are SaaS subscriptions for our IoT solutions, where per vehicle per year or per vehicle per month they are paying for the usage our products and platforms. So these are the different types of products which have slightly different bidding cycles.

Ankit Pandey — ICICI Securities — Analyst

Okay. So basically, you mean to say that it’s a combination of transaction-based revenue also and subscription-based revenue also, right?

Rohan Verma — Chief Executive Officer and Executive Director

Yeah, that’s right.

Ankit Pandey — ICICI Securities — Analyst

Okay. Thanks.

Rakesh Kumar Verma — Chairman and Managing Director

Transaction, subscription fixed price.

Ankit Pandey — ICICI Securities — Analyst

Annuity-based also. Okay.

Rakesh Kumar Verma — Chairman and Managing Director

The annuities, exactly. Transaction, subscription and annuities.

Ankit Pandey — ICICI Securities — Analyst

Okay. Yeah. So is there any seasonality in this business?

Rohan Verma — Chief Executive Officer and Executive Director

Yeah, I think there is seasonality.

Ankit Pandey — ICICI Securities — Analyst

For example, like contracts signed into which quarter or like?

Rohan Verma — Chief Executive Officer and Executive Director

That’s what we said that look at our business on a year-to-date — year-on-year basis, then it’s the right way, if you look at it on a quarter-on-quarter basis, it will look lumpy. So — and that’s the nature of the types of order books or contracts that we have. So with different customers, it might be different.

Rakesh Kumar Verma — Chairman and Managing Director

To give you a color, if you’re thinking Q1 and Q3 is one kind of quarters and Q2 and Q4 are other kind of quarters.

Ankit Pandey — ICICI Securities — Analyst

Correct. So you meant to say, these contracts might end in Q4, actually? I mean like that, I mean, generally, consumer tech contracts end in Q4 you meant to say, end?

Rakesh Kumar Verma — Chairman and Managing Director

End meaning that our — the cycle of the contract and billing might be skewed towards I think what Mr. Verma is saying is Q2 and Q4 versus Q1 and Q3.

Ankit Pandey — ICICI Securities — Analyst

Okay. And one my last question Rakesh sir, just wanted to understand when I look at your government projects also which almost accounts to 10% of your order book and revenue, just wanted to get a sense on that. Is there a seasonality in those contracts also? And what kind of pricing or billing is done in those projects also? Thank you.

Rakesh Kumar Verma — Chairman and Managing Director

In terms of getting the contract, signing the contract, yeah, there is a seasonality of Q4. Q4 helps in getting the majority of — not majority, a higher percentage of the contracts of the government. That’s true, but as far as the billing is concerned, it is based on the timeline that is worked upon with any contract, what period, you have to deliver. So the Q1 and Q3 that I said may have a lighter revenue or billing compared to Q2 and Q4. One is the automotive itself that can play a role because Q2, the automotive normal sales are much higher when they prepare for the Diwali kind of a thing, and Q4 when you try to complete many of the — some of the government projects by Q4.

Ankit Pandey — ICICI Securities — Analyst

Thank you.

Operator

Thank you.

Ankit Pandey — ICICI Securities — Analyst

Yeah. Thank you for the detailed presentation.

Rakesh Kumar Verma — Chairman and Managing Director

Thank you.

Operator

The next question is from the line of Mayank Babla from Dalal and Broacha. Kindly proceed.

Mayank Babla — Dalal and Broacha — Analyst

Hi. Thank you for taking my questions. My one question is basically earlier in the call, you mentioned about ADAS and Road Safety platforms. Just request you if you could delve a little bit more or elaborate a little more on these platforms? And what percentage of revenue do these platforms contribute, and what are your plans going ahead? Thank you.

Rakesh Kumar Verma — Chairman and Managing Director

See, whether it is built into our maps and our navigation platforms is the capability to enable a driver while driving to get safety alerts that will help prevent the accident. So whether it is telling him or her that a speed breaker, pothole, unsafe area, accident-prone zone or a sharp curve is ahead, those are what alerts we are able to give on a real-time basis to the users to prevent them.

On the IoT side, there is also camera-based IoT connected cameras also that we provide. So these are two different types of solutions. And then the third type of solution that we are building for ADAS is high definition maps or ADAS maps that will allow for higher-level of autonomy. We also provide customers — our customers the ability to do all these analytics, so not necessarily just when the driver is driving, so in the live production vehicle but also whether it’s at the government organizations who are in charge of roads or highways or whether it is logistics companies or any manufacturing company that has to move goods or to do the analytics as to where are the unsafe areas in — or stretches of roads in different parts, these are the kinds of geospatial analytics for road safety that we are able to provide. So there is an end-consumer use case or application. There is these APIs or navigation or part of NCASE platform solutions as well as our kind of analytic solutions.

It’s not very easy to specifically call out revenue from this Road Safety platform or ADAS yet. It goes built-in as a capability USP benefit of our various suite of solutions. So there is no kind of — it is as in the automotive area, ADAS is becoming important, consideration for customers, them having MapmyIndia built-in gives them this ability to offer additional road safety capabilities that others maps either don’t have or because of the government regulation may not be able to offer. So similarly, I mean, on the other side whether geospatial analytics or etc., it is one of the capabilities that we are able to kind of build into our offering.

Mayank Babla — Dalal and Broacha — Analyst

Sir, in the ADAS, you said, it’s in development stage or it’s already monetized?

Rakesh Kumar Verma — Chairman and Managing Director

No, we monetized it. If you look at a bunch of OEM customers, they are already kind of integrating — they already offered to their consumers these road safety alerts based on MapmyIndia’s capabilities. So it is already in monetization. High definition maps, yes, it’s one of those future R&D’s that we have been doing to support higher levels of autonomy, and that is something that is under active development.

Mayank Babla — Dalal and Broacha — Analyst

Okay, all right. Okay, that’s all from my side. Thank you, and best of luck.

Operator

Thank you. The next question is from the line of Sandeep Agarwal from Naredi Investments. Kindly proceed.

Sandeep Agarwal — Naredi Investments — Analyst

Hello. Thank you, sir, for the opportunity. Sir, I have two questions. Sir, the first one is about [Technical Issues]

Rakesh Kumar Verma — Chairman and Managing Director

We are not able to hear you.

Sandeep Agarwal — Naredi Investments — Analyst

[Indecipherable] Hello?

Operator

Yes. Mr. Agarwal, kindly proceed.

Sandeep Agarwal — Naredi Investments — Analyst

Yes, sir. Since financial year ’20, our consumer enterprise segment contribute to 30%, and in financial year ’22, it’s approx 43%. So what will be expected in the next two to three years, any color?

Rakesh Kumar Verma — Chairman and Managing Director

See, the — yeah. The universe of– it’s — we’ve always said from the beginning that look, these are two market segments we are serving, which have their own kind of growth trajectories, meaning both the markets are opening up. And to be honest, both of them have similar margin profiles for us. So it’s hard to say which one will be larger or smaller. You will see some years, the order booking on one go faster and in some years, the revenue growing faster. So it’s just a combination of things, so we don’t give a specific kind of trend, as to which one will grow larger. But yeah, you can see the historical trend to kind of understand and of course there are so many customers that are there in C&E but then automotive and mobility also is a very large market segment. So no specific trend that we see for the future. Both are their own independent growth vectors.

Sandeep Agarwal — Naredi Investments — Analyst

Okay. Sir, my next question is, have you shared any color on upcoming order book orders or any pipeline which you’re working? It will be helpful if you share any update.

Rakesh Kumar Verma — Chairman and Managing Director

We try to give you the annual new order bookings and we try to give you the open order book. Of course, for the future order booking, we are continuously working hard to grow the pipeline, grow the order bookings, so I mean no specific kind of number to share on that. But A, market is opening up, and B, we are also kind of accelerating — continuing to accelerate our sales and marketing efforts, upselling opportunities, cross-selling opportunities. So we are still quite bullish on kind of the different use cases and opportunities which will get converted into orders in the future.

Rohan Verma — Chief Executive Officer and Executive Director

I think you can take it this way, that the pipeline is strong. It’s a question of when we are able to convert it into real orders, but we are quite bullish about that because the pipeline is strong.

Sandeep Agarwal — Naredi Investments — Analyst

Okay, thank you. It was helpful. The last one is, sir, revenue from two-wheeler electric vehicle, is there any major contribution maybe you quantify in number?

Rakesh Kumar Verma — Chairman and Managing Director

Actually, it’s — I mean the number of electric vehicle OEMs which are going live has increased in the last years, that is very exciting, and some of them obviously already kind of launched whether it was your MG electric vehicle which launched in Jan, Feb, with our solution, the Bajaj electric Chetak, for example. There is a bunch of OEMs. We have even reported in Q3, so some of the OEMs who are using our connected vehicle platform.

So we obviously don’t put out separate kind of electric vehicle driven revenue as part of our A&M segment, but suffice to say qualitatively, at least you are seeing that electric vehicle market go up and more and more electric vehicle OEMs are signing up with us. We have the right solution with the right differentiator. In the MG vehicle, for example, you can see the expected range, and in terms of our spider map very specifically rather than a generic calculation based on your kind of the root, terrain, destination, traffic and even potentially driving behavior. So I think the OEMs require such types of solutions, whether it is EV charge station finders or kind of reserving a booking through the vehicle. So yeah, we see a bright future for electric adoption, but yeah, we have not yet broken that out business sub metric.

Sandeep Agarwal — Naredi Investments — Analyst

Okay. Thank you.

Operator

Thank you. [Operator Instructions] The next question is from the line of Shyam Sundar Sriram from Sundaram Mutual Fund. Kindly proceed.

Shyam Sundar Sriram — Sundaram Mutual Funds — Analyst

Yeah. Hi, sir, good afternoon. Thanks for taking my question. The first question is the Gtropy software acquisition. Now it appears to me that this is an aftermarket solution per se. How has the go-to-market strategy been? And how does Gtropy complement our existing offerings per se? Because this market, see, the vehicle tracking solutions appears is getting more and more crowded, so how does their capabilities complement what we already have and what will be the go-to-market strategy here? Are we — is it via OEMs that we plan to pose for the solution? Any thoughts you can share there?

Rohan Verma — Chief Executive Officer and Executive Director

Yeah. It’s a good question. And actually, it’s very complimentary and very addictive. A couple of things I’ll say. One is by creating a kind of merged entity of our IoT business, there is a — with a very strong business leaders, as the CEO of that business, a very strong founding team, cross-functional, we can give a focus and accelerate the growth in this very large market which is quite fragmented. But we are a scaled player. We’re one of the largest players in this space, so a lot of consolidation might happen or small players might get edged out as the large players get focused. And that was one of the core reasons that we saw a large market opportunity.

As I mentioned, 280 million existing vehicles on road can benefit from digitization, and that’s where the large macro potential addressable market is for us to sell our IoT and logistics SaaS. The other very good capability that they bring is very deep domain knowledge as well as credibility experience, expertise, in servicing logistics sector. So it is a deep, not just vehicle tracking or not just managing a fleet but all the things required for a logistics department of an enterprise or all the tools required for a logistics service providers, including fintech, including ERP. So that’s what they brought into the table, a deep domain knowledge for logistics whereas historically, MapmyIndia has been focused a lot on the passenger transport-based fleets, be it taxis, etc.

So that became very interesting to us. And then the combination of Gtropy and MMI or MapmyIndia is the power of our maps to provide logistics companies with, for example, GPS-based tolling. Now we know what are the tolls stretches across the country. We know all the toll booths. We know all the tolls stretches. So based on routes that people have to service, meaning a start point and endpoint, we can tell them the cheapest tollable route, and then they can see the adherence on that using the Gtropy solution. A lot of analytics as to you know where the potential accident prune zones are so that might cause hazardous goods to have an accident which might lead to other things, or a very detailed specific ETAs.

So A, Gtropy allows us to have a focus on IoT. They are very complementary when it comes to logistics. They also are bringing in a strong business focus. And our capabilities when merged into their offering provides kind of a highly differentiated market-leading, of course, backed with scale and muscle of the size of MapmyIndia. So we are very, very bullish on kind of where this business and hence on consolidated IoT will go in the future.

Shyam Sundar Sriram — Sundaram Mutual Funds — Analyst

Sure. Thanks for that. Sir, just one point on this Mappls and the global revenue opportunity. Sir, in FY ’22, if you can give some perspective of how big was our revenue pie from some of the global customers per se, just some sense? And how and what kind of opportunity does this Mappls platform open up per se, just from an opportunity side or anything of that sort if you can share? Lastly, just a margin range, what margin range we want to operate in? Would it be like a 43% to 45% range in terms of the margins? Any range if you can share? Thank you.

Rakesh Kumar Verma — Chairman and Managing Director

Margin from — Mr. Verma willtalk. We want to maintain a range. He’ll talk about it. I’ll answer your other question on the Mappls global opportunity. See, historically, we definitely have international customers, but they have been paying us or using us for their India market solutions — for our India markets and you. But if you look at the kind of global addressable market, you know, there are advanced countries in the West, where there is more adoption of our type of technology, of course, on the East also and then there’s emerging markets in Southeast Asia, Middle East and then further kind of much behind us markets, let’s say Africa, etc.

So making our Mappls platform, we are setting ourselves for kind of international expansion or being able to service the international market needs of either our Indian customers who want to go global or who have global operations, as well as for other customers globally who play in the same space as our Indian customers marquee names, but we have not been able to approach them in the past because we didn’t have an offering that could be relevant to their markets. So the opportunity size is quite large.

The international markets revenues will take some time to build up. It is not — it is I would say a trivial component of our revenue in the past. But are we serious, are we engaged, and for that, we have also brought in a President for APAC who comes from the — who is based in Korea and who comes with 20 plus years of experience, 10 of them in Hyundai as an automotive OEM, but also in the telecom and other enterprise segments, and has worked in Europe and US as well. And we brought him into C.E. Info international subsidiary which is our US subsidiary from which we’ll do a lot of the Mappls’ international market business.

So whether it is in the A&M space, automotive, NCASE, on mobility, IoT, logistics, SaaS, or consumer tech APIs or enterprise digital transformation solutions that we offer, which are location powered, all of the opportunities that we service in India, most of them we can also service in the global market. We are being a bit deliberate, a bit careful about how we expand, but yeah, that’s what gives us that kind of excitement in the three to five-year time frame for the true international market revenue potential for us also. On the margin profile?

Rohan Verma — Chief Executive Officer and Executive Director

On the margin, I can give you the color. If you look at, think about the PAT, in ’21, we achieved 31% and ’22, we have achieved 36%. That’s a good range to operate and some of things within the company, we tried to ensure that the management of the company should operate within some parameters. So this is a good range when I talk about 31% to 36%. For PAT, EBITDA, 41% to 48%, that’s a good range we need to operate and similarly, — sorry, EBITDA 35% to 43% range is how we have operated in the past. So this is the kind of margin range I can talk about.

Rakesh Kumar Verma — Chairman and Managing Director

I mean, basically, see, we want to also fuel our growth. So we’ll try to keep these margins calibrated so that in the future also we can accelerate.

Shyam Sundar Sriram — Sundaram Mutual Funds — Analyst

Understood, sir. Thank you very much, sir. Thank you. That’s all my questions.

Operator

Thank you. And the next question is from the line of Ankit Babel from Subhkam Ventures. Kindly proceed.

Ankit Babel — Subhkam Ventures — Analyst

Good evening, sir. Just one question from my side. What kind of order — new order booking you are targeting for this current year FY ’23?

Rakesh Kumar Verma — Chairman and Managing Director

I think we talked a little bit about it — that look — the pipeline looks strong. We are looking to of course grow in all fronts, so no specific kind of number to tell you right now for what FY ’23 order booking will look like. But of course, we’re working hard to kind of continue to grow it.

Ankit Babel — Subhkam Ventures — Analyst

But any growth range, sir, like 10%, 15%, 20%, 25% because this FY ’22 was very good?

Rakesh Kumar Verma — Chairman and Managing Director

So let’s hope. I can only say let’s hope and work towards making it still better.

Ankit Babel — Subhkam Ventures — Analyst

Okay. Thank you so much.

Operator

Thank you. The next question is from the line of Karan Uppal from Phillip Capital. Kindly proceed.

Karan Uppal — Phillip Capital — Analyst

Yeah. Thanks, sir for the opportunity. Most of my questions have been answered. Just one question on the R&D expenses. So you mentioned that in FY ’21, R&D expenses were around INR3 crores, which went up to INR5 crores in ’22, so the range is about 2% to 2.5% of revenue. So is this the benchmark for R&D for a particular year? Or from FY ’23 onwards, you’re expecting R&D expenses to go up? And also if you can elaborate which are the areas where you are investing? Thanks.

Rakesh Kumar Verma — Chairman and Managing Director

See, the R&D expense in our case so far is more of — expenses on people who are deployed for the R&D. So there are three stages, let me explain. A very core R&D like we are doing it on high definition maps, then from there it turns out to productization where we convert the results of the R&D into building the product, and then the third part is the operations of the products so that the customers are served.

So when I talked about INR3 crores to INR5 crores, that’s a good range because it is really spending on the — it is practically the cost of the people. Some equipments are there when we have to buy or some other things we might require, but 2%, 3% is a good range, I can say.

Karan Uppal — Phillip Capital — Analyst

Okay, sir. Thanks a lot.

Operator

Thank you. The next question is from the line of Nitin Sharma from Mc Pro Research. Kindly proceed.

Nitin Sharma — Moneycontrol Pro — Analyst

Yeah. Hello. Am I audible?

Rakesh Kumar Verma — Chairman and Managing Director

Yes.

Operator

Yes, sir, you are.

Nitin Sharma — Moneycontrol Pro — Analyst

Yeah. Hi. First of all, congratulations on a good set of numbers. Two questions really, one is bookkeeping. I would like to understand that the other expenses kind of went up, so can you please talk about what is driving them, and is it a permanent nature?

Rakesh Kumar Verma — Chairman and Managing Director

This is for Q4 you said, or you are wanting us to answer on Q4 or FY?

Nitin Sharma — Moneycontrol Pro — Analyst

Q4.

Rohan Verma — Chief Executive Officer and Executive Director

Q4.

Rakesh Kumar Verma — Chairman and Managing Director

Q4. Okay. See, what is this other expense, normally when you don’t — it is only summary or a consolidation of several expenses like advertising expense, like infrastructure expense, so cloud. So like that when these expenses — I can’t give you an answer this minute honestly. Maybe our CFO can be called and he might give you the details. No problem.

Nitin Sharma — Moneycontrol Pro — Analyst

Understood. No problem. I’ll reach out offline. Second question, if I may. Can you please provide some color on what kind of market share ex-traditional probably going to cover by say about 2025? Some sense to it referring to the slides on the total addressable market.

Rohan Verma — Chief Executive Officer and Executive Director

See it’s hard to determine the market size and hence market share in some of the areas. Automotive OEMs, it is relatively easy to see because you see all the cars and you see where we are and where our competitors are, etc. So that’s one area where historically the market has been quite high, the orders of 80% to 90%. In the rest of it, our aspiration I can tell you that we definitely want to be the largest player in as many spaces as possible, whether it’s the IoT and logistics space, you know, where we have acquired Gtropy with that intent to kind of scale that up or even when it comes to the API space where customers — more and more customers are coming and switching to our APIs in the last year as we offer more — better quality maps, more features and even more kind of API building blocks to help them build better applications.

If you look at our API portfolio, you will see, it’s almost like a mini AWS in terms of many, many types of application building blocks, going further beyond just maps to tracking, to telematics, to workforce automation, to geospatial analytics, to dashboarding. So developers once they come onto our platform, they start getting more and more reasons to stick with us, and then there’s the whole geospatial space, which is also an increased focus for us as a market for that, especially from the government side is opening up.

So it’s hard to say a market share aspiration, but suffice to say that look, the addressable market is very large. We look at installation, not just in our sector from global companies but also generally blue-chip companies from India. So the long-term aspiration is to be very large company built based on data and technology. And we are working, year-on-year, quarter-on-quarter towards that larger vision as well as a short-term and our performance.

Rakesh Kumar Verma — Chairman and Managing Director

Let me add something. I got a message saying that the EBITDA margin range which I talked about was not very clear– clearly audible. I said it is in the range of that 35% to 43%.

Nitin Sharma — Moneycontrol Pro — Analyst

That’s it all from my side. Thanks a lot.

Operator

Thank you. The next question is from the line of Srishti Jain from Monarch Networth Capital. Kindly proceed.

Srishti Jain — Monarch Networth Capital — Analyst

Thank you for the opportunity, sir. I had one question. I understand that our new order bookings have slightly tapered down so in FY ’21, we had about INR468 crores and now we are — in FY ’22, we are doing INR523 crores. Is there is a reason why the growth isn’t as much as what we saw in FY ’21?

Rohan Verma — Chief Executive Officer and Executive Director

I mean, see, the order booking growth is a different vector than the revenue growth. Orders will get converted to revenue, so it tends to help compound the revenue in future. So order booking itself growing. Itself is a very, very strong signal for the future revenue for the Company. And there no particular reason. The pipeline is very strong. What we could convert in FY ’23, we have reported that but the balance of our pipeline is quite strong and will get converted in — what we could convert in FY ’22, we have reported as INR523 crores. Balance of that as much as we can convert based on what the pipeline will convert in FY ’23 and then there are new opportunities, and that’s what we tried to explain that. Look, we are opening up more and more use cases for our products and solutions, more and more markets. And so it is our own reach to more and more customers and being able to convert it, that will result in the outcome down to our execution.

Srishti Jain — Monarch Networth Capital — Analyst

Understood, sir. Sir, on the automotive side, right, if you look at FY ’20 and FY ’22, ignoring FY ’21 which is the COVID impacted year, the growth hasn’t been as much as the opportunity size, be it in EV or be it ADAS vehicles. So is there a reason why? And on the same lines, how important is embedded navigation to these OEMs? And are we still holding the 80% market share in automotive?

Rohan Verma — Chief Executive Officer and Executive Director

Yeah. See, FY ’22, we talked about in Q3 earnings call about the semiconductor impact, so keep that in mind as one. What I said is 1.3 million vehicles versus 1 million vehicles went with MapmyIndia and technologies versus what — you can see what the growth or de-growth are flat of the automotive sales itself was so that should give you a sense. And the third thing which I told you as look, our embedded navigation is now an NK suite. The kinds of capabilities that we offer it is not just the Vanilla [Phonetic] navigation, so there is so many more features that it offers besides accuracy and quality of the experience that, yes, you are seeing companies like MG Motors and Mahindra which are really leveraging the power of this kind of our capabilities, as well as the EV two-wheelers. I didn’t talk about it as a Q4 win because it was earlier win but you are seeing in the social media these days, Ola Electric kind of talked about its OS 2, so that’s obviously something that we are powering.

So answer is, navigation as a use case is very important to consumers. OEMs need to offer it. And added on to that with our safety and electric and other connected capabilities like in vehicle commerce or what will come as GPS-based tooling, I think our value proposition is very strong to OEMs and so we are bullish on that.

Srishti Jain — Monarch Networth Capital — Analyst

Thank you, sir.

Operator

Thank you. The next question is from the line of Amit Kashyap from Subh Labh Research. Kindly proceed.

Amit Kashyap — Subh Labh Research — Analyst

Hello? Am I audible?

Operator

Yes.

Amit Kashyap — Subh Labh Research — Analyst

Thanks for the opportunity. My question is this quarter, employee cost was down by around INR5 crore, so whether the reason is layoff or something?

Rohan Verma — Chief Executive Officer and Executive Director

We had explained that earlier that if you look on a FY full year basis, there is — the trend is from INR53 crores to INR57 crores, so that is only growing. I mean there is no kind of — but in Q4, as we said that in the first half of the year, we had provisioned for INR5.25 crores of bonus and incentives, which in the end, were not paid, and hence you are seeing that reflected in Q4. But on the FY full year basis, there is no impact. It was just a quarter.

Amit Kashyap — Subh Labh Research — Analyst

Thank you, sir. Thank you.

Operator

Thank you. Ladies and gentlemen, that was the last question. I now hand the conference over to the management for closing comments.

Rohan Verma — Chief Executive Officer and Executive Director

I would like to say thank you very much to everybody for joining the call and asking the questions. We of course remain very bullish and excited about kind of where the future is going for the Company. And thanks everybody for being continued a long-term shareholder, and very happy to keep getting inputs on products, on business, on — and we are very responsive to that, and that’s part of our DNA to keep innovating and evolving. And look forward to your continued engagement. Thank you.

Operator

[Operator Closing Remarks]