MapmyIndia clocks Rs 417.6 crore in income, gains new orders worth Rs 834 crore in FY24

New Delhi-headquartered CE Infosystems, the parent company of the MapmyIndia brand, a leading provider of deep-technology, digital map, geospatial software, and location-based IoT products and services, has announced its FY24 financial results.

The company has clocked Rs 417.6 crore in full-year revenues, registering a 32 percent year-on-year (YoY) growth over the FY23 turnover of Rs 315.8 crore. In the last quarter – Q4 FY24 – MapmyIndia registered an even higher 44 percent YoY growth to clock Rs 119.3 crore (Q4 FY23: Rs 82.9 crore).

While its FY24 EBITDA also registered a similar 33 percent YoY growth to Rs 156.2 crore (FY23: Rs 117.9 crore), the profit-after-tax (PAT) grew 25 percent to Rs 134.4 crore (FY23: Rs 107.5 crore). The EBITDA margin, however, remained nearly flat at 41 percent.

On the new-order acquisition front, the company received new annual orders worth Rs 834 crore in FY24 – a notable 63 percent double-digit YoY growth over new orders of Rs 512 crore garnered in the previous financial year. This takes MapmyIndia’s net open order book value to Rs 1,372 crore by end-FY24 (FY23: Rs 918 crore / +49%).

According to Rakesh Verma, CMD, MapmyIndia, “We are very pleased to share MapmyIndia’s continued strong performance year-after-year, recording Rs 379.4 crore, up 35% YoY, revenue from operations, in FY24. Our order book achievements give us further confidence that we are on track to our stated milestone of crossing Rs 1000 crore revenue by FY27-FY28. Our open order book grew 49% to Rs 1,372 crore at end of FY24, which bodes well for our future revenue.”

The company’s Map-led business EBITDA margins remain healthy at 54%, while its IoT-led business EBITDA margins have expanded from 1.7% in FY23 to 11.6% in FY24, attributed to an increase in product mix, scale, and SaaS income. Revenue from the IoT-led business grew 91% YoY to cross an important revenue milestone of Rs 112 crore, with EBITDA growing 13x from Rs 1 crore in FY23 to Rs 13 crore in FY24. “This business has now been fully integrated and with growing scale further operational leverage will begin to kick in,” Verma said.

As per MapmyIndia, FY24 continued to show growth of its core B2B and B2B2C business across existing market segments of Automotive, Corporate, Government and Mobility. It now aims international markets, and according to Verma, “We have been investing in building our capabilities and solutions to expand internationally as well as in the drone segment. It is heartening to see our consumer business take shape with more than 20 million users having downloaded the Mappls app.”

According to Rohan Verma, CEO and Executive Director, MapmyIndia, “Our overall revenue growth of 35% to Rs 379 crore during FY24 was broad-based with Consumer Tech & Enterprise Digital Transformation revenue up 49% YoY to Rs 194 crore, and Automotive & Mobility Tech revenue up 23% to Rs 186 crore on the markets side. On the products side, Our Map & Data revenue grew 23% to Rs 138 crore and Platform & IoT revenue grew 42% to Rs 241 crore.”

“Over 2.5 million new vehicles – passenger vehicles, two-wheelers, and CVs, across ICE and EV segments – were shipped with built-in MapmyIndia Mappls navigation app, a growth from 1.9 million during FY23, showing faster-than-industry uptake of our Auto N-CASE suite of map and technology solutions amongst automotive OEMs, including new-age EV companies. Further, we achieved 52% growth in the number of IoT devices installed during the year to 2.9+ Lakhs, which led to significant growth in our IoT-led business.

“We continued to acquire new B2B and B2B2C customers – including many businesses and enterprises across industry verticals, new-age consumer-tech companies and key government organizations - raising our base to 880+ customers for our MaaS, SaaS and PaaS offerings, giving us a great platform to up-sell and cross-sell our wide variety of offerings and use-cases to existing and new customers. Customer diversification, de-concentration and retention continued to trend healthily,” Verma outlined.

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