MapmyIndia crosses Rs 100 crore quarterly total income milestone in Q3 FY24

MapmyIndia, the New Delhi-headquartered advanced digital maps and deep technology company crossed the Rs 100 crore quarterly total income milestone in Q3 FY24, with the company’s total income touching Rs 103.6 crore, and its Q3 revenues at Rs 92 crore, registering an all-time high year-on-year (YoY) growth rate of 36 percent.

The company’s nine-month revenue stood at Rs 272.5 crore by end-December 2023, and its Q3 EBITDA grew 38 percent to Rs 38.6 crore. The profit-after-tax (PAT) in Q3 FY24 registered a 5 percent uptick to Rs 31.1 crore.

"With an overall YTD EBITDA margin of 43 percent, while our YTD Map-led EBITDA margin remains strong at 55.1 percent, the IoT-led EBITDA margin has expanded to 10 percent in Q3 FY24," said Rakesh Verma, CMD, MapmyIndia.

"We are not just happy with the growth of our core B2B and B2B2C businesses, we are also pleased to see our consumer business take shape with increased brand awareness, and product uptake,” he added. 

According to Rohan Verma, CEO and Executive Director, MapmyIndia, “We are excited about Q4FY24, with a strong order book build up based on very large new wins and look forward to sharing developments shortly. We had multiple wins and go-lives across our Auto OEM NCASE suite with an exciting funnel ahead. We also had multiple wins and go-lives across consumer tech companies and enterprises and in the government-based on Map-led & IoT-led digital transformation.”

“We started a strong 360-degree marketing push for our consumer business, which was highly effective, yet cost-efficient in increasing Mappls MapmyIndia brand awareness and product traction. We are happy to see the start of ad-revenue monetisation of our App and sales growth of our Gadgets domains,” he added.