MapmyIndia posts highest quarterly profit at Rs 32 crore in Q1 FY24

MapmyIndia, a Delhi-based mapping technology firm on Friday reported a 32.2 percent year-on-year (YoY) jump in net profit at Rs 32 crore for the first quarter that ended June 30, 2023.

The company had posted a net profit of 24.2 crore in the year ago period.

In 1QFY24, the revenue stood at Rs 89.4 crore, a 37.5% jump against revenue of Rs 65 crore in 1QFY23.

The company’s EBITDA (earnings before interest, tax, depreciation, and amortisation) saw a 25.2% increase to Rs 37.4 crore, in the first quarter of this fiscal, compared to Rs 29.9 crore in Q1 FY23.

EBITDA margin stood at 41.9 percent in the reporting quarter as compared to 46.0 percent in the corresponding period in the previous fiscal.

Rakesh Verma, Chairman and Managing Director, MapmyIndia said, “During Q1FY24, we outlined a 5-year vision of a growth roadmap for the company, and are putting in place the requisite foundations that will drive long-term success of the company. We are also delighted with the surge in interest and usage of our consumer-facing Mappls MapmyIndia app amongst users, which resulted in Mappls app becoming the top app in the app store recently. This bodes well for the B2C future of the company, in addition to the B2B and B2B2C where we have been traditionally strong.”

Rohan Verma, CEO and Executive Director, MapmyIndia, said “Our strong Q1 YoY revenue growth was broad-based with A&M (Automotive & Mobility Tech) up 24% and C&E (Consumer Tech & Enterprise Digital Transformation) up 51% on the market side. On the products side, Map & Data was up 41% and Platform & IoT was up 35%. We’re happy with the large number of customer go-lives that occurred during Q1FY24 including many consumer technology companies and startups, corporates across industry sectors, automotive OEMs including EVs and 2-Wheelers, and government and logistics/mobility fleets. This bodes well for our future growth.”