MapmyIndia registers 41% uptick in FY23 revenues, eyes growth from consumer tech products

MapmyIndia, a Delhi-based mapping technology firm, has reported financial results for the full year and for Q4FY23.

The company has reported a 41 percent Year-on-Year growth at Rs 282 crore for FY23, versus revenues of Rs 200 crore in FY22. The FY23 Q4 revenue growth was up 27 percent. The profit after tax is up 24 percent (year-on-year) to Rs 108 crore, with EBITDA margins at 42 percent. 

MapmyIndia's year-on-year open order book was up 31 percent to Rs 918 crore, versus Rs 512 crore, versus Rs 699 crore in FY22. 

Rakesh Verma, Chairman and Managing Director, MapmyIndia, commenting on the full year and fourth quarter of FY23 results, said "MapmyIndia continues its stellar performance year after year, and for FY2023, recorded a revenue from operations of Rs 282 Cr (up 41 percent), a PAT of Rs 108 Cr (up 24 percent), and an EBITDA margin of 41.9 percent." 

He further stated that the company has maintained a healthy EBITDA margin in its Map-led business of 52.6 percent while investing in the IoT-led business, which is already demonstrating good results. Revenue from the IoT-led business grew 140 percent year-on-year, with the EBITDA margins growing from 1 percent in the 9 months of the financial year, to around 4 percent in Q4 FY23, as SaaS income increased. 

"The IoT-led business is exciting because, while we sold 1.9+ lakh IoT devices in FY23, 3x what we did in FY22, the potentially addressable market is of 20 crore vehicles, showing the large headroom there is potential to be tapped for MapmyIndia's IoT-led hardware and SaaS business," he added.