MapmyIndia FY23 Results: PAT Zooms 23% To INR 108 Cr, Revenue Up 1.4X

Geotech startup MapmyIndia’s consolidated profit after tax (PAT) zoomed 23% to INR 107.53 Cr in the fiscal year 2022-23 (FY23) from INR 87.07 Cr in the year ended March 2022.  

Revenue from operations grew 1.4X to INR 281.46 Cr in FY23 from INR 200.4 Cr during the last financial year. Total income surged 30% on a yearly basis to INR 315.78 Cr in FY23 compared to nearly INR 242 Cr in FY22. 

MapmyIndia earns money from the sale of subscription services, licensing, sale of hardware and map data to enterprise customers.

Meanwhile, MapmyIndia’s total expenses surged 41% to INR 176.24 Cr in the year ended March 2023 from INR 124.66 Cr in FY22. Of this, employee benefit expenses accounted for the biggest chunk of expenditure at INR 66.19 Cr in FY23, up 15% from INR 57.53 Cr reported in the previous financial year. 

The company also spent INR 8.45 Cr on marketing and promotional activities, while INR 48.15 Cr went towards expenses related to ‘total cost of material.’ Meanwhile, other expenses shot up 26% on a yearly basis to INR 25.60 Cr in the period under review versus INR 20.17 Cr reported in FY22. 

On a quarterly basis, the startup’s PAT rose 25% to INR 28.31 Cr in the fourth quarter (Q4) of FY23 from INR 22.58 Cr in the same quarter last year. Sequentially, the profit declined 4.5% from INR 29.66 Cr in the quarter ended December 2022. 

In the quarter ended March 2023, MapmyIndia’s operating revenue grew 7% quarter-on-quarter (QoQ) to INR 72.47 Cr, up from INR 67.66 Cr in Q3 FY23. Compared to INR 57 Cr in Q4 FY22, the startup’s revenue from operations zoomed 27% YoY in Q4 FY23. 

Founded in 1994 by Rakesh and Rashmi Verma, MapmyIndia is the market leader in India for maps and geospatial offerings. The platform has mapped 63 Lakh kms of roads across 7,900 towns in India and 1.45 Cr houses and buildings across the globe. 

With more than 600 enterprise customers on its rolls, MapmyIndia counts big names such as PhonePe, Airtel, HDFC Bank, Morris Garages and Flipkart as its clients. 

MapmyIndia is currently locked in a legal tussle with tech major and map giant Google. The two sides are sparring over the big tech player’s new user choice billing system which mandates apps listed on Play Store to cough up 11-26% service fee, despite using third-party payment processors. 

Shares of the geotech startup closed 0.15% higher at INR 1,009.90 on the BSE on Friday (April 21).