MapmyIndia Q1 Net Profit Zooms 32.2% YoY To INR 32 Cr

Geotech startup MapmyIndia on Friday (August 4) reported a 32.2% year-on-year (YoY) rise in consolidated net profit for the quarter ended June 2023 to INR 32 Cr on the back of a strong growth across segments. The company had reported a net profit of INR 24.2 Cr in the year-ago quarter.

On a quarter-on-quarter (QoQ) basis, MapmyIndia’s profit grew 13.1% from INR 28.3 Cr.

Revenue from operations rose 37.5% to INR 89.4 Cr in Q1 FY24 from INR 65 Cr in the year-ago quarter. It grew 23.4% from INR 72.5 Cr in the preceding March quarter. 

While the map-led business contributed INR 66 Cr to the operating revenue, the internet of things (IoT)-led business accounted for INR 22.8 Cr.

The startup said in a statement that it continues to see an uptick in its IoT devices, with multiple wins from its B2B and B2B2C customers, and Mappls gadgets.

“Our strong Q1 YoY revenue growth was broad based with A&M (automotive and mobility tech) up 24% and C&E (consumer tech & enterprise digital transformation) up 51% on the market side. On the products side, map and data was up 41% and platform and IoT was up 35%,” MapmyIndia CEO and ED Rohan Verma said in a statement.

The startup said it also bagged multiple new orders in Q1 FY24 across two-wheeler EV segment, with key go-lives including Hero MotoCorp’s new Harley Davidson X440 vehicle, the flagship Hero App companion app, and Ultraviolette F77 EV bike.

Besides, it said that on the C&E side, multiple Open Network Digital Commerce (ONDC) enabled apps are up for APIs, which is further enabling MapmyIndia’s increased presence in the growing ONDC ecosystem.

As a data and technology products and platforms company, MapmyIndia offers proprietary digital maps as a service (MaaS), software as a service (SaaS) and platform as a service (PaaS). Its product segment maps and data includes MaaS offerings, while platform & IoT includes SaaS and PaaS offerings.

The company’s total revenue, including other income, jumped 36.9% YoY and 17.8% QoQ to INR 97.7 Cr during the quarter under review.

Meanwhile, MapmyIndia’s total expenses rose over 48% to INR 55.8 Cr during the quarter under review from INR 37.7 Cr in Q1 FY23.

Employee benefit expenses continued to contribute the highest to the startup’s total expenses – growing to INR 17.3 Cr in the quarter under review from INR 16.2 Cr in the year-ago period.

On the other hand, its total cost of material surged over 90% YoY to INR 14.2 Cr in Q1.

Technical services outsource and marketing and business promotion expenses grew over 500% YoY to INR 1.8 Cr and 6.4% to INR 1.7 Cr, respectively.

MapmyIndia’s EBITDA rose 25.2% YoY to INR 37.4 Cr in Q1 FY24, while it grew 29.2% on a QoQ basis. However, EBITDA margin contracted 410 basis points YoY to 41.9% during the quarter under review. It expanded 190 basis points QoQ from 40%.

The company claimed it recorded its highest-ever quarterly revenue, EBITDA and profit during the quarter under review. 

Along with its Q1 FY24 results, MapmyIndia announced the re-appointment of Rohan Verma as the whole time director of the company for a period of 5 years after the expiry of his tenure on March 31, 2024.

Its board also approved the allotment of 3.9 Lakh equity shares of INR 2 each to the ESOP holders who have exercised their vested options as per ESOP policy of 2008 of the company. 

Ahead of its results, MapmyIndia shares ended today’s trading session marginally lower at INR 1,536.95 on the BSE.