MapmyIndia Q1: PAT Falls 6% QoQ to INR 35.9 Cr, Up 12% YoY

Geotech company MapmyIndia’s consolidated profit after tax (PAT) declined 6% on a quarter-on-quarter (QoQ) basis to INR 35.9 Cr in the June quarter (Q1) of the financial year 2024-25 (FY25) amid a ramp down of some old auto original equipment (OE) customers and some other changes in its IoT-led business during the period.

MapmyIndia posted a PAT of INR 38.2 Cr on an operating revenue of INR 106.9 Cr in the preceding March quarter of the previous fiscal year.

In Q1 FY25, the startup’s operating revenue also declined 5.1% QoQ to INR 101.5 Cr.

However, on a year-on-year (YoY) basis, MapmyIndia’s PAT increased 12.1% from INR 32 Cr and operating revenue increased 13.5% from INR 89.4 Cr.

The startup said in a statement, “During Q1 FY25, there were known ramp down of some old Auto OE programs. (The) ramp-up of new programs has begun in Q2.”

“Also, IoT-led business prioritised higher-margin SaaS instead of new hardware sales,” the statement added.

MapmyIndia divides its market-wise revenue into two categories – automotive & mobility tech business (A&M) and consumer tech & enterprise digital transformation (C&E). It divides its product-wise revenue into two segments – map & data and platform & IoT. 

Commenting on the Q1 performance, Rakesh Verma, chairman and MD of the company, said, “Our map-led business demonstrated strong growth of 17.2% and EBITDA margins of 50.1%. Our IoT-led business, as per our focus, showed tremendous growth of 89.6% in its high-margin SaaS revenue. During Q1 FY25, we also expanded the capabilities and addressable market for MapmyIndia to cover AI-driven data analytics and consulting needs of customers across industry verticals, and this will be beneficial to MapmyIndia in the time to come.” 

Meanwhile, during the quarter, MapmyIndia’s A&M revenue grew 9.5% YoY to INR 45 Cr and C&E revenue jumped 16.9% YoY to INR 56.5 Cr.

In the C&E segment, its major go-lives included the UP Police’s Dial 112 GenNext project and a project for the Indian army. Besides, the startup said that it had multiple wins in ecommerce, quick service restaurant, and delivery and mobility space for use cases such as location-based app personalisation and accurate address capture for delivery efficiency.

In A&E, its key go-lives included Mahindra XUV3XO, Ampere Greaves Nexus, Ultraviolet F77 Mach 2 electric Bike, and BYD Atto 3.

“New customer acquisition as well as up-sell and cross-sell of newer use cases and solutions to existing customers were on track, with key wins and go-lives across all our customer segments including automotive, fleets, new-age tech companies and traditional corporates, and the government, including defence,” said company CEO Rohan Verma, commenting on the Q1 earnings.

MapmyIndia said that its growth focus and outlook for all areas of business remain strong, and its long-term achievement goals are on track.

It is also pertinent to note that apart from its own books, the share of loss from KOGO, in which MapmyIndia holds a majority stake, stood at INR 38 Lakh in Q1 FY25, widening from a loss of INR 15 Lakh in the year-ago period. Similarly, the share of loss from Indrones stood at INR 18 Lakh in the reported quarter.

Where Did MapmyIndia Spend?

MapmyIndia’s total expenses increased 14.4% YoY but fell almost 12% QoQ to INR 63.9 Cr in Q1 FY25, with employee benefit expenses being the biggest cost head during the quarter.

Employee Cost: The startup’s cost under the head jumped almost 20% to INR 20.7 Cr during the quarter under review from INR 17.3 Cr in Q1 FY24.

Cost Of Materials: On a YoY basis, MapmyIndia’s expense in this bucket declined 26.6% to INR 10.4 Cr in Q1 FY25 while it fell a massive 53% QoQ.

Its cost of materials includes both hardware and software. While the cost for software materials increased on YoY as well as QoQ basis, it declined sharply for hardware materials.

Technical Services Outsource:  MapmyIndia spent INR 11.6 Cr under this head in Q1, which increased 48.7% YoY.

Marketing & Business Promotion Expenses: The company spent INR 2.2 Cr in this bucket, which increased 30.5% from INR 1.7 Cr in Q1 FY24.

Ahead of its Q1 FY25 earnings, shares of MapmyIndia rose over 2% to close at 2,226.9 on the BSE.

Meanwhile, it is worth noting that MapmyIndia recently sent a legal notice to electric two-wheeler major Ola Electric accusing the company of illicitly copying its data to build its Ola Maps interface.  

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