MapmyIndia Q1 Profit Rises 17.5% To INR 24.2 Cr

Digital mapping startup MapmyIndia’s parent entity C.E. Info Systems on Friday (August 8) reported a 17.5% year-on-year (YoY) jump in consolidated profit after tax (PAT) at INR 24.2 Cr in the first quarter of the financial year 2022-23 (FY23), helped by growing traction for its deep-tech digital products and platforms.

In Q1 FY22, MapmyIndia’s PAT stood at INR 20.6 Cr.

The startup’s operating revenue also saw a 50.2% rise to INR 65 Cr in Q1 FY23 from INR 43.3 Cr reported in the corresponding quarter last year. Its total revenue in the quarter grew 35.6% to INR 71.4 Cr.

On the product side, revenue generated by map and data segment rose 53% To INR 27.2 Cr, while platform and IoT segment revenue grew 47% YoY to INR 37.8 Cr in the quarter.

Meanwhile, on the market side, automotive and mobility tech revenue increased 65% YoY to INR 33.2 Cr in Q1 FY23. Sales in its consumer tech and enterprise digital transformation saw a 37% YoY increase to INR 31.9 Cr.

“Being a highly differentiated and unique advanced digital maps, SaaS Products, API platforms and IoT devices company gives us tremendous operating leverage, which is reflected in our growing margins and profitability as revenue grows,” MapmyIndia CMD Rakesh Verma said. 

“Our open order book of INR 699 Cr at the beginning of FY23, up 85% from INR 377 Cr at the beginning of previous year FY22, points towards strong long-term future revenue growth from existing orders in hand itself,” Verma said.

The startup’s earnings before interest, tax, depreciation and amortisation (EBITDA) surged 55% to INR 30 Cr, while EBITDA margin expanded 100 basis points to 46% during the quarter.

MapmyIndia’s expenses also increased 37.5 % in Q1 FY23 to INR 37.7 Cr from INR 27.4 Cr in the year-ago quarter.

At INR 16.2 Cr, employee benefits expenses had the biggest share in overall expenses. MapmyIndia had spent INR 15 Cr on employee costs in Q1 FY22. Other expenses also jumped 79% to INR 11.5 Cr during the quarter under review from INR 6.4 Cr in the year-ago quarter. 

Emphasising the growth outlook, MapmyIndia CEO and Executive Director Rohan Verma said, “We continue to launch new and enhanced versions of our existing market-leading, world-class advanced maps, SaaS products, API platforms and IoT devices and innovatively address more and more use cases, allowing us to become even more relevant to more industries, customers and users.”

“Integration of the Gtropy acquisition and scale-up of our IoT business is well underway, to address the extremely large market opportunity of selling IoT & SaaS to more than 20 crore existing vehicles on road,” he added.

MapmyIndia recently launched a 360-degree Panoramic Street View and 3D Metaverse Maps Service, named Mappls RealView, in India to take on Google Maps, which launched its Street View in the country on the same day.

MapmyIndia’s shares rose marginally to close at INR 1,308.2 on the BSE on Friday.