MapmyIndia Q3 PAT Rises 5% YoY To INR 31.1 Cr, Total Revenue Crosses INR 100 Cr Mark

Geotech startup MapmyIndia’s consolidated profit after tax (PAT) increased about 5% to INR 31.1 Cr in the December quarter (Q3) of the financial year 2023-24 (FY24) from INR 29.7 Cr in the last year’s quarter.

While the startup’s bottom line growth slowed year-on-year (YoY) in Q3, it also witnessed a degrowth sequentially. MapmyIndia’s PAT declined 6% from INR 33.1 Cr reported in the previous quarter – Q2 FY24.

The slump came despite the company’s overall revenue surpassing the INR 100 Cr mark in the quarter. Total revenue jumped 32% YoY and 5% quarter-on-quarter (QoQ) to INR 103.6 Cr.

Meanwhile, MapmyIndia’s operating revenue growth also remained muted at a mere 1% in the reported quarter, increasing to INR 92 Cr from INR 91.1 Cr in Q2 FY24.

The company’s operating revenue surged 36% YoY from INR 67.7 Cr in Q3 FY23.

MapmyIndia offers its proprietary digital maps as a service, software as a service, and platform as a service, including its advanced digital map data, software products, platforms, application programming interfaces, IoT and solutions to new-age tech companies, large businesses, automotive OEMs, government organisations, developers and consumers.

The company divides its market-wise revenue into two categories – automotive and mobility tech business (A&M) and consumer tech and enterprise digital transformation (C&E). While its revenue from C&E grew both on a YoY and QoQ basis to INR 47 Cr, the A&M segment saw a slower growth YoY compared to C&E and a decline on a QoQ basis to INR 45.1 Cr.

However, MapmyIndia claimed that the growth in A&M segment was ahead of industry volume growth. It also said that that segment saw multiple wins during the quarter, including a large Indian four-wheeler OEM signing up for multiple new vehicle models across ICE and EV categories. 

On the other hand, MapmyIndia divides its product-wise revenue into two segments – map and data and platform and IoT. The revenue of both the segments rose sharply on a YoY basis. While the revenue of map and data and platform rose to INR 27.4 Cr while that of IoT rose to INR 64.6 Cr.

However, the income from map and data slumped on a QoQ basis from INR 34.4 Cr. 

MapmyIndia saw its EBITDA decline 5% QoQ to INR 38.6 Cr in Q3 FY24. However, it was a 38% increase YoY from INR 27.8 reported in Q3 FY23.

Rakesh Verma, CMD at MapmyIndia, said that the map-led EBITDA margin remained strong YTD at 55.1% while IoT-led EBITDA margin expanded to 10% in Q3 FY24 versus 8.2% in Q2 FY24.

“Not just are we happy with the growth of our core B2B and B2B2C business, we are also pleased to see our consumer business take shape with increased brand awareness and product uptake,” said Verma. 

Where Did MapmyIndia Spend?

MapmyIndia’s total expenses jumped almost 43% INR 60.5 Cr in Q3 FY24 from INR 42.4 Cr the previous year. It was also a 10.8% increase sequentially.

At INR 19.3Cr, the company’s employee benefit expenses rose 14.2% YoY and continued to contribute the biggest portion to the total expenses. 

Its total cost of materials also increased 15.7% YoY to INR 14 Cr in Q3 FY24.

On the other hand, MapmyIndia’s marketing and business promotion expenses witnessed a massive 170% jump YoY to INR 5.4 Cr in the quarter under review.

MapmyIndia said in its earnings statement that its Mappls brand and app saw traction in Q3 on the back of the company’s market push.

As per the company, its consumer business has started a monetisation push through in-app advertising for a marquee brand. Besides, Mappls gadgets traction and revenue continue to grow, it said.

“We are excited about Q4 FY24, with a strong order book build up based on very large new wins,” said Rohan Verma, CEO and ED at MapmyIndia.

Following the Q3 FY24 results announcement, shares of MapmyIndia ended today’s trading session 1.1% lower at INR 2,037.5 on the BSE.