MapmyIndia Shares Slump 8% After Weak Q2 Results

Shares of MapymyIndia’s parent C.E. Info Systems slumped as much as 7.8% to INR 1,895 apiece during the intraday trading today (November 11) on the BSE, after the company reported weak financial numbers for the second quarter of the financial year 2024-25.

On Friday, MapmyIndia posted a 8% year-on-year (YoY) and 15% quarter-on-quarter (QoQ) decline in its consolidated profit after tax (PAT) to INR 30.35 Cr in Q2 FY25. Operating revenue grew 14% YoY and 2% QoQ to INR 103.67 Cr during the quarter.

Following the results, brokerage Centrum maintained its ‘REDUCE’ rating on the stock and revised the target price lower to INR 2,097 from INR 2,291 earlier. 

At 11 am, the stock was trading 6.9% lower at INR 1,913.65 on the BSE. Its market capitalisation stood at INR 10,410 Cr (about $1.23 Bn).

Along with the results, MapmyIndia also said that it is setting up a new joint venture in Indonesia with Hyundai AutoEver, a wholly-owned subsidiary of carmaker Hyundai Motor, to expand to new markets.

The company said that it obtained the approval of its board to incorporate the proposed JV, called PT Terra Link Technologies, at an initial cost of $10 Mn (about INR 84.4 Cr).

Earlier in June, the company’s CEO Rohan Verma said that MapmyIndia will surpass INR 1,000 Cr in revenue by FY27. For this, the company is eyeing expanding its offerings beyond India to South East Asia, Middle East and North Africa regions.

Founded by Rakesh Verma in 1995, MapmyIndia is an enterprisetech startup offering services like digital mapping, geospatial software, and location-based IoT technologies in India. 

The company competes with the likes of Google and Ola. In June this year, the company sent a legal notice to Ola Electric, alleging it of copying MapmyIndia’s data to build the newly launched Ola Maps interface.