MapmyIndia’s Q2 PAT Jumps 30% YoY To INR 33.1 Cr

Goldman Sachs Sees 40% Upside In MapmyIndia; Stock Hits 20% Upper Circuit

SUMMARY

MapmyIndia’s operating revenue jumped 19.4% to INR 91.1 Cr in Q2 FY24 from INR 76.3 Cr a year ago

The geotech startup attributed the performance to strong growth across verticals during the quarter under review

Total expenditure rose 13% to INR 54.6 Cr in Q2 FY24 from INR 48.3 Cr in last year’s quarter

Geotech startup MapmyIndia on Monday (October 31) reported a 30.4% year-on-year (YoY) rise in its profit after tax (PAT) to INR 33.1 Cr in the September quarter (Q2) of the financial year 2023-24 (FY24), helped by positive momentum across business verticals.

MapmyIndia’s PAT stood at INR 25.4 Cr in the corresponding quarter last year.

On a quarter-on-quarter (QoQ) basis, the company’s profit grew a muted 3.4%.

Operating revenue jumped 19.4% to INR 91.1 Cr in Q2 FY24 from INR 76.3 Cr reported in the corresponding quarter of the previous fiscal.

Sequentially, operating revenue grew a mere 1.9%.

Speaking on the financials, Rakesh Verma, chairman and MD at MapmyIndia, said the company posted all-time high revenue, EBITDA, and PAT during the quarter under review.

Its EBITDA stood at INR 40.5 Cr in the quarter under review as against INR 30.6 Cr in Q2 FY23.

“Map-led business EBITDA margin was strong at 56.4%. IoT-led business EBITDA margin continued to expand quarterly to 8.2% in Q2 FY24 versus 6.3% of Q1 FY24, due to improved product mix and operational efficiency,” said Verma.

As per the company, besides its core B2B and B2B2C business, the B2C Mappls app has received significant traction. The app has already seen over 11 Mn lifetime downloads.

Zooming Into The Expenses

On the expenditure side, MapmyIndia saw almost a 13% jump to INR 54.6 Cr in Q2 FY24 from INR 48.3 Cr in last year’s quarter.

However, the company managed to bring down its expenses 2.2% from INR 55.8 Cr reported in the previous quarter – Q1 FY24, largely due to the QoQ decline in total cost of materials.

Total cost of materials include spending towards software and hardware.

MapmyIndia’s total cost of materials stood at INR 13.2 Cr in Q2 as against INR 14.2 Cr in Q1 FY24.

On a YoY basis, MapmyIndia’s total cost of materials increased 2.4%. On the other hand, marketing and business promotion expenses fell over 43% YoY to INR 2.2 Cr in the quarter under review.

The company also spent INR 19.2 Cr towards employee benefits, which increased almost 14% YoY.

Ahead of its Q2 earnings report, shares of MapmyIndia ended today’s trading session marginally higher at INR 2,085.25 on the BSE.