MapmyIndia’s Q3 FY23 Profit Zooms 1.6X YoY To INR 29 Cr, Revenue Up 56%

Geotech startup MapmyIndia has reported a consolidated profit after tax (PAT) of INR 29.66 Cr for the third quarter (Q3) of the financial year 2022-23 (FY23). The company had reported a net profit of INR 18.52 Cr in the year-ago quarter.

Sequentially, MapmyIndia saw its profits surge nearly 17% from INR 25.37 Cr in Q2 FY23. In the nine months period ended December 2022, MapmyIndia’s PAT grew 1.21X to INR 79.23 Cr against INR 65.18 Cr reported during the same period in FY22.

Revenue from operations zoomed 56% to INR 67.66 Cr in Q3 FY23 against INR 43.37 Cr in Q3 FY22. Overall, total income surged to INR 78.27 Cr in the period under review, compared to INR 52.06 Cr in Q3 FY22. 

The startup earns revenue from the sale of hardware, map data and other allied services such as GPS navigation and location-based products. It also earns revenue from subscriptions, royalty and licensing of its products to customers.

While revenue from automotive and mobility tech rose 45% YoY to INR 40.1 Cr in Q3 FY23, revenue from consumer tech and enterprise products rose 76.3% on a yearly basis to INR 277.5 Cr. In the first three quarters of FY23, MapmyIndia’s revenue from operations grew 1.45X YoY to INR 209 Cr.

Meanwhile, the company’s expenses continued to bite into profits. The startup saw its total expenses rise 1.4X to INR 42.45 Cr in the quarter ended December 2022, up from INR 30.28 Cr in Q3 FY22. Of these, while employee expenses accounted for the biggest chunk of expenditure at INR 16.88 Cr, cost of material jumped more than 3X YoY to INR 12.12 Cr in Q3 FY23. 

MapmyIndia also spent nearly INR 2 Cr on marketing and promotions, while it splurged INR 6.73 Cr on other expenses.

Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) improved 67.1% YoY to INR 27.8 Cr in Q3 FY23. EBITDA margin stood at 41% during the period under review, up 220 basis points on a yearly basis.

“… Overall these are very healthy growth and profitability numbers. The upselling and cross-selling of our products and solutions to existing and new customers continue, which bodes well for the future of the company. We are happy that we have been able to balance  our growth and profitability goals, maintaining  financial discipline, while also ensuring that we are investing for the future,” said MapmyIndia’s chairman and managing director Rakesh Verma.

MapmyIndia’s CEO and executive director Rohan Verma said, “… We are excited by the various customer wins for our various products and solutions across industry verticals for many existing and new use cases. Good  prospects lie ahead for our consumer app and B2C business, based on  recent pro-competition actions by CCI and Supreme Court, which opens up the market for Mappls app.”

The company claims to be the market leader for maps and geospatial offerings in India. So far, the startup claims to have mapped 63 lakh kms of roads in more than 7,900 towns, covering 98.5% of India’s total road network. It has also mapped 6.37 lakh villages and 1.78 Cr places of interest, and 1.45 Cr houses and buildings across the globe. 

It claims to have serviced around 2,000+ enterprise customers since its inception and currently has more than 600 customers on its software-as-a-service (SaaS), platform-as-a-service (PaaS) and maps-as-a-service (MaaS) platforms. It counts big names such as Flipkart, PhonePe, HDFC Bank, Morris Garages, and Airtel as its customers. 

In its quarterly report, the startup said that just 35 clients contributed around 80% to its total revenues. 

At the end of December 2022, the startup had 812 employees on its rolls, including 510 permanent and 302 temporary employees. In the last nine months, the attrition rate within the company has hovered around 17.5%. 

The company has been locked in a public spat with Google and had previously urged the Supreme Court to make it a party to Google’s Android antitrust case. Mincing no words, the company’s CEO Rohan Verma has time and again taken potshots at Google for its alleged anti-competitive behaviour and launched salvos at the tech major.

Shares of the company closed 0.27% higher at INR 1134.55 on Tuesday on the BSE. 

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.