MapmyIndia’s Q3 Profit Rises 4% To INR 32.3 Cr

Geotech company MapmyIndia’s consolidated net profit rose 4% to INR 32.32 Cr in the third quarter of the fiscal year 2024-25 (Q3 FY25) from INR 31.04 Cr in the year-ago quarter. 

Sequentially, net profit spiked 6% from INR 30.35 Cr. 

The company reported an EBITDA of INR 41.7 Cr in the quarter, up 15.7% from INR 36 Cr in the year-ago quarter. However, EBITDA margin contracted to 36.4% during the quarter under review from 39% in Q3 FY24.

Meanwhile, revenue from operations zoomed 24% to INR 114.54 Cr from INR 92.02 Cr in the year-ago quarter. On a quarter-on-quarter basis, this number increased 10% from INR 103.67 Cr. 

Including other income of INR 9.39 Cr, the company recorded a total income of INR 123.93 Cr in the fiscal quarter. 

MapmyIndia To Increase Presence In B2C Segments 

In an investor presentation, MapmyIndia said it is looking to cross the revenue milestone of INR 1,000 Cr by FY27/FY28, growing its top line at a CAGR of 35-40%. The company said that it will look to invest in its tech capabilities, build a broader stack of software products, and expand its relationship with active customers. 

Interestingly, the company also said that it intends to increase its presence in “B2C segments through Mappls app and gadgets”. It is pertinent to mention that in December, the company was looking to likely hive off its B2C business. 

MapmyIndia, last month, informed the bourses that its CEO and executive director Rohan Verma will be parting ways from the executive duties to fully focus on building a B2C business as a “a dedicated separate” company. 

Back then, it said CEO Verma will transition from CE Info Systems, the parent of MapmyIndia, to take up an executive position in the new company from April 1, 2025. 

In a statement, MapmyIndia said that the new venture will use its consumer-facing map product Mappls. However, MapmyIndia will continue to have access to Mappls for its B2B2C and B2G2C offering.

But, the company took a U-turn on its decision within days after facing backlash from investors.. 

In the investor presentation today, the company said that it will look to drive expansion in B2C and international markets. “… Increase presence in B2C segments through Mappls app and gadgets… Target international markets using integrated maps of 200+ countries,” it outlined in its future strategy.

A Breakdown Of MapmyIndia’s Earnings

MapmyIndia categorises its B2B2C enterprise customer base into two categories – automotive & mobility tech (A&M) and consumer tech and enterprise digital transformation (C&E).

In Q3 FY25, MapmyIndia said that its C&E revenue surged 39% YoY to INR 65 Cr, while revenue from the A&M segment grew 9% to INR 49 Cr. 

“Our efforts in the previous quarters culminated in securing a major deal with one of the largest global social media networks across all their app platforms in India, as well as significant wins in the burgeoning quick commerce space and BFSI vertical, which had a strong positive impact on our C&E business. We also made significant strides in customer acquisition and deepened relationships with existing clients through upselling and cross-selling initiatives,” MapmyIndia’s managing director Rakesh Verma said.

The company also provides its digital maps, software products, platforms, application programming interfaces (APIs), and IoT solutions to new-age tech companies, businesses across industry verticals, automotive OEMs, government organisations, developers and consumers, under the Mappls MapmyIndia brand. 

In the quarter, its map-led business grew 33% YoY to INR 87 Cr, while IoT-led business increased only 4% during the quarter “due to delays in some anticipated business”. 

In a statement, MapmyIndia said that its margins for the map-led business were impacted in the quarter due to an “increased technical outsourcing costs”. “B2C-related expenses were approximately INR 5 Cr in Q3 FY25, impacting the map-led margins by an additional 6%. Adjusting for the B2C expenses map-led EBITDA margin would have been at a healthy 51%,” it said. 

Similarly, IoT-led business’ quarterly EBITDA margin also dipped to 9% from 10% in the year ago quarter. The company attributed the dip to an increase in fixed costs in “anticipation of large projects.”

A Look At MapmyIndia’s Expenses

While the company’s top line expanded in the quarter, the pace of rise in its expenses was faster. In Q3 FY25, MapmyIndia spent INR 79.40 Cr, up 32% from INR 60.52 Cr it spent in the year-ago quarter. 

Employee Expenses: The company’s biggest expense was its spending on its workforce. It rose 8% YoY to INR 20.88 Cr. Meanwhile, it also outsourced INR 19.56 Cr worth technical services. This expense jumped exponentially from INR 3.12 Cr it spent in the year-ago quarter. 

Marketing Expenses: MapmyIndia cut its promotional expenses 23% YoY to INR 4.16 Cr in the quarter.

Cost Of Materials Consumed: The company spent INR 13.07 Cr on procuring material in the quarter, down 7% YoY. While hardware material accounted for INR 9.01 Cr of these expenses, software material (including SIM rental part of services) saw a spend of INR 4.06 Cr. 

Communication Expenses: This expense head saw a 41% YoY jump to INR 5.54 Cr in the quarter. 

Shares of MapmyIndia ended the day down 3.10% at INR 1610.70.