MapmyIndia records 18 pc profit growth in Q4 FY 2022

Digital mapping company CE Info Systems—better known as MapmyIndia—reported an 18 percent rise in consolidated profits for the fourth quarter of the last financial year. 

The Delhi-headquartered unicorn, which powers Apple Inc's maps in India, reported a profit of Rs 23 crore in Q4 FY 2022, it said in a statement. In the financial year gone by, the company recorded a profit of Rs 87 crore—up 45 percent from the previous year. 

The company’s share price fell 0.75 percent on Monday on BSE, following a 0.07 percent decline in Sensex. 

“We ended FY (financial year) 2022 with a good revenue and profit growth, and healthy margins that further expanded,” said Rakesh Verma, Chairman and Managing Director, MapmyIndia. 

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It reported a revenue of Rs 200 crore from operations in FY 2022—a growth of 31 percent over the same period last year. The company’s revenue during the fourth quarter was Rs 57 crore—up 20 percent from Q4 FY 2021. 

“The momentum of customer wins continued across all our customer segments—automotive OEMs (original equipment manufacturers), corporates and government—resulting in total annual new order bookings of Rs 523 crore in FY 2022,” said Rohan Verma, CEO and Executive Director, MapmyIndia. 

He further added that the company ended FY 2022 with an open order book of Rs 699 crore, growing from Rs 377 crore at the end of FY 2021. 

“We continue to relentlessly innovate on our map data and technology products and platforms, which will further cement our leadership position in the digital mapping, automotive technologies, geospatial, and IoT (Internet of Things) space,” he added. 

MapmyIndia had made a stellar public debut on the stock exchanges in December 2021, with a Rs 1,040-crore initial public offering.