MapmyIndia closes FY23 with 23% higher profit at Rs 107 crore
The geospatial software and digital mapping company's revenue from operation was up by almost 40% to Rs 281.46 crore while the total income was Rs 315.8 crore, an increase of 30.5%
The consolidated profit of Geotech startup surged by almost 23% to Rs 107.53 crore in FY23 from Rs 87.7 crore the fiscal year before.
The geospatial software and digital mapping company, listed as CE Info Systems, on Saturday announced its results for the financial year ending March 2023.
The firms revenue from operation was up by almost 40% to Rs 281.46 crore while the total income was Rs 315.8 crore, an increase of 30.5%.
It is important to note that the consolidated financial numbers includes the results of MapmyIndia’s subsidiary companies—C.E. Info Systems International Inc.; Vidteq (India); and Gtroppy Systems, and associate company, Kogo Tech Labs.
Its expenses ballooned to Rs 176.24 crore in FY23 compared with Rs 124.66 in the previous fiscal.
Of this, employee benefit expenses and total cost of material (including purchase of stock in trade, change in inventory, software and hardware material) formed a major share, followed by technical service outsource.
Founded by Delhi-based Rakesh and Rashmi Verma, MapmyIndia offers digital maps, geospatial software, and location-based IoT technologies serving B2B and B2B2C enterprise customers. This business mainly consists of products like digital map. GPS navigation and location-based services, licensing, royalty, annuity, subscription and customising its products to customers.
The board on Saturday approved a final dividend of Rs 3 per share, the company said through an exchange filing. The fixed dividend of Rs 3 is 150% of the face value of the equity share that is Rs 2.
Shares of CE Info Systems was last trading in NSE at Rs 1007.00 as compared to the previous close of Rs. 1009.60.
(This story has been updated to correct some factual errors)
Edited by Akanksha Sarma