MapmyIndia records 36% revenue growth in Q3; total income exceeds Rs 100 Cr

Digital navigation firm MapmyIndia's (CE Info Systems) third-quarter total income has exceeded Rs 100 crore.

In the third quarter of the fiscal year 2023-24, total income was Rs 103.6 crore, up from Rs 78.3 crore in the third quarter of FY2022-23.

The company's revenue from operations surged 36% year on year to Rs 92.02 crore, compared to Rs 67.7 crore in the third quarter of FY23. Year-to-date EBITDA margins stood strong at 43%, reflecting a 38% YoY growth.

The Delhi-headquartered company achieved a revenue of Rs 272.5 crore for the first nine months of FY2024. For the same period, profit after tax (PAT) grew 21% YoY to Rs 96.2 crore, with PAT margin at 32%.

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“We’re happy that MapmyIndia crossed for the first time a milestone of Rs 100 crore+ quarterly total income. Q4FY24 will be exciting. Not only are we happy with the growth of our core B2B and B2B2C business, we are also pleased to see our consumer business take shape with increased brand awareness & product uptake,” said Rakesh Verma, Chairman and Managing Director, MapmyIndia.

Established in 1995, MapmyIndia offers proprietary digital maps as a service (MaaS), software as a service (SaaS), and platform as a service (PaaS), by offering advanced digital map data, software products, APIs, IoT, and solutions.

“We are excited about Q4FY24, with a strong order book build up based on very large new wins and look forward to sharing developments shortly. Year-to-date (9MFY24) revenue growth was broad-based, with A&M up 19.5% and C&E up 43.1% on the market side, while Map & Data was up 37.6% and Platform & IoT was up 26.5% on the product side," said Rohan Verma, CEO & Executive Director, MapmyIndia.

The company, which serves over 2,000 enterprise customers, caters to new-age tech companies, government organisations, developers, and consumers.

"We had multiple wins and go-lives across our auto OEM, NCASE suite, with an exciting funnel ahead. We’re happy to see the start of ad-revenue monetisation of our app and sales growth of our gadgets,” said Verma.