MapmyIndia's Q4 net profit surges 35%, revenue rises 47%

CE Info Systems, the parent company of MapmyIndia, has witnessed a 35.11% surge in consolidated profit after tax to Rs 38.25 crore in the fourth quarter ending March 31, 2024, from Rs 28.31 crore in the corresponding year-ago period.

As per exchange filings posted by MapmyIndia, consolidated revenue from operations saw an uptick of 47.5%, at Rs 106.9 crore during Q4 of FY24, compared to Rs 72.47 crore in the March quarter of the previous fiscal year.

“Our overall revenue growth of 35% to Rs 379 crore during FY2024 was broad-based with consumer Tech & Enterprise Digital Transformation revenue up 49% YoY to Rs 194 crore, and Automotive & Mobility Tech revenue up 23% to Rs 186 crore on the markets side. On the products side, our Map & Data revenue grew 23% to Rs 138 crore and Platform & IoT revenue grew 42% to Rs 241 crore," said Rohan Verma, CEO & Executive Director, MapmyIndia.

In Q4 FY24, CE Info Systems incurred total expenses of Rs 72.32 crore, an increase from Rs 60.52 crore in Q3 of FY24 and Rs 48.44 crore in Q4 of FY23.

For the year ended March 31, 2024, CE Info Systems' net profit grew around 25% to Rs 134.38 crore, from Rs 107.53 crore in FY23. Revenue from operations for FY2023-24 rose 34.8% to Rs 379.42 crore from Rs 281.46 crore in FY2022-23.

Founded in 1995 by Rakesh Verma and Rashmi Verma, MapMyIndia provides comprehensive digital mapping and location-based services across India. Headquartered in New Delhi, it serves diverse sectors including automotive, e-commerce, logistics, and government. Key investors in the company include Flipkart, Nexus Venture Partners, and Qualcomm Ventures.