MapmyIndia logs all-time quarterly high in revenue, PAT
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Homegrown digital maps and deep-tech company MapmyIndia on Friday said that its revenue grew 37.5 per cent (year-on-year) to Rs 89.4 crore in the first quarter of FY24, with PAT growing 25.2 per cent YoY to Rs 37.4 crore.
The company said that EBITDA grew 25.2 per cent YoY to Rs 37.4 crore during the quarter.
“We are delighted with our Q1FY24 results wherein MapmyIndia achieved all-time highs in revenue, EBITDA, and PAT,” said Rakesh Verma, Chairman and Managing Director, MapmyIndia.
Map-led business EBITDA margin was strong at 54.1 per cent whole IoT-led business EBITDA margin continued to expand quarterly and was at 6.3 per cent in Q1FY24 versus 4 per cent of Q4FY23, as SaaS income from IoT grew.
“During Q1FY24, we outlined a 5-year vision of a growth roadmap for the company, and are putting in place the requisite foundations that will drive long-term success of the company,” Verma added.
The use of consumer-facing Mappls MapmyIndia app is also growing, which resulted in Mappls app becoming the top app in the app store recently.
According to Rohan Verma, CEO and Executive Director, MapmyIndia, on the products side, Map and Data was up 41 per cent and Platform and IoT was up 35 per cent.
“Our B2B and B2B2C product offerings across maps, APIs, IoT, drones, N-CASE automotive suite, enterprise digital transformation and geospatial platforms continue to expand in capabilities and extend their market leadership,” Rohan said.
Similarly, “our B2C focused Mappls Gadgets which enable safety, convenience and entertainment on-the-go for vehicle owners, drivers and passengers are gaining traction too. These are initial steps in our efforts to expand our B2C business going forward,” he added.
