MapmyIndia, the geotech startup, reported a consolidated profit after tax (PAT) of INR 31.1 Cr in the December quarter (Q3) of the financial year 2023-24 (FY24), marking a 5% YoY increase. Although the startup experienced a sequential decline of 6% from the previous quarter, it achieved an impressive YoY growth in total revenue, crossing the INR 100 Cr mark at INR 103.6 Cr.
The Q3 results reveal that MapmyIndia’s operating revenue saw a modest 1% increase to INR 92 Cr, compared to INR 91.1 Cr in Q2 FY24. The company reported a robust 36% YoY growth in operating revenue from INR 67.7 Cr in Q3 FY23. MapmyIndia’s business model encompasses providing digital maps as a service, software solutions, and platforms for various sectors.
The startup categorizes its revenue into two segments: the automotive and mobility tech business (A&M) and the consumer tech and enterprise digital transformation (C&E). The Q3 results show that while the C&E segment’s revenue grew to INR 47 Cr, the A&M segment experienced slower YoY growth and a QoQ decline to INR 45.1 Cr. Despite this, MapmyIndia noted that the A&M segment’s growth outpaced industry volume growth, with significant wins during the quarter, including collaborations with a large Indian four-wheeler OEM.
In terms of product-wise revenue, MapmyIndia divides it into map and data and platform and IoT. Both segments exhibited strong YoY growth, with map and data and platform revenue reaching INR 27.4 Cr and IoT revenue at INR 64.6 Cr. However, map and data revenue saw a QoQ decline from INR 34.4 Cr.
MapmyIndia’s EBITDA for Q3 FY24 declined 5% QoQ to INR 38.6 Cr but demonstrated a substantial 38% YoY increase from INR 27.8 Cr in Q3 FY23. The map-led EBITDA margin remained robust at 55.1% YTD, while the IoT-led EBITDA margin expanded to 10% in Q3 FY24, compared to 8.2% in Q2 FY24.
Rakesh Verma, CMD at MapmyIndia, expressed satisfaction with the company’s core B2B and B2B2C business growth and highlighted the positive momentum in the consumer business. The company’s consumer business is gaining traction with increased brand awareness and product uptake.
MapmyIndia’s total expenses for Q3 FY24 increased by almost 43% to INR 60.5 Cr, with employee benefit expenses contributing the most significant portion at INR 19.3 Cr. Marketing and business promotion expenses witnessed a substantial 170% YoY increase to INR 5.4 Cr.
As the company enters Q4 FY24, it anticipates strong growth based on a robust order book resulting from significant new wins.
Following the Q3 FY24 results announcement, MapmyIndia’s shares closed 1.1% lower at INR 2,037.5 on the BSE.
