MapMyIndia Q2 profit flat at Rs 25.40 cr, revenue up 34.6%

CE Infosystems (MapMyIndia) on Friday reported a profit of Rs 25.40 crore in the September quarter, the same as the year-ago quarter, suggesting a nil growth on year-on-year (YoY) basis.  

This is even as MapMyIndia’s revenue from operations jumped 34.6 per cent for the quarter to Rs 76.3 crore from Rs 56.7 crore in the same quarter last year. 

EBITDA for the quarter rose 17.2 per cent to 30.6 crore in the second quarter of FY23 from Rs 26.1 crore in the corresponding quarter last year. 
 
“In Q2 FY23, MapmyIndia delivered another strong performance, with quarterly revenue up 35 per cent year-on-year to an all-time high of Rs 76 crore.” said Chief Managing Director Rakesh Verma. 
 
Verma said the three sets of investments made in the September quarter will help further accelerate the company’s revenues and earnings. 
 
He said his company plans to grow the scale of its recently acquired IoT-led business, Gtropy. He also said his company wants to build awareness of the MapmyIndia and Mappls brands and product portfolios via marketing activities. 
 
Besides, he said his company's cutting-edge product and platform development will further expand use cases, addressable markets, growth engines and moats for MapmyIndia Mappls. CEO Rohan Verma, who is Rakesh's son, said Gtropy’s revenue doubled in the September quarter compared with the June quarter. 
 
“Revenue growth for H1FY23 continues to be broad-based with A&M (Automotive & Mobility Tech) up 55 per cent and C&E (Consumer Tech & Enterprise Digital Transformation) up 29 per cent on the market side. On the products side, Map & Data was up 32 per cent and Platform & IoT was up 49 per cent,” he said.

MapMyIndia was started in 1995 by Rakesh and Rashmi Verma as CE Info Systems. The duo's son, Rohan Verma, joined the company in 2004. Since then, it has evolved into a technology company with digital maps being its flagship offering.