MapmyIndia FY24 Revenue Surges 35% to Rs 379 Cr

MapmyIndia (C.E. Info Systems Ltd, NSE: MAPMYINDIA; BSE: 543425), India's leading deep-tech digital map data, geospatial software & location-based IoT products, platforms, solutions and APIs company, announced its financial results for Full Year and Fourth Quarter of FY2024 ended March 31st 2024.

Key Consolidated Financial Highlights for Full Year and Q4 of FY2024:

Rakesh Verma, Chairman & Managing Director, MapmyIndia, commenting on the Full Year and Fourth Quarter of FY24 results, said “We are very pleased to share MapmyIndia’s continued strong performance year-after-year, recording in FY24 a revenue from operations of Rs 379.4 Cr, up 35% Year-on-Year. We achieved an EBITDA of Rs 156.2 Cr, up 33% Year-on-Year, and an EBITDA margin of 41%. Our PAT grew 25% to Rs 134.4 Cr, with PAT margins at 32%. If you look at our 3-year track record, revenue has grown at a 38% CAGR and EBITDA margins and PAT margins have been consistently above 40% and 30% respectively. Our Order Book achievements give us further confidence that we are on track to our stated milestone of crossing Rs 1000 Cr revenue by FY27/FY28. Our Open Order Book grew 49% to Rs 1,372 Cr at end of FY24, which bodes well for our future revenue. This was based on Annual New Order Bookings in FY24 of Rs 834 Cr, a growth of 63% year-on-year.

Our Map-led business EBITDA margins remain healthy at 54%. And our IoT-led business EBITDA margins have expanded from 1.7% in FY23 to 11.6% in FY24, as product mix, scale and SaaS income increased. Revenue from the IoT led business grew 91% YoY to cross an important revenue milestone of Rs 112 Cr, with EBITDA growing 13x from Rs 1 Cr in FY23 to Rs 13 Cr in FY24. The business has now been fully integrated and with growing scale further operational leverage will begin to kick in. 

The year gone by continued to show growth of our core B2B and B2B2C business across existing market segments of Automotive, Corporate, Government and Mobility. We have been investing in building our capabilities and solutions to expand internationally as well as in the drone segment. It is heartening to see our consumer business take shape with more than 20 Million users having downloaded the Mappls app. 

The Board declared a dividend once again this year, to demonstrate our gratitude & commitment to shareholders for continuing on a long-term journey with MapmyIndia”.

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

2.5+ million new vehicles (4-wheelers, 2-wheelers and CVs, across ICE and EV segments), went built-in with MapmyIndia Mappls, up from 1.9 million during FY23, showing faster than industry growth uptake of our Auto N-CASE suite of map and technology solutions amongst automotive OEMs, including new-age EV companies. Further, we achieved 52% growth in the number of IoT devices installed during the year to 2.9+ Lakhs, which led to significant growth in our IoT-led business.

We continued to acquire new B2B and B2B2C customers – including many businesses and enterprises across industry verticals, new-age consumer-tech companies and key government organizations - raising our base to 880+ customers for our MaaS, SaaS and PaaS offerings, giving us a great platform to up-sell and cross-sell our wide variety of offerings and use-cases to existing and new customers. Customer diversification, de-concentration and retention continued to trend healthily.

We were happy with the results of our prudent marketing efforts which led to our crossing the milestone of 20 million user downloads of the Mappls App and see this as a foundation to further grow our consumer business in the time to come. We of course continue to relentlessly innovate and invest in enhancing our existing products and offerings, and in expanding the visibility and reach of the Mappls MapmyIndia brand & offerings.”