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Rakesh Verma, MapMyIndia
C.E. Info Systems Ltd. (“MapmyIndia”), India’s leading advanced digital maps and deep-tech products and platforms company, announced today its financial results for the Third Quarter and Nine Months of FY2024 ended on 31st December 2023
Key Consolidated Financial Highlights for Q3 and 9MFY24:
|
Particulars (Rs Cr) |
Q3FY24 |
Q3FY23 |
YoY % Growth |
9MFY24 |
9MFY23 |
YoY % Growth |
|
Revenue from Operations |
92.0 |
67.7 |
36% |
272.5 |
209.0 |
30% |
|
Total Income |
103.6 |
78.3 |
32% |
298.3 |
233.4 |
28% |
|
EBITDA |
38.6 |
27.8 |
38% |
116.6 |
88.4 |
32% |
|
EBITDA Margin (%) |
42% |
41% |
|
43% |
42% |
|
|
PAT |
31.1 |
29.7 |
5% |
96.2 |
79.2 |
21% |
|
PAT Margin (%) |
30% |
38% |
|
32% |
34% |
|
|
Cash & Cash Equivalents (including financial instruments) |
516.1 |
452.0 |
|
516.1 |
452.0 |
|
Commenting on the Q3FY24 and 9MFY24 results, Rakesh Verma, Chairman & Managing Director, MapmyIndia, said “We’re happy that MapmyIndia crossed for the first time a milestone of Rs 100 Cr+ quarterly Total Income, and again achieved all-time high in Revenue in Q3FY24, growing 36% YoY to Rs 92 Cr, while YTD Revenue has touched Rs 272.5 Cr. EBITDA in Q3FY24 grew 38% to Rs 38.6 Cr and YTD grew 32% to Rs 116.6 Cr, with overall YTD EBITDA margin at 43%. YTD Map-led EBITDA margin remains strong at 55.1%. IoT-led EBITDA margin has expanded to 10% in Q3FY24 versus 8.2% in Q2FY24, and in YTD stands at 8.2% expanding 730 bps YoY. YTD PAT is robust at Rs 96.2 Cr growing 21% YoY, with PAT margin at 32%. Q4FY24 will be exciting. Not just are we happy with the growth of our core B2B and B2B2C business, we are also pleased to see our consumer business take shape with increased brand awareness & product uptake.”
Rohan Verma, CEO & Executive Director, MapmyIndia, said “We are excited about Q4FY24, with a strong order book build up based on very large new wins and look forward to sharing developments shortly. YTD (9MFY24) Revenue growth was broad-based, with A&M up 19.5% and C&E up 43.1% on the market side, while Map & Data was up 37.6% and Platform & IoT was up 26.5% on the product side. We had multiple wins and go-lives across our Auto OEM NCASE suite with an exciting funnel ahead. We also had multiple wins and go-lives across consumer tech companies & enterprises and in the government based on Map-led & IoT-led digital transformation. We started a strong 360-degree marketing push for our consumer business, which was highly effective, yet cost-efficient in increasing Mappls MapmyIndia brand awareness and product traction. We’re happy to see the start of ad-revenue monetization of our App & sales growth of our Gadgets.”