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MapmyIndia Q1FY23 Revenue Grows 50% YoY to Rs 65 Cr

MapMyIndia's EBITDA grows 55% YoY to Rs 30 Cr, EBITDA Margin at 46%, PAT Margin at 34%

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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 First Quarter of FY2023 ended on 30th June 2022.

Key Consolidated Financial Highlights for Q1 FY23:

Particulars (Rs Cr)Q1 FY23Q1 FY22YoY % Growth
Revenue from Operations654350%
Total Income715236%
EBITDA301955%
EBITDA Margin (%)46%45% 
PAT242118%
PAT Margin (%)34%39% 
Cash & Cash Equivalents392356 

Commenting on the Q1 FY23 results, Rakesh Verma, Chairman & Managing Director, MapmyIndia, said “MapmyIndia’s Q1 FY23 results demonstrated extremely strong revenue growth of 50% and high profitability margins of 46% EBITDA and 34% PAT in the quarter. What sets MapmyIndia apart as a unique company to our customers and shareholders, is our combination of being a new-age deep-tech digital products and platforms company, which has extremely sound business and financial fundamentals. Being a highly differentiated and unique advanced digital maps, SaaS Products, API platforms and IoT devices company gives us tremendous operating leverage, which is reflected in our growing margins and profitability as revenue grows. Our open order book of Rs 699 Cr at the beginning of FY23, up 85% from Rs 377 Cr at the beginning of previous year FY22, points towards strong long-term future revenue growth from existing orders in hand itself.”

Rohan Verma, CEO & Executive Director, MapmyIndia, said “Our strong Q1 YoY revenue growth was broad-based with A&M (Automotive & Mobility Tech) up 65% and C&E (Consumer Tech & Enterprise Digital Transformation) up 37% on the market side. On the products side, Map & Data was up 53% and Platform & IoT was up 47%. Integration of the Gtropy acquisition and scale-up of our IoT business is well underway, to address the extremely large market opportunity of selling IoT & SaaS to more than 20 crore existing vehicles on road, complementing our core automotive OEM business where we sell factory-embedded solutions to Auto OEMs for their 2 crore new vehicles produced per year.

We continue to launch new and enhanced versions of our existing market-leading, world-class advanced maps, SaaS products, API platforms and IoT devices and innovatively address more and more use cases, allowing us to become even more relevant to more industries, customers and users.”

C.E. Info Systems Ltd (NSE: MAPMYINDIA; BSE: 543425) is India’s leading advanced digital maps and deep-tech company, popularly known in India as MapmyIndia and globally as Mappls. The company offering proprietary digital maps as a service (“MaaS”), software as a service (“SaaS”) and platform as a service (“PaaS”), including its advanced digital map data, software products, platforms, application programming interfaces (“APIs”), IoT and solutions to new-age tech companies, large businesses, automotive OEMs, government organisations, developers and consumers. The company has served more than 2000 enterprise customers since inception. The company pioneered digital mapping in India in 1995 and has earned its market leadership position in this industry and built a strong moat by capitalizing on our early mover advantage, developing proprietary and integrated technologies, full stack product offerings, continuous innovation and robust sustainable business model. The company also built India’s very first internet mapping platform and portal, MapmyIndia.com (now called Mappls.com) in 2004. The company’s free Mappls app (accessible on the web and downloadable from www.mappls.com) for consumers provides the best and fully indigenous maps, navigation, safety, hyper local and IoT gadget-enabled experience for Indian users.

MapmyIndia has built India’s most comprehensive, accurate, feature-rich and continuously updated digital map data product down to address and urban building level detail pan India, covering all towns, villages, and the entire road network of the country. The company is building not just 2D maps, but also 3D (with landmarks, terrains and city models), 4D (updating in near real-time), HD (high-definition and high-accuracy), RealView (geo-tagged 360 degree panoramas, videos and photos representing actual ground reality), and hyper-local geo-demographics data-rich maps, to continuously evolve its AI-powered Digital Metaverse Twin of the Real World. The company is also building digital maps for other regions in the world, and has integrated global maps for over 200 countries into its Mappls platform. The company’s platform provides extensive and comprehensive functionalities and ever expanding set of use cases, including mapping, location and navigation, geospatial data analytics, GIS (geospatial information systems) and AI, GPS tracking and IoT-based fleet management, logistics optimisation and workforce management, drone-based solutions, developer APIs, N-CASE solution suite (for Navigation, Connected vehicle telematics and services, ADAS safety i.e. advanced driving assistance systems, Shared and Electric) for Automotive & Mobility Tech (A&M), and Consumer tech and Enterprise digital transformation solution suite (C&E)

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