MapmyIndia achieves record-breaking Rs 100cr+ quarterly income in Q3FY24

MapmyIndia, formally known as C.E. Info Systems Ltd., has set a new benchmark in the technology sector with its Q3FY24 financial results, as announced in New Delhi on January 16, 2024. The company, a leader in digital maps and deep-tech products in India, has reported significant growth and strong financial performance for the third quarter and the first nine months of the fiscal year 2024.

Historic Revenue Growth and Robust EBITDA Margins

In Q3FY24, MapmyIndia achieved a remarkable total income of ₹103.6 Crore, marking a year-over-year (YoY) growth of 32%. The company’s revenue for the quarter stood at ₹92 Crore, a 36% increase compared to the same period last year, and an all-time high for the company. The revenue growth continued its upward trajectory, reaching ₹272.5 Crore for the nine-month period of FY24 (9MFY24).

The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the quarter grew by an impressive 38% YoY, reaching ₹38.6 Crore. For the 9MFY24 period, EBITDA increased by 32% YoY to ₹116.6 Crore, maintaining a strong EBITDA margin of 43%.

MapmyIndia Surpasses ₹100 Crore Quarterly Total Income in Q3FY24

Profitability and Market Expansion

MapmyIndia’s Profit After Tax (PAT) for 9MFY24 exhibited a healthy growth of 21% YoY, amounting to ₹96.2 Crore, with a PAT margin of 32%. The company’s cash and cash equivalents, including financial instruments, stood at ₹516.1 Crore.

Chairman & Managing Director of MapmyIndia, Rakesh Verma, expressed satisfaction with the company’s performance, highlighting the significant growth in revenue and the continued strength in EBITDA margins. He noted the milestone achievement of crossing ₹100 Crore in quarterly total income and attaining an all-time high in revenue.

Future Outlook and Diverse Growth

Rohan Verma, CEO & Executive Director of MapmyIndia, shared his enthusiasm for the upcoming Q4FY24, anticipating strong order book buildup based on significant new wins. He emphasized the broad-based revenue growth across various market segments and product lines. The company’s focus on Map-led and IoT-led digital transformation has yielded multiple wins, and the consumer business is gaining traction with increased brand awareness and product uptake.

MapmyIndia’s financial results for Q3FY24 not only demonstrate its leadership in the digital maps and deep-tech sectors but also underscore its commitment to sustained growth and innovation. With a strong order book and expanding market presence, the company is well-positioned for continued success in the coming quarters.