MapmyIndia’s operating income soared 50.2 percent YoY, to INR 65 Cr during Q1 FY23.
EBITDA was up 55% to INR30 Cr. EBITDA margin increased 100 basis points, bringing it to percent.
The current available order books of 699 crore at the start of FY23 suggests the possibility of a significant growth in revenue in the form of existing orders MapmyIndia
MapmyIndia is a digital mapping startup whose parent company C.E. Info Systems has on Friday (August 8) announced an 17.5 percent year-on-year (YoY) increase in its the consolidated profit before tax (PAT) in the amount of 24.2 Cr for the quarter that began Financial Year 2022-23 (FY23) with the help of the growing interest in its digital products that are high-tech and platforms.
In the first quarter of FY22 MapmyIndia’s PAT was in the region of 20.6 Cr. 20.6 Cr.
The company’s operating revenues also witnessed an increase of 50.2 percent rise to INR 65 crore in Q1 FY23 compared to INR 43.3 Cr in the previous quarter of the year. The company’s total revenue for the quarter increased by 35.6 percent to INR 71.4 Cr.
On the other hand revenues generated by the data and map segment increased 53% to INR 27.2 Cr. Platform and IoT segment revenue increased 47% YoY, reaching INR 37.8 Cr during the quarter.
On the other side, mobility and automotive tech revenues grew by in 65% year-on-year at INR 33.2 Cr in the first quarter of FY23. Consumer tech sales and digital transformation for enterprises witnessed an increase of 37% YoY in INR 31.9 Cr.
Being an extremely differentiated and distinctive advanced digital map, SaaS Products, API platforms, and IoT devices provides us with a huge operating leverage and is evident in our expanding profits and margins as revenues grow, MapmyIndia CMD Rakesh Verma stated.
Our opened order books of 699 cr at the start of FY23, an increase of 85percent from INR 377 Cr at beginning of FY22’s previous year and suggests strong future revenue growth that will come from the existing order book in and of itself, Verma said.
The company’s income before interest taxes depreciation, amortisation and interest (EBITDA) was up 55%, bringing it to INR 30 crore, and EBITDA margin increased 100 basis points to reach 46 percent during the quarter.
MapmyIndia’s expenses have also increased by 37.5 percent in Q1 FY23, to INR 37.7 Cr, up from INR 27.4 Cr the previous quarter.
at INR 16.2 Cr the expense for employee benefits accounted for the highest percentage of total costs. MapmyIndia has spent 15 crore on employee expenses in the first quarter of FY22. Other expenses also rose 79 percent up to 11.5 Cr in the period under review, up as opposed to INR 6.4 Cr in the previous quarter.
The company’s growth forecast was highlighted. MapmyIndia President and CEO Rohan Verma said We continue to release updated and upgraded versions of our current top-of-the-line, world-class sophisticated maps SaaS applications, API platforms, and IoT devices that are innovatively addressing the needs of more and more users that allow us to become even more relevant to a wider range of industries, users and customers.
Integration with both the Gtropy acquisition and scaling up to the company’s IoT business is underway in order to take advantage of the huge market opportunity in offering IoT & SaaS to more than 20 million existing vehicles that are on the roads, he added.
MapmyIndia recently unveiled the 360 degree Panoramic Street View as well as a 3D Metaverse Maps Service, called Mappls RealView in India to compete with Google Maps, which launched its Street View in India on the same day.
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MapmyIndia’s shares gained a little bit and closed at 1,308.2 at the BSE on Friday.