MapmyIndia Posts 35% Rise In Net Profit To Rs 38.25 Cr

MapmyIndia registered a profit after tax (PAT) of Rs 28.31 crore in the same period a year ago.

Homegrown navigation firm CE Info Systems, the owner of MapmyIndia, posted a 35.11 per cent jump in consolidated profit after tax to Rs 38.25 crore in the March quarter.

The company had registered a profit after tax (PAT) of Rs 28.31 crore in the same period a year ago.

The consolidated revenue of operations increased 47 per cent to Rs 106.9 crore during the fourth quarter of FY24, from Rs 72.47 crore in the March quarter.

"If you look at our 3-year track record, revenue has grown at a 38 per cent compound annual growth rate and EBITDA margins and PAT margins have been consistently above 40 and 30 per cent, respectively.

"Our order book achievements give us further confidence that we are on track to our stated milestone of crossing Rs 1,000 crore revenue by FY28. Our open order book grew 49 per cent to Rs 1,372 crore at end of FY24, which bodes well for our future revenue," MapmyIndia Chairman and Managing Director Rakesh Verma said.

For the year ended March 31, 2024, CE Info Systems PAT grew about 25 per cent to Rs 134.38 crore from Rs 107.53 crore a year ago.

"The annual is a function of strong order book that we had and execution we have done in the year. That led to jump in revenue.

"It is broad-based across automotive, mobility tech, consumer tech, and enterprise digital transformation. A large part of revenue growth has come from IoT-led business which has grown 91 per cent in FY24," MapmyIndia CEO and Executive Director Rohan Verma said.

The annual revenue from operations of the company increased 34.8 per cent to Rs 379.42 crore during the reported fiscal year from Rs 281.46 crore in 2022-23.

MapmyIndia said it now has over 2 users of the Mappls app.

The company is looking to foray overseas starting from Southeast Asia to push the growth of the company further. 

MapmyIndia had 1,292 comprising 668 permanent employees.

"30 per cent of our permanent employees are ESOP holders. Our attrition rate has come down to less than 10 per cent," Rohan Verma said.

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