MapmyIndia Reports 6% Profit Rise and 15% Revenue Growth in Q1
Geospatial technology firm MapmyIndia announced a 6.3% year-over-year increase in net profit to ₹50.4 Cr for its first fiscal quarter. Revenue grew 14.9% to ₹139.7 Cr.
Geospatial technology company MapmyIndia reported a 6.3% increase in consolidated net profit for the first fiscal quarter, reaching ₹50.4 Cr compared to ₹47.4 Cr in the same period last year. The company's operating revenue also saw a 14.9% rise, totaling ₹139.7 Cr.
Despite the revenue growth, total expenses increased by 26.6% to ₹92.9 Cr. This rise in costs impacted profitability, with EBITDA remaining largely flat at ₹56.1 Cr. The EBITDA margin narrowed to 40.2% from 45.9% year-over-year, attributed to a shift in product mix and a ₹4 Cr one-time write-off related to a government client.
The company's map-led business segment generated ₹98.7 Cr in revenue, showing little change from the previous year. In contrast, its IoT-led business segment experienced substantial growth, with revenue surging 75% to ₹41.1 Cr, driven by increased adoption of connected mobility and logistics solutions.
Key customer segments showed positive trends. Automotive revenue grew 29% to ₹58.8 Cr, with new vehicle models from manufacturers like Tata, Suzuki, and Ultraviolette integrating MapmyIndia's navigation platforms. Enterprise revenue increased by 6% to ₹64.2 Cr, supported by new deployments across various industries. Government sector revenue grew 11% to ₹16.7 Cr, including contracts for defense and public sector platforms.