MapmyIndia Reports 90 Percent Profit Growth in Second Quarter
MapmyIndia posted a quarterly profit of 35.3 crore rupees as revenue grew by 16 percent. The company concurrently announced leadership changes to focus on AI development.
Digital mapping firm MapmyIndia reported a consolidated net profit of 35.3 crore rupees for the quarter ending in September, marking a 90.6 percent increase compared to the same period last year. Revenue from operations reached 131.7 crore rupees, up 15.8 percent year-over-year. However, results showed a sequential decline compared to the previous quarter.
The growth was primarily driven by the automotive and enterprise segments, which saw expansion rates of 51.9 percent and 44.1 percent respectively. CEO Rakesh Verma attributed this performance to the increased adoption of integrated map-based and IoT-led mobility solutions within the automotive sector.
Alongside the financial results, the company announced a leadership restructuring to bolster its AI and product teams. Abhit Kalasotra joins as Chief Technology Officer, while Nitin Sagar has been appointed Chief Product Technology Officer for the Mappls AI division. Rashmi Verma has moved to the role of Chief Innovation Officer to oversee the adoption of artificial intelligence and emerging technologies across the group.
MapmyIndia is shifting its strategic focus toward embedding machine learning and neural networks into its existing geospatial and IoT platforms. Following the announcement, the company's shares closed 4.57 percent higher on the BSE.