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MapmyIndia Reports Strong Growth in Q4 FY24 with Surge in Net Profit and Revenue

• ByStartupStory     |    May 14, 2024

CE Info Systems, the parent company of MapmyIndia, has announced robust financial results for the fourth quarter ending March 31, 2024. The company recorded a significant 35.11% surge in consolidated profit after tax, reaching Rs 38.25 crore compared to Rs 28.31 crore in the same period last year. Consolidated revenue from operations also saw an impressive increase of 47.5%, amounting to Rs 106.9 crore during Q4 FY24, as reported in exchange filings.

Rohan Verma, CEO & Executive Director of MapmyIndia, highlighted the company’s overall revenue growth of 35% to Rs 379 crore during the fiscal year 2023-24. This growth was attributed to strong performances across various sectors, with Consumer Tech & Enterprise Digital Transformation revenue rising 49% year-on-year to Rs 194 crore, and Automotive & Mobility Tech revenue increasing by 23% to Rs 186 crore.

On the product side, Map & Data revenue grew by 23% to Rs 138 crore, while Platform & IoT revenue surged by 42% to Rs 241 crore during FY24.

In terms of expenses, CE Info Systems reported total expenses of Rs 72.32 crore in Q4 FY24, marking an increase from Rs 60.52 crore in the previous quarter and Rs 48.44 crore in Q4 FY23.

For the entire fiscal year ending March 31, 2024, CE Info Systems achieved a 25% growth in net profit, reaching Rs 134.38 crore compared to Rs 107.53 crore in the previous fiscal year. The revenue from operations for FY24 showed a robust growth of 34.8%, amounting to Rs 379.42 crore from Rs 281.46 crore in FY23.

MapmyIndia, founded in 1995 by Rakesh Verma and Rashmi Verma, specializes in providing comprehensive digital mapping and location-based services across India. Headquartered in New Delhi, the company serves a diverse range of sectors including automotive, e-commerce, logistics, and government. Key investors in MapmyIndia include Flipkart, Nexus Venture Partners, and Qualcomm Ventures.

The company’s strong performance in Q4 FY24 underscores its continued growth trajectory and its position as a leader in the digital mapping and location-based services sector in India. With a focus on technology innovation and strategic partnerships, MapmyIndia remains poised for further expansion and success in the coming years.

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