MapmyIndia’s FY23 Profit Surges by 23% to Reach Rs 107 Crore
- ByStartupStory | April 24, 2023
Geotech startup MapmyIndia has witnessed a significant surge of nearly 23%, with its consolidated profit reaching Rs 107.53 crore in FY23, up from the previous fiscal year’s Rs 87.7 crore. The company, which specializes in geospatial software and digital mapping, is listed as CE Info Systems and has released its financial results for the year ending March 2023. Notably, MapmyIndia’s revenue from operations increased by almost 40% to reach Rs 281.46 crore, with the total income for the year being Rs 315.8 crore, representing a growth of 30.5%.
It’s worth mentioning that the consolidated financial figures for MapmyIndia take into account the results of its subsidiary companies, including C.E. Info Systems International Inc., Vidteq (India), Gtroppy Systems, and associate company Kogo Tech Labs. In FY23, the company’s expenses surged to Rs 176.24 crore, compared to Rs 124.66 crore in the previous fiscal year. The major contributors to this increase were employee benefit expenses and total cost of material (including purchase of stock in trade, change in inventory, software and hardware material), followed by technical service outsource.
MapmyIndia, founded by Rakesh and Rashmi Verma in Delhi, specializes in providing B2B and B2B2C enterprise customers with digital maps, geospatial software, and location-based IoT technologies. The company offers various products such as digital maps, GPS navigation and location-based services, as well as licensing, royalty, annuity, subscription, and customized products to meet its customers’ needs. The company’s board has approved a final dividend of Rs 3 per share, which is 150% of the equity share’s face value of Rs 2. On the National Stock Exchange, shares of CE Info Systems are currently trading at Rs 1007.00, compared to the previous close of Rs. 1009.60, according to an exchange filing made by the company.
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