MapMyIndia net profit Soars 18% in April-June quarter

Digital map company CE Info Systems, which operates under MapMyIndia brand name, on Friday posted nearly 18 per cent increase in its consolidated profit at Rs 24.2 crore in the April-June quarter of FY23, according to a PTI report.

The company had recorded a profit of Rs 20.6 crore in the same period a year ago.

The revenue from operations of MapMyIndia grew by about 50 per cent to Rs 65 crore during the reported quarter from Rs 43.35 crore in the June 2021 quarter.

MapMyIndia chairman and managing director Rakesh Verma in a statement said that the company's first quarter of financial year (FY) 2022-23 results demonstrated extremely strong revenue growth of 50 per cent and high profitability margins of 46 per cent EBITDA and 34 per cent profit after tax in the quarter, added the PTI report.

"What sets MapmyIndia apart as a unique company to our customers and shareholders is our combination of being a new-age deep-tech digital products and platforms company, which has extremely sound business and financial fundamentals, as per the PTI report.

"Being a highly differentiated and unique advanced digital maps, SaaS Products, API platforms and IoT devices company gives us tremendous operating leverage, which is reflected in our growing margins and profitability as revenue grows," Verma said.

He said that the company's open order book of Rs 699 crore at the beginning of FY23, up 85 per cent from Rs 377 crore at the beginning of previous year, points towards strong long-term future revenue growth from existing orders in hand itself.