MapmyIndia Announces 35% Rise in Net Profit for Q4 FY24

CE Info Systems, a leading Indian navigation firm known for its popular MapmyIndia platform, has reported a significant financial performance in the March quarter of FY24. The company witnessed a 35.11 per cent increase in its consolidated profit after tax (PAT), amounting to Rs 38.25 crore, up from Rs 28.31 crore in the corresponding period last year. This growth is reflective of the company's robust operational execution and strategic initiatives.

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The firm's consolidated revenue from operations saw a remarkable surge of 47 per cent, reaching Rs 106.9 crore during the fourth quarter of FY24, compared to Rs 72.47 crore in the same quarter of the previous year. This performance underscores CE Info Systems' strong market presence and the increasing demand for its navigation solutions.

Rakesh Verma, Chairman and Managing Director of MapmyIndia, highlighted the company's impressive three-year track record, with revenue growing at a 38 per cent compound annual growth rate (CAGR). Both EBITDA margins and PAT margins have consistently remained above 40 and 30 per cent, respectively. Verma also expressed confidence in achieving the milestone of crossing Rs 1,000 crore revenue by FY28, supported by a 49 per cent growth in the open order book to Rs 1,372 crore at the end of FY24.

For the fiscal year ended March 31, 2024, CE Info Systems reported a PAT growth of about 25 per cent to Rs 134.38 crore from Rs 107.53 crore a year earlier. This annual performance is attributed to a strong order book and effective execution throughout the year.

Rohan Verma, CEO and Executive Director of MapmyIndia, pointed out that the company's revenue growth has been broad-based across various sectors including automotive, mobility tech, consumer tech, and enterprise digital transformation. A significant portion of this growth, particularly a 91 per cent increase in FY24, has been driven by IoT-led business.

The company's annual revenue from operations increased by 34.8 per cent to Rs 379.42 crore during the reported fiscal year from Rs 281.46 crore in FY23. MapmyIndia now boasts over two million users of its Mappls app, indicating a strong consumer adoption rate.

Looking ahead, MapmyIndia plans to expand its footprint overseas, starting with Southeast Asia to further drive company growth. The firm currently employs 1,292 individuals, including 668 permanent employees, with 30 per cent being ESOP holders. Notably, the company has managed to reduce its attrition rate to less than 10 per cent, as stated by Rohan Verma.

This financial and operational success story of CE Info Systems reflects its commitment to innovation and customer satisfaction in the navigation and location-based services market. With strategic expansions and a focus on technology-driven solutions like IoT, MapmyIndia is poised for continued growth in India and beyond.