New Delhi, India, 4th August 2023: C.E. Info Systems Ltd. (“MapmyIndia”), India’s leading advanced digital maps and deep-tech products and platforms company, announced today its financial results for the First Quarter of FY2024 ended on 30th June 2023.
Commenting on the Q1 FY24 results, Rakesh Verma, Chairman & Managing Director, MapmyIndia, said “We are delighted with our Q1FY24 results wherein MapmyIndia achieved all-time highs in Revenue, EBITDA, and PAT. Revenue grew 37.5% in Q1FY24 to Rs 89.4 Cr. EBITDA grew 25.2% to Rs 37.4 Cr, with an overall EBITDA margin of 41.9%. Map-led business EBITDA margin was strong at 54.1%. IoT-led business EBITDA margin continued to expand quarterly and was at 6.3% in Q1FY24 versus 4.0% of Q4FY23, as SaaS income from IoT grew. Q1FY24 PAT also reached an all-time high of Rs 31.8 Cr, growing 31.4% YoY. During Q1FY24, we outlined a 5-year vision of a growth roadmap for the company, and are putting in place the requisite foundations that will drive the long-term success of the company. We are also delighted with the surge in interest and usage of our consumer-facing Mappls MapmyIndia app amongst users, which resulted in the Mappls app becoming the top app in the app store recently. This bodes well for the B2C future of the company, in addition to the B2B and B2B2C where we have been traditionally strong.”
Rohan Verma, CEO & Executive Director, MapmyIndia, said “Our strong Q1 YoY revenue growth was broad-based with A&M (Automotive & Mobility Tech) up 24% and C&E (Consumer Tech & Enterprise Digital Transformation) up 51% on the market side. On the products side, Map & Data was up 41% and Platform & IoT was up 35%. We’re happy with the large number of customer go-lives that occurred during Q1FY24 including many consumer technology companies and startups, corporates across industry sectors, automotive OEMs including EVs and 2-Wheelers, and government and logistics/mobility fleets. This bodes well for our future growth. Our B2B and B2B2C product offerings across maps, APIs, IoT, drones, N-CASE automotive suite, enterprise digital transformation, and geospatial platforms continue to expand in capabilities and extend their market leadership. Our consumer-facing Mappls App, with unique features such as 3D Junction Views, end-to-end trip costs including toll and fuel, and useful safety alerts such as speed limits, speed breakers, sharp curves, etc – are getting rave reviews. Similarly, our B2C-focused Mappls Gadgets which enable safety, convenience, and entertainment on-the-go for vehicle owners, drivers, and passengers are gaining traction too. These are initial steps in our efforts to expand our B2C business going forward”.
