MapmyIndia Q1 net profit rises 32% to Rs 32 crore

The company re-appointed Verma as their whole-time Director for five years from April 1, 2024, after the expiry of his term next year in March.

CE Infosystems, which operates the MapmyIndia brand, on Friday said its consolidated net profit grew 32 per cent to Rs 32 crore for the June 2023 quarter.

It had posted a net profit of Rs 24 crore in the year-ago period, according to a BSE filing. The revenue for the just-ended quarter increased 38 per cent year-on-year to Rs 89.4 crore, the company said. MapmyIndia’s revenue during the reported quarter was Rs 65 crore.

Sequentially, the company recorded a 13 per cent rise in net profit against Rs 28 crore in the March 2023 quarter."We are delighted with our Q1FY24 results, wherein MapmyIndia achieved all-time highs in Revenue, EBITDA and PAT (Profit after tax). Revenue grew 37.5 per cent in the first quarter of financial year 2024 to Rs 89.4 crore. PAT also reached an all-time high of Rs 31.8 crore, growing 31.4 per cent YoY,” MapmyIndia Chairman and Managing Director Rakesh Verma said.

MapmyIndia CEO and Executive Director Rohan Verma said the growth during the reported quarter was broad-based, with A&M (Automotive and Mobility Tech) rising 24 per cent and C&E (Consumer Tech and Enterprise Digital Transformation) surging 51 per cent on the market side. "On the products side, Map and Data were up 41 per cent and Platform and IoT was up 35 per cent,” he said.

The company re-appointed Verma as their whole-time Director for five years from April 1, 2024, after the expiry of his term next year in March. He is the son of the Chairman and Managing Director of the company Rakesh Verma.