Digital firm MapmyIndia's profit up 23% at Rs 107 crore in FY23

Company says it embedded 1.9 million vehicles with mobility solutions app in FY23

MapmyIndia, which provides digital mapping solutions, recorded a net profit of Rs 107.53 crore in FY23, a 23 per cent increase from the previous financial year.

The company’s revenue grew around 40 per cent to Rs 281.5 crore from Rs 200.44 crore in FY22. Revenue from automotive and mobility technology increased 34 per cent to Rs 152 crore while the consumer tech and enterprise digital transformation segment grew 48 per cent to Rs 130 crore.

The geospatial software firm, as of March 31, has an open order book of Rs 918 crore and its annual new order bookings stood at Rs 512 crore. Founded in 1995, MapmyIndia provides digital map data and APIs, GPS navigation, tracking, and location apps to enterprise customers.

Revenue in Q4 FY23 grew 20.6 per cent year-on-year to Rs 82.9 crore from Rs 68.7 crore. The net profit for the period rose to Rs 28.3 crore from Rs 22.6 crore a year ago.

"We acquired 250+ new B2B and B2B2C customers, including many businesses and enterprises across industry verticals, new-age consumer-tech companies and key government organizations - raising our base to 850+ customers,” said Rohan Verma, chief executive officer (CEO) and executive director of MapmyIndia.

The company embedded 1.9 million vehicles with navigation and connected, autonomous, shared, electric (N-CASE) mobility solutions in FY23, which is 46 per cent more than the financial previous year.

“Looking into the upcoming year, we intend to incubate potentially large, yet unlocked, opportunities for our company, including in the consumer app and gadgets space,” said Verma.

MapmyIndia's board approved a dividend of Rs 3/- (150%) per equity share for FY 2022-23, subject to the approval of shareholders in the forthcoming annual general meeting of the company.  

“MapmyIndia has maintained a healthy EBITDA margin in its map-led business of 52.6 per cent while investing in the IoT-led business, which is already demonstrating good results. Revenue from the IoT-led business grew 140 per cent YoY,” said Rakesh Verma, chairman and Managing Director, MapmyIndia.