MapmyIndia, the advanced digital maps and deep technology company headquartered in New Delhi, achieved a significant milestone by crossing the Rs 100 crore quarterly total income mark in Q3 FY24. During this quarter, the company’s total income reached Rs 103.6 crore, with Q3 revenues at Rs 92 crore, reflecting an impressive year-on-year growth rate of 36%.
By the end of December 2023, the company’s nine-month revenue stood at Rs 272.5 crore. In Q3 FY24, the EBITDA grew by 38% to Rs 38.6 crore, and the profit-after-tax (PAT) experienced a 5% uptick, reaching Rs 31.1 crore.
Rakesh Verma, CMD of MapmyIndia, highlighted the company’s strong performance, stating, “With an overall YTD EBITDA margin of 43%, while our YTD Map-led EBITDA margin remains strong at 55.1%, the IoT-led EBITDA margin has expanded to 10% in Q3 FY24.”
He expressed satisfaction not only with the growth in core B2B and B2B2C businesses but also with the progress in the consumer business, citing increased brand awareness and product uptake.
Rohan Verma, CEO and Executive Director of MapmyIndia, shared excitement about Q4FY24, citing a robust order book build-up based on substantial new wins. Multiple wins and go-lives across the Auto OEM NCASE suite, consumer tech companies, enterprises, and government projects were noted. Verma also mentioned a strong marketing push for the consumer business in Q4FY24, resulting in increased brand awareness and product traction.
Furthermore, he expressed contentment with the start of ad-revenue monetization for the MapmyIndia App and the sales growth in the Gadgets domain.