C.E. Info Systems Ltd, the parent company of MapmyIndia announced its financial results for the third quarter and nine months of FY2024 ended on 31st December 2023.
The company crossed the Rs 100 crore quarterly revenue milestone for the first time in the previous quarter. Its total income for Q3FY24 stood at Rs 103.6 crore, posting a 32 per cent year-on-year (YoY) growth.
Delhi-based technology company reported that the EBITDA in Q3FY24 grew 38 per cent to Rs 38.6 crore and Year to Date (YTD) grew 32 per cent to Rs 116.6 crore, with an overall YTD EBITDA margin of 43 per cent.
Commenting on the Q3FY24 and 9MFY24 results, Rakesh Verma, chairman and managing director of MapmyIndia, said “We’re happy that MapmyIndia crossed for the first time a milestone of Rs 100 Cr+ quarterly Total Income. Not only are we happy with the growth of our core B2B and B2B2C business, but we are also pleased to see our consumer business take shape with increased brand awareness and product uptake.”
Rohan Verma, CEO, and executive director, MapmyIndia, said “YTD (9MFY24) Revenue growth was broad-based, with A&M up 19.5 per cent and C&E up 43.1 per cent on the market side, while Map and Data was up 37.6 per cent and platform and IoT was up 26.5 per cent on the product side. We had multiple wins and go-lives across our Auto OEM NCASE suite with an exciting funnel ahead. We also had multiple wins and go-lives across consumer tech companies & enterprises and in the government based on Map-led & IoT-led digital transformation. We started a strong 360-degree marketing push for our consumer business, which was highly effective, yet cost-efficient in increasing Mappls MapmyIndia brand awareness and product traction. We’re happy to see the start of ad-revenue monetisation of our App and sales growth of our Gadgets.”
The company popularly known in India as MapmyIndia and globally as Mappls offers proprietary digital maps as a service (MaaS), software as a service (SaaS), and platform as a service (PaaS), including its advanced digital map data, software products, platforms, application programming interfaces (“APIs”), IoT and solutions to new-age tech companies, large businesses, automotive OEMs, government organisations, developers and consumers.
