Monday, July 15, 2024

MapmyIndia Reports Strong Growth in FY24 with 35% PAT Increase

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MapmyIndia, a leading provider of geospatial software solutions, announced impressive financial results for the fiscal year 2023-24 (FY24), demonstrating substantial increase in operating revenue and new order bookings.

In FY24, the company recorded an operating revenue of Rs 379.4 crore, marking a significant 35% increase compared to the previous year. This growth was further emphasized by a robust performance in the January-March period (Q4), with operating revenue surging by 47% to Rs 106.9 crore.

One of the highlights of MapmyIndia’s financial report was the remarkable growth in annual new order bookings, which soared by an impressive 63% to reach Rs 834 crore in FY24.

Rohan Verma, CEO and Executive Director of MapmyIndia, attributed the company’s strong revenue growth to a broad-based performance across different sectors. He highlighted that revenue from consumer tech and enterprise digital transformation witnessed a remarkable 49% year-on-year increase, reaching Rs 194 crore. Similarly, automotive and mobility tech revenue experienced a substantial uptick of 23% to Rs 186 crore.

From a product perspective, the company saw growth in both map and data revenue, which increased by 23% to Rs 138 crore, and platform and IoT revenue, which surged by 42% to Rs 241 crore.

Rakesh Verma, Chairman and Managing Director of MapmyIndia, emphasized the company’s profitability, revealing that the profit after tax (PAT) grew by 25% to Rs 134.4 crore, with PAT margins standing at an impressive 32%.

MapmyIndia’s popular Mappls app has garnered over 20 million downloads, reflecting its widespread popularity among users. Rohan Verma also highlighted the company’s success in acquiring new customers, including businesses, enterprises, consumer-tech companies, and government organizations across various industry verticals.

MapmyIndia’s comprehensive digital map, featuring detailed information down to the address and urban building level, covers all towns, villages, and the entire road network of India, making it a valuable asset for businesses and consumers alike. With its strong financial performance and continued innovation, MapmyIndia is well-positioned for further growth and success in the geospatial software market.

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