MapymyIndia trades 4% up after Q2 topline zooms over 19%; eyes Rs 1,000 crore revenue milestone in 4-5 years

For the September 2023 quarter, earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 32.5 percent to Rs 40.5 crore and EBITDA margin grew to 44.5 percent from 40.1 percent in the previous fiscal.

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Shares of MapmyIndia (CE Infosystems) opened 5.9 percent higher on November 1 after the digital map company reported a 19.4 percent surge in its revenue for the September quarter, but lost some early gains and traded at Rs 2,160, up 3.7 percent, around 10.50am.

The company on October 31 reported a topline of Rs 91.1 crore for the quarter under review, while its net profit grew to Rs 33.1 crore from Rs 25.4 crore a year back. Its earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped 32.5 percent to Rs 40.5 crore and EBITDA margin widened to 44.5 percent from 40.1 percent a year back.

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“We are quite excited about the second half of the year, especially Q4, based on the funnel of opportunities ahead for us,” Rohan Verma, CEO and executive director of MapmyIndia, said in a post-earnings release.

In an interview with CNBC-TV18, Varma said that the company is aiming for a Rs 1,000 crore revenue milestone in the next 4-5 years. The drone business he added is getting traction on supplying drones and providing services and will form a material part of their Rs 1,000 crore revenue goal with arounf 5 percent of their revenue coming from the drone business.

Also read: Desi Soros, King Tring, a fund manager’s flight, value signalling, and Catch-22

MapmyIndia offers proprietary digital maps, advanced digital map data,
software products, platforms, application programming interfaces, IoT and solutions and much more to a variety of companies – from new-age tech companies, large businesses, automotive OEMs to government organisations, developers and consumers.

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