New Delhi, India, 01st November 2023: C.E. Info Systems Ltd. (“MapmyIndia”), India’s leading advanced digital maps and deep-tech products and platforms company, announced today its financial results for the Second Quarter and First Half of FY2024 ended on 30th September 2023.
Key Consolidated Financial Highlights for Q2 and H1 FY24:
| Particulars (Rs Cr) | Q2 FY24 | Q2 FY23 | YoY %
Growth |
H1 FY24 | H1 FY23 | YoY %
Growth |
| Revenue from Operations | 91.1 | 76.3 | 19.4% | 180.5 | 141.3 | 27.7% |
| Total Income | 99.1 | 83.7 | 18.4% | 196.8 | 155.1 | 26.9% |
| EBITDA | 40.5 | 30.6 | 32.5% | 78.0 | 60.5 | 28.9% |
| EBITDA Margin (%) | 44.5% | 40.1% | 43.2% | 42.8% | ||
| PAT | 33.1 | 25.4 | 30.3% | 65.1 | 49.6 | 31.2% |
| PAT Margin (%) | 33.4% | 30.3% | 33.1% | 32.0% | ||
| Cash & Cash Equivalents (including financial instruments) | 517.9 | 430.6 | 517.9 | 430.6 |
Commenting on the Q2 and H1 FY24 results, Rakesh Verma, Chairman & Managing Director, MapmyIndia, said “During Q2FY24 MapmyIndia again achieved all-time highs in Revenue, EBITDA, and PAT. Revenue grew 19.4% YoY to Rs 91.1 Cr and EBITDA grew 32.5% to Rs 40.5 Cr, with overall EBITDA margin was at 44.5%. Map-led business EBITDA margin was strong at 56.4%. IoT-led business EBITDA margin continued to expand quarterly to 8.2% in Q2FY24 versus 6.3% of Q1FY24, due to improved product mix and operational efficiency. Q2FY24 PAT also reached an all-time high of Rs 33.1 Cr, growing 30.3% YoY, with PAT margin at 33.4%. Besides our existing, core B2B and B2B2C business, we’re very happy that our B2C Mappls App has been receiving significant traction recently, and now has 11 Mn+ lifetime downloads, including 10 Mn+ on Android and 1 Mn+ on iOS.”
Rohan Verma, CEO & Executive Director, MapmyIndia, said “We are quite excited about the 2nd half of the year, especially Q4, based on the funnel of opportunities ahead for us. H1 Revenue growth was broad-based, with A&M (Automotive & Mobility Tech) up 23.5% and C&E (Consumer tech and Enterprise digital transformation solution suite) up 32.2% on the market side, while Map & Data was up 22.6% and Platform & IoT was up 31.5% on the product side. Attach rates and adoption across the spectrum of our Auto OEM NCASE solutions increased. We achieved business with Defence customers, an important market segment. Beyond these, we had multiple wins and go-lives across many industry verticals for our full range of Map-led and IoT products and solutions. Our B2C Mappls app has seen tremendous response in the last few months, opening up an additional growth dimension and optionality for our business in the future.”