MapmyIndia Reports Strong FY24 Results, Revenue Surges 35% To Rs 379.4 Cr

MapmyIndia (C.E. Info Systems, NSE: MAPMYINDIA; BSE: 543425), India's leading deep-tech digital map data, geospatial software & location-based IoT products, platforms, solutions, and APIs company, unveiled its financial performance for the full year and fourth quarter of FY2024, concluding on 31 March 2024.

The company posted robust growth across key financial metrics, underlining its steady trajectory in the digital mapping and location-based services sector.

In FY24, MapmyIndia demonstrated robust financial performance across key metrics. The company's total income soared to Rs 417.6 Cr, marking a substantial 32 per cent increase compared to the previous fiscal year. Revenue from operations witnessed an impressive surge, reaching Rs 379.4 Cr, reflecting a robust growth rate of 35 per cent year-on-year. Despite a slight decrease compared to the previous fiscal year, MapmyIndia maintained a healthy EBITDA margin at 41 per cent, indicating operational efficiency.

The Profit After Tax (PAT) margin stood strong at 32 per cent, showcasing the company's profitability amidst its expansion endeavours. The Open Order Book surged by a remarkable 49 per cent to Rs 1,372 Cr by the end of FY24, underscoring strong demand for the company's products and services. Moreover, Annual New Order Bookings experienced a notable uptick, growing by 63 per cent to reach Rs 834 Cr in FY24, further solidifying MapmyIndia's position in the market.

In the fourth quarter of FY24, MapmyIndia showcased impressive performance metrics. Quarterly revenue surged by a substantial 47 per cent, reaching Rs 106.9 Cr, a remarkable achievement that surpassed the significant milestone of Rs 100 Cr for the quarter. This growth underscores the company's ability to capitalise on market opportunities and deliver strong financial results.

Additionally, the company's Board of Directors reaffirmed its commitment to delivering value to shareholders by approving a dividend of Rs 3.50/- (175 per cent) per equity share. This dividend declaration reflects MapmyIndia's confidence in its financial position and underscores its dedication to rewarding shareholders for their continued support and investment in the company's growth trajectory.

Rakesh Verma, Chairman & Managing Director of MapmyIndia, expressed satisfaction with the company's performance, highlighting the robust revenue growth, healthy margins, and strong order book metrics. He reiterated the company's strategic goal of surpassing Rs 1000 Cr in revenue by FY27/FY28.

Rohan Verma, CEO & Executive Director of MapmyIndia, emphasised the broad-based revenue growth across various segments, including Consumer Tech, Enterprise Digital Transformation, Automotive, and Mobility Tech. He underscored the company's focus on innovation, customer acquisition, and expanding its product offerings to fuel future growth.

MapmyIndia's stellar financial results underscore its position as a frontrunner in India's digital mapping and location-based services landscape. The company's focus on innovation, coupled with its robust financial performance, positions it well for sustained growth in the dynamic tech ecosystem.