MapmyIndia reports strong growth in Q4 FY24 with sharp rise in net profit and revenue


CE Info Systems, the parent company of MapmyIndia, reported robust financial results for the fourth quarter ended March 31, 2024. The company reported a significant 35.11% increase in consolidated profit after tax at Rs 38.25 crore compared to Rs 28.31 crore in in 2024. the same period last year. Consolidated revenue from operations also registered an impressive growth of 47.5% at Rs 106.9 crore during 4QFY24, it said in a stock exchange filing.

Rohan Verma, MD & CEO, MapmyIndia, highlighted the company’s overall revenue growth of 35% to Rs 379 crore during FY 2023-24. This growth was attributed to strong performances across sectors, with consumer technology and digital business transformation revenue up 49% year-on-year to Rs 194 crore and automotive and mobile technology revenue up 23% to Rs 186 crore.

On the product side, revenue from maps and data grew 23% to Rs 138 crore, while revenue from platform and IoT grew 42% to Rs 241 crore during FY24.

On the expenditure side, CE Info Systems reported total expenditure in Q4FY24 at Rs72.32 crore, up from Rs60.52 crore in the previous quarter and Rs48.44 crore in Q4FY23.

For the full fiscal year ended March 31, 2024, CE Info Systems posted a 25% increase in net profit at Rs 134.38 crore compared to Rs 107.53 crore in the previous fiscal. Operating income for FY24 posted a robust growth of 34.8% at Rs 379.42 crore from Rs 281.46 crore in FY23.

Founded in 1995 by Rakesh Verma and Rashmi Verma, MapmyIndia specializes in providing comprehensive digital maps and location-based services across India. Headquartered in New Delhi, the company serves a range of industries including automotive, e-commerce, logistics and government. Key investors in MapmyIndia include Flipkart, Nexus Venture Partners and Qualcomm Ventures.

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The company’s strong performance in 4QFY24 underscores its continued growth trajectory and its position as a leader in the digital maps and location-based services sector in India. With a focus on technological innovation and strategic partnerships, MapmyIndia remains poised for further expansion and success in the coming years.

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