MapmyIndia's Q4 Net Profit Increases 35% to Rs 38 crore By CIOTechOutlook Team

MapmyIndia's Q4 Net Profit Increases 35% to Rs 38 crore

CIOTechOutlook Team | Wednesday, 15 May 2024, 05:07 IST

Homegrown navigation company CE Data frameworks, which owns the digital map services stage MapmyIndia, has revealed a 35% increase in its solidified net profit to Rs 38.2 crore in the March quarter of FY24, up from Rs 28.3 crore a year prior.

The organization's solidified working income likewise saw a 47% rise to Rs 106.9 crore during a similar period. On a yearly premise, the working income expanded by 35% to Rs 379.4 crore in FY24 from Rs 281.5 crore in FY23. The board has endorsed a profit of Rs 3.5 per value share. For FY24, the company's all out net benefit became by around 25% to Rs 134.4 crore as against Rs 107.5 crore in the earlier year.

“Our overall revenue growth of 35% to Rs 379 crore during FY2024 was broad-based with consumer tech & enterprise digital transformation revenue up 49% year-on-year (YoY) to Rs 194 crore, and automotive & mobility tech revenue up 23% to Rs 186 crore on the markets side. On the products side, our map & data revenue grew 23% to Rs 138 crore and platform & IoT revenue grew 42% to Rs 241 crore,” Rohan Verma, CEO and executive director, MapmyIndia said.

“The year gone by continued to show growth of our core business-to-business (B2B) and business-to-business-to-consumer (B2B2C) business across existing market segments of automotive, corporate, government and mobility. We have been investing in building our capabilities and solutions to expand internationally as well as in the drone segment. It is heartening to see our consumer business take shape with more than 20 million users having downloaded the Mappls app,” Rakesh Verma, Chairman & Managing Director, MapmyIndia said.