Digital mapping company MapmyIndia (C.E. Info Systems) reported a 4.1 per cent quarter-on-quarter rise in net profit at ₹25.4 crore for the quarter ended September 30. On a year-on-year basis, profit remained almost flat compared to ₹25.39 crore in the year-ago period.
Revenue from operations stood at ₹76.3 crore, a 17 per cent increase QoQ. On a year-on-year basis, revenue increased 34.6 per cent from ₹56.7 crore in the year-ago period. The earnings before interest, taxes, and depreciation (EBITDA) stood at ₹30.6 crore, a 17.2 per cent increase YoY from ₹26.1 crore in the year-ago period.
Rohan Verma, CEO & Executive Director, MapmyIndia, said “Q2 FY23 was an exciting quarter for us, with lots of action on all fronts and we’ve ended H1 FY23 on a strong note. Revenue growth continues to be broad-based with A&M(Automotive & Mobility Tech) up 55 per cent and C&E (Consumer Tech & Enterprise Digital Transformation) up 29 per cent on the market side.”
The company has made new investments that will help accelerate the company’s growth in revenues and earnings in the future, said Rakesh Verma, Chairman & Managing Director, MapmyIndia. “We have invested in marketing activities to build awareness of the MapmyIndia and Mappls brands and product portfolio, which will reap rewards in terms of new customer acquisition and new use case adoption. And in cutting-edge product and platform development which will further expand use cases, addressable markets, and growth engines,” Verma said.
It has invested ₹13.50 crore to acquire 75.98 per cent stake in Gtropy, an IoT and logistics SaaS tech company. It has also invested ₹10 crore to acquire 26.37 per cent stake in KOGO, a gamified social travel commerce platform.
“Our newly acquired Gtropy business grew fast in Q2 FY23, doubling revenue vs Q1 FY23. As scale and subsequent-year high margin SaaS income of Gtropy and our IoT-led business kicks in, Gtropy will enhance its contribution to consolidated profitability of the group,” said CEO Rohan Verma.