On January 16, 2024, MapmyIndia CE Info Systems Limited (BSE, NSE: MAPMYINDIA) announced its Q3 2023-24 financial results, crossing milestones of ₹100 Cr in the quarter, a first for any quarter in the history of the company while clocking a record growth in Revenue along with EBITDA growth.
Table of Content
Consolidated Result Takeaways
Here are the overall consolidated highlights in Q3 results (including results for 9 months of FY24):
- For 9MFY24, the company’s Revenue stood at ₹272.5 Cr with a robust growth of 30% YoY. For Q3, the company’s Revenue was ₹92 Cr, led by C&E business growth.
- The Total Income surpassing ₹100 Cr is a first for the company.
- EBITDA for Q3 was 38.6 Cr compared to the same quarter of the previous financial year when it stood at 27.8 Cr. For Q3, the rise in EBITDA was 38% YoY.
- For Q3 FY24, PAT has increased with a margin of 30%, and the growth in PAT compared to Q3 FY23 has been impacted because of the difference in the effective rate of tax and amortisation in Q3 FY24 relative to Q3 FY23.
- At the end of Q3, Cash and Cash Equivalents have remained steady at ₹516.1 Cr, despite a payout of dividend.
Additional Read: Q3 Results Dashboard
Key Highlights from the Management Commentary
The CMD and MD of MapmyIndia CE Info Systems Limited had some key highlights of the results to share and these are mentioned below:
- Q3 marks a distinctive quarter in the company’s history and portrays growth as the company has crossed ₹100 Cr in Total Income for any quarter.
- EBITDA has increased by 38% and stands at ₹38.6 Cr for Q3, while YTD EBITDA was up 32% and stood at ₹116.6 Cr. The overall YTD EBITDA margin was at 43%.
- The YTD Map-led EBITDA margin was at 55.1%, showing healthy prospects, while the IoT-led EBITDA margin has grown by 10% in Q3 FY24, growing 730 bps YOY, relative to 8.2% in the same quarter of the previous fiscal year.
- In Q3, YTD PAT is healthy at ₹96.2 Cr and with a PAT margin of 32%, the next quarter of this fiscal year (Q4) appears exciting for the company.
- In Q3, core B2B and B2C businesses have shown growth, along with significant growth occurring in the consumer segment of the business. This has been driven by growing brand awareness and healthy uptake of products.
- The management is positive about prospects going ahead as Q3 has witnessed robust order book growth due to big wins.
- On the business side, Revenue has grown due to broad-based growth in A&M (19.5% growth), C&E (43.1%), Map & Data (37.6%), and IoT (26.5%) segments.
- The company has experienced several go-lives spread across its Auto OEM NCASE suite.
- Wins and go-lives have also occurred across government-based IoT and Map-driven digital transformation and consumer technology enterprises.
- Q3 has witnessed the beginning of ad-revenue monetisation for the company (via the company’s App) plus growth in sales driven by the company’s products and gadgets.
Financial Results
Here is a glimpse of the consolidated financial results of Q3 (figures in ₹ Crore except where indicated by %):
| Metrics and Ratios | Q3 FY 2023-24 | Q3 FY 2022-23 | YoY % Growth |
| Revenue from Operations | 92.0 | 67.7 | 36% |
| Total Income | 103.6 | 78.3 | 32% |
| EBITDA | 38.6 | 27.8 | 38% |
| EBITDA Margin | 42% | 41% | – |
| PAT | 31.1 | 29.7 | 5% |
| PAT Margin | 30% | 38% | – |
| Cash and Cash Equivalents (including financial equivalents) | 516.1 | 452.0 | – |
Q3 FY24 Result Summary
MapmyIndia CE Info Systems Ltd is the leading digitally advanced deep-technology and maps company. In India, the company is known as MapmyIndia, and globally, it is called Mappls. Since the company has pioneered in the field of digital mapping in India, it has earned over 2000 enterprise clients and achieved a leadership position in the market today. With its Q3 results portraying growth for the company, the prospects for MapmyIndia look all but positive as Q4 promises more of the same success. With deal wins from large Indian and European OEMs, the company is set to go places with its business segments. Some key achievements in Q3 involve new go-lives like the new EV 4W go-live. The company has also been successful in wins spread over large D2C and e-commerce sectors to map APIs. Furthermore, the company has achieved deal wins in risk monitoring and Drone 3D mapping logistics for the industry of Fintech. Among Q3 achievements, the company has also won contracts from government bodies, leading to its overall growth and visibility as a key player in its sector and industry. The App and Mappls brand has witnessed considerable traction in Q3 giving the company a boost as far as providing a cost-effective solution. In Q3, besides the growth of the services of the company, the growth of Mappls Gadgets continued as the company made a head start into Q4.
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