SUMMARY
- MapmyIndia saw its profit after tax (PAT) drop by 6% QoQ to Rs 35.9 crore in Q1 FY25 from Rs 38.2 crore in the preceding quarter while it grew 12.1% YoY from Rs 32 crore in Q1 FY24.
- The startup experienced a 5.1% QoQ decrease in operating revenue to Rs 101.5 crore from Rs 106.9 crore in Q4 FY24, but growing 13.5% from Rs 89.4 crore in Q1 FY24.
- MapmyIndia saw its overall spending go up by 14.4% YoY but saw a drop of almost 12% QoQ, reaching Rs 63.9 crore in the quarter under review.
The Geotech firm MapmyIndia saw its profit after tax (PAT) drop by 6% QoQ to Rs 35.9 crore in Q1 FY25 as a result of a slowdown in some longstanding automobile original equipment (OE) customers and adjustments in its Internet of Things (IoT)-focused business during this period.
In Q4 FY24, MapmyIndia had reported a PAT of Rs 38.2 crore on operating revenue of Rs 106.9 crore. During the first quarter of the fiscal year, the startup experienced a 5.1% QoQ decrease in operating revenue to Rs 101.5 crore. However, MapmyIndia’s PAT saw a 12.1% YoY growth from Rs 32 crore, with operating revenue growing by 13.5% from Rs 89.4 crore in Q1 FY24.
In a statement, the company mentioned, “During Q1 FY25, there was a known slowdown in some of our older automobile OE programs. The company has begun to ramp up new programs in the second quarter. Also, IoT-led business prioritized higher-margin SaaS instead of new hardware sales,” the statement added.
MapmyIndia categorizes its market-based revenue into two segments – automotive & mobility technology business (A&M) and consumer technology & enterprise digital transformation (C&E). It further segments its product-based revenue into two categories – map & data and platform & IoT.
“Our map-led business demonstrated strong growth of 17.2% and EBITDA margins of 50.1%. Our IoT-led business, as per our focus, showed tremendous growth of 89.6% in its high-margin SaaS revenue. During Q1 FY25, we also expanded the capabilities and addressable market for MapmyIndia to cover AI-driven data analytics and consulting needs of customers across industry verticals, and this will be beneficial to MapmyIndia in the time to come.” Rakesh Verma, chairman and MD of the company, commented on the Q1 FY25 statements.
During the quarter, the company’s automotive & mobility technology business revenue increased by 9.5% YoY to Rs 45 crore, while its consumer technology & enterprise digital transformation business revenue saw a 16.9% YoY increase to Rs 56.5 crore.
In the C&E segment, the company highlighted key projects such as the UP Police’s Dial 112 GenNext initiative and a project for the Indian Army. Additionally, MapmyIndia noted several wins in the ecommerce, quick service restaurant, and delivery and mobility sectors for applications like location-based app personalization and accurate address capture for improved delivery efficiency.
In A&E segment, Mahindra XUV3XO, BYD Atto 3, Ultraviolet F77 Mach 2 Electric Bike, and Ampere Greaves Nexus were the key performers. The company stated that its growth strategy and outlook for all business areas remain solid, and its long-term goals are on track.
Company CEO Rohan Verma remarked on the quarterly performance, “New customer acquisition as well as up-sell and cross-sell of newer use cases and solutions to existing customers were on track, with key wins and go-lives across all our customer segments including automotive, fleets, new-age tech companies and traditional corporates, and the government, including defence.”
Outside of its own financial records, the company’s share of loss from its majority-owned subsidiary KOGO increased to Rs 38 Lakh in the first quarter of the fiscal year, up from a loss of Rs 15 Lakh in the same period of the previous year. Similarly, the company’s share of loss from Indrones stood at Rs 18 Lakh in the quarter under review.
MapmyIndia saw its overall spending go up by 14.4% YoY but saw a drop of almost 12% QoQ, reaching Rs 63.9 crore in the first quarter of FY25, with the biggest chunk of spending going towards employee benefits. The startup’s spending under this category surged nearly 20% to Rs 20.7 crore in the quarter compared to Rs 17.3 crore in the same period of the previous year.
MapmyIndia’s spending in material costs dropped by 26.6% YoY to Rs 10.4 crore in Q1 FY25, but saw a significant drop of 53% QoQ. The expenses for software materials saw a rise YoY and QoQ, while those for hardware materials saw a sharp decrease.
Verma-led company allocated Rs 11.6 crore to outsourcing technical services in the quarter under review, marking a 48.7% YoY surge. In terms of marketing and business promotion, the company spent Rs 2.2 crore in this area, up by 30.5% from Rs 1.7 crore in Q1 FY24.
Before announcing its earnings for Q1 FY25, MapmyIndia’s stock price jumped by over 2% to close at 2,226.9 on the BSE.
MapmyIndia has recently issued a legal notice to Ola Electric, a leading electric two-wheeler company, accusing it of illegally using MapmyIndia’s data to develop its Ola Maps interface.
