MapmyIndia Reports 8.2% Drop in Net Profit for Q2, Revenue Increases by 14%

CE Info Systems Ltd, the owner of MapmyIndia, reported a decline of 8.26 per cent in net profit year-over-year at Rs 30.4 crore for the July-September quarter, from Rs 33.1 crore.

While Q2 FY25 revenue from operations were at Rs 104 crore, up by 14%, in the first half of FY25, the revenue was at Rs 205 crore compared to Rs 181 crore in H1 FY24.
The firm received board approval for the proposed joint venture with Hyundai Autoever, a wholly-owned subsidiary of Hyundai Kia.
"MapmyIndia will own a 40% stake with a capital investment of $4 million. The joint venture, PT Terra Link Technologies, would be headquartered in Indonesia and focus on providing map-based solutions for automotive OEMs and other businesses across Southeast Asia," said Rakesh Verma, Chairman and Managing Director, MapmyIndia.

EBITDA for H1 FY25 at Rs 80 crore has emerged with a margin of 39.1 per cent as compared to Rs 78 crore with a margin of 43.2 percent in H1 FY24.

Mappls App downloads: The company states that downloads of the app have grown from 10 million in H1 FY24 to 25 million in H1 FY25.

According to Sapna Ahuja, COO, MapmyIndia, overall market "which we serve faced challenges in Q2 FY25; however, we were able to perform reasonably well due to our open orders and strong teamwork."
EBITDA for Q2 FY25 stood at Rs 37.5 crore with a margin at 36.1 per cent, while in Q2 FY24 it was at Rs 40.5 crore with a margin of 44.5 per cent.

Investment made in the last four quarters of continuous basis in consumer business for future growth is expensed. It's therefore leading to a margin reduction, said the company.