The MapmyIndia brand’s operator, CE Infosystems, reported on Friday that its consolidated net profit increased 32% to Rs 32 crore for the quarter ending in June 2023.
According to a BSE filing, it reported a net profit of Rs 24 crore during the same time last year. According to the corporation, sales for the just-ended quarter climbed 38% year over year to Rs 89.4 crore. Rs 65 crore was the income of MapmyIndia for the stated quarter.
In comparison to the quarter ending in March 2023, the company’s net profit increased sequentially by 13% to Rs 28 crore.
“We are thrilled with our Q1FY24 results, which showed MapmyIndia reaching all-time highs in revenue, EBITDA, and PAT (profit after tax). In the first three months of the fiscal year 2024, revenue increased 37.5% to Rs 89.4 crore.” Rakesh Verma, Chairman, and Managing Director of MapmyIndia, stated that PAT also touched a record high of Rs 31.8 crore, increasing 31.4% YoY.
According to Rohan Verma, CEO and Executive Director of MapmyIndia, the increase during the reporting quarter was widespread, with C&E (Consumer Tech and Enterprise Digital Transformation) growing by 51% and A&M (Automotive and Mobility Tech) increasing by 24% on the market side. According to him, “On the products side, Map and Data were up 41% and Platform and IoT were up 35%.”
After his initial tenure expired in March of the following year, the business reappointed Verma as their full-time Director for five years beginning on April 1, 2024. Rakesh Verma, the company’s chairman and managing director, is his father.
