MapmyIndia Shares Disappointing Financials: Q1 FY25 Revenue Declines, Profit Hits 6.25%
CE Info Systems, the parent company of popular navigations and mapping platform MapmyIndia, has reported a decline in its quarterly revenue for the first quarter of the current financial year 2024-25 (FY25). According to the firm’s unaudited consolidated quarterly report, MapmyIndia’s revenue from operations dropped by 5.1% to ₹101.5 crore in Q1 FY25 from ₹107 crore in Q4 FY24.
However, when compared to the same quarter last year, the firm’s income increased by a healthy 13.5%. The majority of MapmyIndia’s revenue for Q1 FY25 came from its digital map data, GPS navigation, location-based services, and IoT offerings.
Declining Profit, Rising Costs
MapmyIndia’s cost of IoT devices, employee benefits, and technical services (outsourced) contributed to a total cost of ₹63.9 crore in Q1 FY25, a 11.1% decrease from ₹72 crore in Q4 FY24. As a result, the company’s profit for Q1 FY25 dipped by 6.25% to ₹35.86 crore compared to ₹38.25 crore in Q4 FY24.
Market Perspective
Despite the disappointing financials, MapmyIndia’s market capitalization stands at ₹12,485 crore ($1.5 billion), with the stock trading at ₹2,309 per share as of 4:24 PM. The company has set a revenue target of ₹100 crore for FY27-28.
Dispute with Ola Electric
In other news, MapmyIndia recently sent a legal notice to Ola Electric for allegedly copying its mapping data. The e-scooter maker launched its own mapping service, which MapmyIndia claimed breached their license agreement signed in October 2022. Ola founder Bhavish Aggarwal responded to the allegations by labeling it as an opportunistic move.
