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MapMyIndia Q2 PAT slides 8% YoY to Rs 30 cr

09-Nov-24 16:48 Hrs IST

Revenue from operations jumped 13.82% year on year (YoY) to Rs 103.67 crore in Q2 FY25.

Profit before tax stood at Rs 41.06 crore in Q2 FY25, down 8.18% from Rs 44.72 crore recorded in the corresponding quarter previous fiscal.

EBITDA fell by 7.49% to Rs 37.5 crore in Q2 FY25 as compared to Rs 40.5 crore posted in same quarter last year. EBITDA margin reduced to 36.1% in Q2 FY25 as against 44.5% in Q2 FY24.

Cash and cash equivalents (including financial instruments) stood at Rs 565.5 crore during the quarter as against Rs 517.9 posted in Q2 FY24.

On half year basis, the company's net profit rose 1.76% to Rs 66.24 crore on 13.66% increased in revenue from operations to Rs 205.16 crore in H1 FY25 over H1 FY24.

Commenting on the Q2 and H1 FY25 results, Rakesh Verma, Chairman and MD, MapmyIndia, said 'MapmyIndia has received official board approval to establish a joint venture with Hyundai Autoever, a wholly owned subsidiary of Hyundai Kia. MapmyIndia will hold a 40% stake with a capital investment of $4 million.

The joint venture, named PT Terra Link Technologies, will be based in Indonesia and will concentrate on providing map-based solutions for automotive OEMs and other businesses across Southeast Asia. Estimated Revenue of JV would be to the tune of USD multimillion over the next 5 years with order booking and revenue commencing from FY26 itself. This JV will also benefit current customers of MapmyIndia.

Our Q2 FY25 revenue from operations increased to Rs 104 crore, a 14% YoY growth and the first half of FY25 (H1 FY25) saw revenue growing to Rs. 205 crore as against Rs 181 crore in H1 FY24. EBITDA for H1 FY25 reached Rs 80 crore, yielding a margin of 39.1%, compared to Rs 78 crore and a margin of 43.2% in H1 FY24.

EBITDA for Q2 FY25 was Rs 37.5 crore, yielding a margin of 36.1%, compared to Rs 40.5 crore and a margin of 44.5% in Q2 FY24. Decrease in margin is primarily due to investing on a continuous basis during the last four quarters in consumer business for the future growth and these investments are booked as expenses. Profit after tax (PAT) for H1 FY25 rose to Rs 66 crore, compared to Rs 65 crore in H1 FY24. Our IoT-led EBITDA margin improved significantly, rising from 7% to 14% during the same period. We are on track for achieving our goals of FY 27-28.'

Sapna Ahuja, COO, MapmyIndia, said 'The overall market we serve faced challenges in Q2 FY25, but we managed to perform reasonably well thanks to our open orders and strong teamwork. In H1 FY25, our Automotive & Mobility Tech (A&M) revenue rose by 19.3% YoY, while our Consumer Tech & Enterprise Digital Transformation (C&E) revenue grew by 8.2%. Specifically, in Q2 FY25, A&M revenue increased by 27% to Rs 60.9 crore YoY.

While C&E revenue remained steady at Rs 42.7 crore with our efforts during past many quarters, we finally could enter the international market with a significant win of PT Terra Link Technologies in the South East Asian region for map solutions. We successfully acquired new customers and deepened our relationships with existing clients through upselling and cross-selling.

This included significant wins and go-lives across various sectors, including automotive, fleet management, tech startups, traditional corporations, government entities and defence. Our diverse range of solutions saw increased adoption, such as our ADAS and EV Mobility stack, video telematics for fleets, APIs and SDKs for app developers and enterprises, and geospatial solutions like 3D digital twin mapping. Additionally, the adoption of our consumer products continues to rise steadily.'

Meanwhile, the board considered & approved the incorporation of a Joint Venture (JV) company in Indonesia between the company and Hyundai AutoEver (wholly owned subsidiary of Hyundai Motor Company), Korea with the name PT Terra Link Technologies with an initial capital of $10 million and the company has approved the investment of $4 Million for acquiring 40% stake in proposed JV.

Further, the company's board has approved to further invest an amount of $0.5 Million in its wholly owned subsidiary company C.E. International Inc., USA in one or more tranches.

C.E. Info Systems provides digital map data, GPS navigation and location-based services, software and customizing its products to customers (combined) through royalty, annuity, subscription.

Shares of C.E. Info Systems shed 0.72% to Rs 2,055.80 on Friday, 8 November 2024.