Digital mapping startup MapmyIndia’s parent entity C.E. Info Systems on Friday (August 8) reported a 17.5% year-on-year (YoY) jump in consolidated profit after tax (PAT) at INR 24.2 Cr in the first quarter of the financial year 2022-23 (FY23), helped by growing traction for its deep-tech digital products and platforms.
In Q1 FY22, MapmyIndia’s PAT stood at INR 20.6 Cr.
The startup’s operating revenue also saw a 50.2% rise to INR 65 Cr in Q1 FY23 from INR 43.3 Cr reported in the corresponding quarter last year. Its total revenue in the quarter grew 35.6% to INR 71.4 Cr.
On the product side, revenue generated by map and data segment rose 53% To INR 27.2 Cr, while platform and IoT segment revenue grew 47% YoY to INR 37.8 Cr in the quarter.
Meanwhile, on the market side, automotive and mobility tech revenue increased 65% YoY to INR 33.2 Cr in Q1 FY23. Sales in its consumer tech and enterprise digital transformation saw a 37% YoY increase to INR 31.9 Cr.
“Being a highly differentiated and unique advanced digital maps, SaaS Products, API platforms and IoT devices company gives us tremendous operating leverage, which is reflected in our growing margins and profitability as revenue grows,” MapmyIndia CMD Rakesh Verma said.