C.E. Info Systems, the parent company of MapMyIndia, reported an 8.20 per cent drop in consolidated net profit to Rs 30.33 crore for Q2 FY25, compared to Rs 33.04 crore in Q2 FY24. However, revenue from operations grew by 13.82 per cent year-on-year (YoY), reaching Rs 103.67 crore for the same period.
Profit before tax stood at Rs 41.06 crore, down 8.18 per cent from Rs 44.72 crore in Q2 FY24, while EBITDA fell 7.49 per cent to Rs 37.5 crore, lowering the EBITDA margin to 36.1 per cent from 44.5 per cent last year. The company attributes the decline to ongoing investments in its consumer business aimed at future growth, which have been accounted as expenses.
Chairman and Managing Director Rakesh Verma announced board approval for a new joint venture with Hyundai Autoever, a subsidiary of Hyundai Kia. MapMyIndia will hold a 40 per cent stake with an initial capital investment of $4 million. The venture, PT Terra Link Technologies, based in Indonesia, is projected to deliver multimillion-dollar revenue within five years, beginning FY26. The JV will target Southeast Asia with map-based solutions for automotive OEMs and other businesses, benefitting existing customers as well.
Despite sectoral challenges, MapMyIndia reported a 19.3 per cent YoY increase in Automotive & Mobility Tech (A&M) revenue and an 8.2 per cent rise in Consumer Tech & Enterprise Digital Transformation (C&E) revenue for H1 FY25.
