New Delhi, Nov 8 (IANS ) CE Info Systems Ltd, the parent company of MapmyIndia, on Friday reported 8.26 per cent drop in net profit in the July-September period at Rs 30.4 crore, from Rs 33.1 crore in the year-ago quarter.
The Q2 FY25 revenue from operations increased to Rs 104 crore, a 14 per cent growth and the first half of FY25 (H1 FY25) saw revenue at Rs 205 crore as against Rs 181 crore in H1 FY24.
The company announced that it has received board approval to establish a joint venture with Hyundai Autoever, a wholly-owned subsidiary of Hyundai Kia.
“MapmyIndia will hold a 40 per cent 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,” said Rakesh Verma, Chairman and Managing Director, MapmyIndia.
EBITDA for H1 FY25 reached Rs 80 crore, yielding a margin of 39.1 per cent, compared to Rs 78 crore and a margin of 43.2 Per cent in H1 FY24.
According to the company, downloads of the Mappls App surged from 10 million in H1 FY24 to 25 million in H1 FY25.
According to Sapna Ahuja, COO, MapmyIndia, 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”.
EBITDA for Q2 FY25 was Rs 37.5 crore, yielding a margin of 36.1 per cent, compared to Rs 40.5 crore and a margin of 44.5 per cent 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,” said the company.