Shares of MapMyIndia’s parent company, C.E. Info Systems, dropped over 8.5% on Monday, November 11, after the company reported an 8.2% year-on-year decline in its consolidated net profit for the quarter ended September 30, 2024.
MapmyIndia, which is an Indian technology company that builds digital map data, telematics services, location-based SaaS, and GIS AI technologies, posted a net profit of Rs 30.33 crore in the second quarter, down from Rs 33.06 crore in the same period last year.
At 12 noon, MapMyIndia shares closed the day at Rs 1,882.00 on the National Stock Exchange, down 8.6%. The stock has declined nearly 11.37% in the one-year time frame. In comparison, the Nifty index has gained 24%.
Revenue from operations, however, saw a 14% year-on-year increase, reaching Rs 103.67 crore for Q2FY25. Despite the rise in revenue, MapMyIndia’s earnings before interest, taxes, depreciation, and amortization (EBITDA) fell by 7.5% YoY to Rs 37.5 crore, and its EBITDA margin shrank to 36.1% from 44.5% in the previous year.
In addition to the financial results, MapMyIndia said that its board had approved the formation of a joint venture (JV) with Hyundai Autoever, a subsidiary of Hyundai Kia. MapMyIndia will hold a 40% stake in the JV, named PT Terra Link Technologies, which will be based in Indonesia.
The newly set up JV will focus on delivering map-based solutions for automotive OEMs and other businesses across Southeast Asia. The estimated revenue for the JV is projected to be in the multimillion-dollar range over the next five years, with revenue expected to start from FY26.
New Delhi-headquartered MapMyIndia was founded by Rakesh and Rashmi Verma in 1995. It has regional offices in Mumbai and Bengaluru as well as several smaller offices across India. It primarily offers navigation, tracking, IoT, analytics, and web mapping services for desktop and mobile devices, along with advanced GPS tracking devices, car in-dash infotainment, and plug-and-play on-board diagnostics car tracker.
