MapmyIndia has posted a total income of INR 99.1 crore in Q2FY24 with an 18.4% jump over last year. Revenues from operations for the company stood at INR 91.1 crore with a growth of 19.4% as compared to same time last year.
Rakesh Verma, Chairman and Managing Director, MapmyIndia, said that during Q2FY24 the company achieved all-time highs in Revenue, EBITDA, and PAT. EBITDA grew 32.5% to INR 40.5 crore, with overall EBITDA margin at 44.5%.
He added that Map-led business EBITDA margin was strong at 56.4%. IoT-led business EBITDA margin continued to expand quarterly to 8.2% in Q2FY24 versus 6.3% of Q1FY24, due to improved product mix and operational efficiency. Q2FY24 PAT also reached an all-time high of INR 33.1 crore, growing 30.3% YoY, with PAT margin at 33.4%.
Rohan Verma, CEO and Executive Director, MapmyIndia, said that H1 Revenue growth was broad-based, with A&M (Automotive & Mobility Tech) up 23.5% and C&E (Consumer tech and Enterprise digital transformation solution suite) up 32.2% on the market side, while Map & Data was up 22.6% and Platform & IoT was up 31.5% on the product side.
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