MapmyIndia enters into a JV with Hyundai Autoever

MapmyIndia enters into a JV with Hyundai Autoever, a fully owned subsidiary of Hyundai Motor Company with an objective to expand its business outside of India

MapmyIndia Q2FY25 YoY Revenue grew 13.8% and H1FY25 YoY Revenue grew 13.7%.

New Delhi, India, 8th November 2024: C.E. Info Systems Ltd. (“MapmyIndia”), India’s leading advanced digital maps and deep-tech products and platforms company, announced today its financial results for the Second Quarter and First Half of FY2025 ended on 30th September 2024.

Key Consolidated Financial Highlights for Q2 and H1 FY25:

Commenting on the Q2 and H1 FY25 results,Rakesh Verma, Chairman & Managing Director, MapmyIndia, said “MapmyIndia has received official board approval to establish a joint venture with Hyundai Autoever, a wholly owned subsidiary of Hyundai Kia. MapmyIndia will hold a 40% 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. Estimated Revenue of JV would be to the tune of USD multimillion over the next 5 years with order booking and revenue commencing from FY26 itself. This JV will also benefit current customers of MapmyIndia.

Our Q2 FY25 revenue from operations increased to Rs 104 crore, a 14% YoY growth and the first half of FY25 (H1 FY25) saw revenue growing to Rs. 205 crore as against Rs. 181 crores in H1 FY24. EBITDA for H1 FY25 reached ₹80 crore, yielding a margin of 39.1%, compared to ₹78 crore and a margin of 43.2% in H1 FY24. EBITDA for Q2 FY25 was ₹37.5 crore, yielding a margin of 36.1%, compared to ₹40.5 crore and a margin of 44.5% 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. Downloads of the Mappls App surged from 10 million in H1FY24 to 25 million in H1FY25.

Our Profit After Tax (PAT) for H1 FY25 rose to ₹66 crore, compared to ₹65 crore in H1 FY24. Our IoT-led EBITDA margin improved significantly, rising from 7% to 14% during the same period. We are on track for achieving our goals of FY 27-28.”

Sapna Ahuja, COO, MapmyIndia, said “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. InH1 FY25, our Automotive & Mobility Tech (A&M) revenue rose by 19.3% YoY, while our Consumer Tech & Enterprise Digital Transformation (C&E) revenue grew by 8.2%. Specifically, inQ2 FY25, A&M revenue increased by 27% to INR 60.9 Cr YoY, while C&E revenue remained steady at INR 42.7 cr.

With our efforts during past many quarters, we finally could enter the international market with a significant win of PT Terra Link Technologies in the South East Asian region for map solutions.

We successfully acquired new customers and deepened our relationships with existing clients through upselling and cross-selling. This included significant wins and go-lives across various sectors, including automotive, fleet management, tech startups, traditional corporations, government entities and defence. Our diverse range of solutions saw increased adoption, such as our ADAS and EV Mobility stack, video telematics for fleets, APIs and SDKs for app developers and enterprises, and geospatial solutions like 3D digital twin mapping.

Additionally, the adoption of our consumer products continues to rise steadily.”