MapMyIndia shares drop 8% on weak Q2 earnings

Shares of MapMyIndia (CE Information Techniques) fell almost 8% to Rs 1,895 in Monday’s commerce on the BSE after the corporate reported an 8.2% decline in consolidated internet revenue to Rs 30.3 crore in Q2 FY25 as towards Rs 33 crore posted in Q2 FY24.

Nevertheless, its income from operations jumped 13.8% 12 months on 12 months (YoY) to Rs 103.67 crore in Q2 FY25. Revenue earlier than tax stood at Rs 41.06 crore in Q2 FY25, down 8.18% from Rs 44.7 crore recorded within the corresponding quarter earlier fiscal.

EBITDA fell by 7.49% to Rs 37.5 crore in Q2 FY25 as in comparison with Rs 40.5 crore posted in the identical quarter final 12 months. EBITDA margin was diminished to 36.1% in Q2 FY25 as towards 44.5% in Q2 FY24.

Sapna Ahuja, COO, MapmyIndia, stated “The general market we serve confronted challenges in Q2 FY25, however we managed to carry out fairly nicely due to our open orders and robust teamwork. In H1 FY25, our Automotive & Mobility Tech (A&M) income rose by 19.3% YoY, whereas our Client Tech & Enterprise Digital Transformation (C&E) income grew by 8.2%. Particularly, in Q2 FY25, A&M income elevated by 27% to Rs 60.9 crore YoY, whereas C&E income remained regular at Rs 42.7 crore.”

Rakesh Verma, Chairman and MD, MapmyIndia, stated “MapmyIndia has acquired official board approval to ascertain a three way partnership with Hyundai Autoever, a completely owned subsidiary of Hyundai Kia. MapmyIndia will maintain a 40% stake with a capital funding of $4 million.”

“The three way partnership, named PT Terra Hyperlink Applied sciences, can be based mostly in Indonesia and can focus on offering map-based options for automotive OEMs and different companies throughout Southeast Asia. An estimated Income of JV could be to the tune of USD multimillion over the following 5 years with order reserving and income commencing from FY26 itself. This JV can even profit present prospects of MapmyIndia.”(Disclaimer: Suggestions, recommendations, views and opinions given by the specialists are their very own. These don’t characterize the views of The Financial Instances)