MapmyIndia declines since listing gains; Q3 net profits, revenue fall YoY

Shares of MapmyIndia haven't been able to keep its strong bull run and have fallen around 15 per cent since its bumper listing on the exchanges.

Shares of CE Info Systems-backed MapmyIndia haven't been able to keep its strong bull run and have fallen around 15 per cent since its bumper listing on the exchanges.

Making its market debut on December 21, 2021, with over 50 premium over its issue price at Rs 1,565 on the National Stock Exchange, it had evidently attracted eyeballs of the potential investors during the IPO subscription.

Its issue price was Rs 1,033.

Founded in 1995, headquartered in New Delhi, MapmyIndia builds digital map data, telematics services, location-based Software-as-a-Service and GIS AI technologies.

Post the listing gains, it managed to rise further towards Rs 1,850 and above, but currently it is at Rs 1,336 per share.

It is noteworthy to mention that the company's net profits during the Q3FY22 saw some decline year-on-year. The company on Friday reported a net profits of Rs 18.5 crore during the quarter, as compared to Rs 21.6 crore in the same period last fiscal.

"Sales of automotive OEMs were impacted due to semiconductor shortage, which in turn impacted us," the company said in a regulatory filing.

Besides, revenue from operations fell around 11 per cent to Rs 43.4 crore.

"The momentum for our products and platforms is strong and this will further cement our leadership position in the digital mapping and geospatial space," said Rakesh Sharma, Chairman and MD of the company in the same filing.

--IANS

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