MapmyIndia slips 11%, hits record low post December quarter results

The company's consolidated net profit declined 14 per cent YoY to Rs 18.52 crore in Q3FY22.

Shares of C E Info Systems (MapmyIndia) hit a record low of Rs 1,271.65, on slipping 11 per cent on the BSE in Friday’s intra-day trade after the company reported 14 per cent year-on-year (YoY) decline in its consolidated profit at Rs 18.52 crore in December quarter (Q3FY22).

In Q3FY22, revenue from opreations was down 10.7 per cent YoY at Rs 43.37 crore. Earnings before interest tax and depreciation and amortization (EBITDA) margins declined 700 bps YoY to 35.9 per cent.

The company said, lower revenue during the quarter were due to sales of automotive OEMs impacted owing to semiconductor shortage. Additionally, comparative quarters of Q2FY22, and Q3FY21 had benefitted from post-covid recovery pent-up demand, it said.

At 10:05 am; MaymyIndia traded 5 per cent lower at Rs 1,361.70, as compared to 1.2 per cent rise in the S&P BSE Sensex. The stock was trading at its lowest level since market debut on December 21, 2021. The company had issued shares at Rs 1,033 apiece in the initial public offer (IPO).

MapmyIndia is India’s leading provider of advanced digital maps, geospatial software and location based IoT technologies. It is a leader in the B2B and B2B2C market, serving over 500 enterprise customers across 3 major categories - corporate, automotive and government. Some of the marquee names include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, Avis, Safexpress, GST Network, etc.

The management said the future is looking more exciting than ever before, and are very confident and optimistic about our company's short- and long- term future. “We are also evaluating and pursuing exciting inorganic opportunities that will help us expand further in the loT and logistics tech space, as well as in the automotive and augmented reality metaverse tech space,” the management said.