MapmyIndia closes FY23 with 23% higher profit;


Share post:

Naina Sood ( )

The consolidated profit of Geotech startup MapmyIndia surged by almost 23% to Rs 107.53 crore in FY23 from Rs 87.7 crore the fiscal year before. 

The geospatial software and digital mapping company, listed as CE Info Systems, on Saturday announced its results for the financial year ending March 2023.

The firms revenue from operation was up by almost 40% to Rs 281.46 crore while the total income was Rs 315.8 crore, an increase of 30.5%. 

It is important to note that the consolidated financial numbers includes the results of MapmyIndia’s subsidiary companies—C.E. Info Systems International Inc.; Vidteq (India); and Gtroppy Systems, and associate company, Kogo Tech Labs. 

Meanwhile, the expenses also ballooned simultaneously by 41.4% from Rs 176.24 crore in FY23 to Rs 124.66 the previous fiscal. Of this, employee benefit expenses and total cost of material (including purchase of stock in trade, change in inventory, software and hardware material) formed a major share, followed by technical service outsource. 

Founded by Delhi-based Rakesh and Rashmi Verma, MapmyIndia offers digital maps, geospatial software, and location-based IoT technologies serving B2B and B2B2C enterprise customers. This business mainly consists of products like digital map. GPS navigation and location-based services, licensing, royalty, annuity, subscription and customising its products to customers. 

The board on Saturday approved a final dividend of Rs 3 per share, the company said through an exchange filing. The fixed dividend of Rs 3 is 150% of the face value of the equity share that is Rs 2.

Shares of CE Info Systems was last trading in NSE at Rs 1007.00 as compared to the previous close of Rs. 1009.60.

Source link


Please enter your comment!
Please enter your name here


Related articles

Qantas Airways’ international flying to be twice as lucrative in post-Covid era

Bloomberg | | Posted by Zarafshan Shiraz Qantas Airways Ltd. said international flying will be at...

European tourism: 5 things to know about Moldova, one of Europe’s poorest countries with 300 days of sunshine per year

Moldova, which hosts the second summit of the European Political Community on Thursday where 47...

Air France flight to Paris turns back to Osaka in Japan after malfunction

Reuters | | Posted by Zarafshan Shiraz, Tokyo An Air France KLM SA passenger plane flying...

Senior travel made easy: Tips for older adults to plan your summer getaway

Summer travel is a fantastic opportunity for older adults to explore new cultures, witness new...