📢 5 STEPS TOWARDS WEALTH 🚀 The Indian Stock Market Way
*MAPMYINDIA*: CMP: 3069 | LONG TERM GR: 25% | Q1_fy25: 14% | Q1_fy25 Result Update
*History:*
MapmyIndia is an Indian technology company that builds digital map data, telematics services, location-based SaaS and GIS AI technologies. The company was founded in 1995. MapmyIndia was founded by Rakesh and Rashmi Verma. The couple launched a startup called CE Info Systems. The company started working upon developing a web mapping technology and providing products and services required for enhancing marketing and logistics efficiency in existing organisations in the country. Soon after, the company took up an assignment to develop good quality maps with detailed topography to support the marketing and logistics operations of Coca-Cola and Cellular One. The company launched the first Indian interactive digital mapping portal "www.mapmyindia.com" in 2004. This portal provided free, customised, location-based services including assigning an e-location to existing addresses to enable last mile deliveries to their exact destinations. The services were available for mobile phones with internet connectivity also. These services were also provided through the MapmyIndia portal to MagicBricks. In 2010, MapmyIndia launched a GPS navigation service called Road Pilot, preloaded with Indian cities, villages and destinations. The company's online maps are integrated with ISRO Satellite Imagery for detailed satellite and hybrid. In 2014, MapmyIndia launched a voice-navigation app called NaviMaps, that supported various languages spoken in India, including Hindi, Bengali, Gujarati, Kannada, Malayalam, Marathi, Oriya, Punjabi, Tamil and Telugu. MapmyIndia offers Navigation, Tracking, IoT, Analytics and web mapping service for desktop and mobile devices. The company also offers advanced GPS tracking devices, car in-dash infotainment & plug & play on-board diagnostics car tracker. The navigation service features street view, public transit information and turn-by-turn navigation with spoken instructions for vehicles. It later launched an offline navigation app, Navimaps that uses offline vector data to offer 3D terrains and city models and 3D building for in-car infotainment systems. The company's navigation and location services are primarily used by vehicle manufacturers (cars, bikes, commercial vehicles, electric vehicles) and it has 95% market share on GPS navigation in India. It also claims to have 5,000 enterprise customers with 80% market share in the location intelligence space. MapmyIndia's cloud mapping services are also used by many developers and tech companies in India such as PhonePe, Paytm, Amazon, Alexa voice, Flipkart, Uber, Ola Cabs, Blinkit, etc. for planning, operations and customer experience.
**Industry Overview:**
The geospatial industry in India is poised for significant growth, driven by the government's emphasis on digital transformation, smart cities, and the adoption of AI and IoT in various sectors. MapmyIndia, with its comprehensive suite of products and services, is well-positioned to capitalize on these opportunities.
**Peer Group Analysis:**
MapmyIndia competes with other players in the geospatial and IoT sectors, including companies like Google Maps, ESRI, and HERE Technologies. However, MapmyIndia's focus on the Indian market, its proprietary digital maps, and its deep-tech offerings give it a competitive edge in the region.
Funding:
MapmyIndia has raised $34 million in venture capital financing in the three rounds since 2007 from the Lightbox Ventures, Nexus Venture Partners, Qualcomm Ventures and Zenrin. In 2015, Flipkart announced that it has acquired 34% stake of the company for Rs 1,600 crores and provided a successful exit to MapmyIndia's early investors. They came with the IPO in Dec_21 with around 1000 Cr raised by past investors as OFS. During the IPO we recommended this company for long-term wealth. Since the market has opened for GPS by India we saw the sales growing from 152 Cr during fy_2021 to 379 Cr showing a growth of 24%. Profitability also grew during the same period from 60 Cr to 134 Cr. Order Book which is currently 1373 Cr has grown by 50%. Around 25 Lakh Vehicles are currently attached with their tech. We may see strong growth in all of their vertices like Auto OEM's, Corporates, Government & Mobility. OLA, MG Vector & Mahindra XUV, Hyundai are some OEMs using their Embedded Connected Navigation. Maruti, Hyundai & M&M use their Connected Vehicles Services. Currently main turnover comes from Navigation and Electric Mobility in 2 Wheeler and 4 Wheeler industries. Coming forward along with discussed business we may see high growth in Connected Vehicles Solutions for Commercial vehicles. Overall growth in Auto Vehicles sales is expected to grow by 4% in next 5 years but Map &Tech attach vehicles are going to grow by 3X. By 2030, 95% of the vehicles sold across the world will be connected cars, up from 50% today.
### MapmyIndia Q1 FY25 Financial Analysis
**Financial Performance Overview:**
- **Revenue:** MapmyIndMEia reported a revenue of ₹101.5 Cr in Q1 FY25, marking a 13.5% YoY growth compared to ₹89.4 Cr in Q1 FY24. However, there was a slight QoQ decline from ₹106.9 Cr in Q4 FY24.
- **EBITDA:** The EBITDA for Q1 FY25 stood at ₹42.8 Cr, reflecting a 14.3% YoY growth from ₹37.4 Cr in Q1 FY24. The EBITDA margin slightly improved to 42.1% from 41.9% in the same quarter last year.
- **PAT:** Profit after Tax (PAT) for Q1 FY25 was ₹35.9 Cr, up by 12.1% YoY compared to ₹32.0 Cr in Q1 FY24. The PAT margin, however, slightly decreased to 32.1% from 32.7% YoY, though it remained stable QoQ.
- **Cash & Cash Equivalents:** The company maintained robust liquidity with cash and cash equivalents at ₹552.3 Cr, up from ₹492.4 Cr in Q1 FY24.
**Segmental Growth:**
- **Map-led Revenue:** This segment showed a strong YoY growth of 17.2%, with revenues increasing to ₹78.0 Cr from ₹66.6 Cr in Q1 FY24. The EBITDA margin for this segment was 50.1%, indicating healthy profitability.
- **IoT-led Revenue:** The IoT segment grew marginally by 3% YoY, with revenues increasing to ₹23.5 Cr from ₹22.8 Cr in Q1 FY24. The focus on higher-margin SaaS within this segment led to an impressive 89.6% growth in SaaS revenue, contributing significantly to the overall revenue.
**Market Segment Performance:**
- **Automotive & Mobility Tech (A&M):** This segment grew by 9.5% YoY, despite a ramp-down of some older automotive programs. Key wins in this segment included leading electric vehicle OEMs and various fleet management solutions.
- **Consumer Tech & Enterprise Digital Transformation (C&E):** This segment grew by 16.9% YoY, driven by projects in flood modeling, emergency services, AI-based crop identification, and significant wins in BFSI, retail, and e-commerce sectors.
**Profitability and Margin Analysis:**
- The EBITDA margin improved slightly YoY to 42.1% in Q1 FY25, compared to 41.9% in Q1 FY24. However, there was a significant QoQ improvement from 37.0% in Q4 FY24.
- The PAT margin decreased marginally YoY from 32.7% in Q1 FY24 to 32.1% in Q1 FY25, although it remained stable compared to Q4 FY24.
**Estimate:**
We may see MapmyIndia have descent 20% sales growth and 21% Profit growth. All those holding since long can add more during any fall near 1411 while next year target should be 3277.
**Future Outlook:**
MapmyIndia is on track to achieve its milestone of crossing ₹1000 Cr in revenue by FY27/FY28, driven by continued growth in both its Map-led and IoT-led segments. The company is also expanding its capabilities to include AI-driven data analytics and consulting, which will further enhance its value proposition to customers. Multiyear rally along with consistent profits can be assumed from this company.
**Disclosure:**
We are not a tip providing Company, this document is prepared for educational purposes.
