Shares of analytics and web mapping service company, Mapmyindia tanked by 6.93 per cent at Rs 1,338.70 (−99.65) today at 2:09 pm IST on the National Stock Exchange after the company registered a 14 per cent year-on-year (YoY) decrease in its consolidated profit at Rs 18.52 crore in December quarter (Q3FY22).
In Q3FY22, revenue from operations was down to 10.7 per cent YoY at Rs 43.37 crore. Earnings before interest tax and depreciation and amortization (EBITDA) margins dipped 700 bps YoY to 35.9 per cent.
Consecutively, the revenue dropped 11% from Rs 48.6 crore posted in September 2021 quarter. EBITDA fell 40% YoY to Rs 15.56 crore as against Rs 26.1 crore. EBITDA declined 21% from Rs 19.7 crore posted in the previous quarter. Margin stood at 36% in Q3FY22 as against 46% posted in Q3FY21 and 41% posted in Q2FY22. However, the company has a green flag for the acquisition of a 10% stake in Pupilmesh Pvt Ltd for Rs 50 lakhs.
Further, relative quarters of Q2FY22, and Q3FY21 had benefitted from post-covid recovery pent-up demand, it said. The company communicated the lower revenue during the quarter was due to sales of automotive OEMs impacted owing to a semiconductor shortage.
“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.
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 trackers.