MapmyIndia Q3 results: Net profit declines 14% to Rs 18 cr

New Delhi: Home-grown digital mapping firm CE Infosystems, which operates under the brand name of MapmyIndia, on Thursday reported a decline of about 14 per cent in its consolidated profit after tax (PAT) at Rs 18.5 crore for the quarter ended December 2021. The company had registered a consolidated PAT of Rs 21.59 crore in the same period a year ago.

Consolidated revenue from operations fell by about 11 per cent to Rs 43.37 crore during the reported quarter from Rs 61.8 crore earlier.

"During the last quarter, third quarter, and for the first nine months of FY 2022, we continued to manage and calibrate the company in a fiscally prudent manner, focusing on profitable growth over the course of the year, while relentlessly innovating on our technologies, products and platforms and focusing on expanding our reach to customers," MapmyIndia Chairman and Managing Director Rakesh Verma said in a statement.

He said the momentum for its products and platforms is strong and this will further cement its leadership position in the digital mapping and geospatial space.