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MapmyIndia, the homegrown digital map company, has reported a 17.5 percent rise in net profit for Q1 of FY23, boosted by increased demand for its product and services.

MapmyIndia—which counts HDFC, Flipkart, Airtel, Hyundai, etc., as its clients—registered a net profit of Rs 24.2 crore for the first quarter of FY23, compared to Rs 20.6 crore in the same period a year ago. The company’s profit margin stood at 33.9%, but it was 540 basis point lower.

The company reported net revenue of Rs 65 crore, which was a 50.2% rise compared to the previous year. Its EBITDA or gross margins stood at 46% for the first quarter.

Speaking on the performance, MapmyIndia CEO Rohan Verma said, “Our strong Q1 YoY revenue growth was broad-based with A&M (automotive and mobility tech) up 65% and C&E (consumer tech and enterprise digital transformation) up 37% on the market side. On the products side, map and data was up 53% and platform and IoT was up 47%.”

Founded in 1995, MapmyIndia offers digital maps, geospatial software, and location-based IoT technologies serving B2B and B2B2C enterprise customers. The company offers Digital Maps-as-a-Service, Software-as-a-Service (SaaS), and Platform-as-a-service (PaaS).

The product and services of MapmyIndia finds application in multiple sectors, including ecommerce, automotive, transportation and logistics, food delivery, healthcare, etc.

Rakesh Verma, Managing Director, MapmyIndia, said the company’s open order book of Rs 699 crore in Q1 FY23, up 85% from Rs 377 crore in Q1 FY22, points towards strong long-term future revenue growth from existing orders in hand itself.

According to MapmyIndia, its market opportunity runs into billions of dollars. The Indian digital mapping services market is estimated to reach $4.2 billion by 2025, while the mobility navigation solutions and telematics market is expected to reach $44.9 billion.