New Delhi, Apr 24 (IANS): Leading advanced digital maps provider MapmyIndia has posted Rs 282 crore in revenue in FY23, a 41 per cent increase (year-on-year) while profit after tax (PAT) surged 24 per cent to Rs 108 crore.

The board also approved a dividend of Rs 3 (150 per cent) per equity share for FY2022-23, subject to the approval of shareholders in the forthcoming annual general meeting of the company.

The company said its annual expenses increased 41 per cent to Rs 176.24 crore, from Rs 124.66 crore in FY22.

"MapmyIndia has maintained a healthy EBITDA margin in its Map-led business of 52.6 per cent, while investing in the IoT-led business, which is already demonstrating good results. Revenue from the IoT led business grew 140 per cent YoY," said Rakesh Verma, Chairman and Managing Director, MapmyIndia.

The company sold more than 1.9 lakh IoT devices in FY23 - three times more than in FY22, in the potentially addressable market is of 20 crore vehicles, showing the large headroom there is potentially to be tapped for MapmyIndia's IoT-led hardware and SaaS business.

Looking into the upcoming year, the company intends to incubate potentially large, yet unlocked, opportunities, including in the consumer app and gadgets space, based on the reviews its consumer facing Mappls App and Mappls Gadgets are receiving.

"On the products side, our map and data revenue grew 34 per cent to Rs 112 crore and platform and IoT revenue grew 45 per cent to Rs 170 crore. We acquired 250+ new B2B and B2B2C customers -- including many businesses and enterprises across industry verticals, new-age consumer-tech companies and key government organizations -- raising our base to 850+ customers for our MaaS, SaaS and PaaS offerings," informed Rohan Verma, CEO & Executive Director, MapmyIndia.